Vest Financial LLC Makes New Investment in UniFirst Co. (NYSE:UNF)

Vest Financial LLC purchased a new stake in shares of UniFirst Co. (NYSE:UNF - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 3,866 shares of the textile maker's stock, valued at approximately $673,000.

Other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in shares of UniFirst by 0.4% during the 4th quarter. Vanguard Group Inc. now owns 1,708,242 shares of the textile maker's stock valued at $292,263,000 after acquiring an additional 6,393 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in UniFirst by 2.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 763,689 shares of the textile maker's stock valued at $130,660,000 after purchasing an additional 15,517 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of UniFirst by 5.5% in the 4th quarter. JPMorgan Chase & Co. now owns 387,326 shares of the textile maker's stock worth $66,268,000 after buying an additional 20,056 shares in the last quarter. Northern Trust Corp grew its stake in shares of UniFirst by 5.0% in the 4th quarter. Northern Trust Corp now owns 263,322 shares of the textile maker's stock worth $45,052,000 after buying an additional 12,598 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of UniFirst by 3.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 237,308 shares of the textile maker's stock worth $40,601,000 after buying an additional 7,559 shares during the last quarter. Hedge funds and other institutional investors own 78.17% of the company's stock.

UniFirst Trading Down 0.6%

Shares of UNF stock traded down $1.14 during trading hours on Thursday, reaching $186.96. 84,165 shares of the stock were exchanged, compared to its average volume of 105,845. The firm has a market capitalization of $3.47 billion, a price-to-earnings ratio of 23.91 and a beta of 0.87. UniFirst Co. has a 12-month low of $149.89 and a 12-month high of $243.70. The company's 50-day moving average price is $180.55 and its 200-day moving average price is $194.33.

UniFirst (NYSE:UNF - Get Free Report) last issued its quarterly earnings results on Wednesday, April 2nd. The textile maker reported $1.31 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.34 by ($0.03). The business had revenue of $602.20 million for the quarter, compared to the consensus estimate of $602.81 million. UniFirst had a return on equity of 7.40% and a net margin of 6.00%. UniFirst's revenue was up 1.9% on a year-over-year basis. During the same period in the prior year, the business posted $1.09 earnings per share. On average, sell-side analysts expect that UniFirst Co. will post 7.71 EPS for the current year.

UniFirst announced that its board has authorized a stock buyback plan on Tuesday, April 8th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the textile maker to buy up to 3.3% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's board believes its stock is undervalued.

UniFirst Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be given a $0.35 dividend. The ex-dividend date is Friday, June 6th. This represents a $1.40 annualized dividend and a yield of 0.75%. UniFirst's dividend payout ratio (DPR) is 17.41%.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on UNF shares. UBS Group increased their price target on shares of UniFirst from $194.00 to $196.00 and gave the company a "neutral" rating in a report on Thursday, April 3rd. Robert W. Baird decreased their price objective on UniFirst from $218.00 to $197.00 and set a "neutral" rating on the stock in a research report on Thursday, April 3rd. Finally, Barclays reiterated an "underweight" rating and issued a $152.00 target price (down previously from $180.00) on shares of UniFirst in a report on Friday, April 4th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the company's stock. According to data from MarketBeat, UniFirst currently has an average rating of "Hold" and a consensus price target of $180.00.

UniFirst Profile

UniFirst Corporation provides workplace uniforms and protective work wear clothing in the United States, Europe, and Canada. The company operates through U.S. and Canadian Rental and Cleaning, Manufacturing, Specialty Garments Rental and Cleaning, and First Aid segments. It designs, manufactures, personalizes, rents, cleans, delivers, and sells a range of uniforms and protective clothing, including shirts, pants, jackets, coveralls, lab coats, smocks, and aprons; and specialized protective wear, such as flame resistant and high visibility garments.