UniFirst Co. (NYSE:UNF) Announces Quarterly Dividend of $0.33

UniFirst Co. (NYSE:UNF - Get Free Report) announced a quarterly dividend on Friday, April 12th, Wall Street Journal reports. Investors of record on Friday, June 7th will be paid a dividend of 0.33 per share by the textile maker on Friday, June 28th. This represents a $1.32 dividend on an annualized basis and a yield of 0.82%. The ex-dividend date is Friday, June 7th.

UniFirst has increased its dividend payment by an average of 8.0% annually over the last three years and has raised its dividend annually for the last 3 consecutive years. UniFirst has a dividend payout ratio of 16.4% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect UniFirst to earn $8.14 per share next year, which means the company should continue to be able to cover its $1.32 annual dividend with an expected future payout ratio of 16.2%.

UniFirst Stock Performance

NYSE UNF traded down $0.59 during trading hours on Friday, reaching $161.47. The stock had a trading volume of 64,308 shares, compared to its average volume of 87,847. The stock has a fifty day moving average of $168.97 and a 200 day moving average of $169.76. The stock has a market cap of $3.02 billion, a P/E ratio of 26.43 and a beta of 0.82. UniFirst has a 52-week low of $150.50 and a 52-week high of $187.22.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. StockNews.com downgraded UniFirst from a "buy" rating to a "hold" rating in a report on Saturday, March 23rd. Barclays boosted their price target on UniFirst from $160.00 to $180.00 and gave the company an "equal weight" rating in a report on Thursday, February 29th. Robert W. Baird reissued a "neutral" rating and issued a $185.00 price target on shares of UniFirst in a report on Thursday, January 4th. Finally, UBS Group boosted their price target on UniFirst from $184.00 to $186.00 and gave the company a "neutral" rating in a report on Thursday, March 28th. One analyst has rated the stock with a sell rating and four have assigned a hold rating to the company's stock. According to MarketBeat.com, UniFirst has a consensus rating of "Hold" and a consensus target price of $177.75.

Insider Transactions at UniFirst

In other news, EVP William Masters Ross sold 2,282 shares of the company's stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $175.27, for a total transaction of $399,966.14. Following the completion of the transaction, the executive vice president now directly owns 4,034 shares of the company's stock, valued at approximately $707,039.18. The sale was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 0.74% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Metropolitan Life Insurance Co NY raised its stake in UniFirst by 5.9% in the 4th quarter. Metropolitan Life Insurance Co NY now owns 920 shares of the textile maker's stock valued at $178,000 after purchasing an additional 51 shares during the last quarter. American Century Companies Inc. raised its stake in UniFirst by 2.3% in the 3rd quarter. American Century Companies Inc. now owns 3,269 shares of the textile maker's stock valued at $533,000 after purchasing an additional 74 shares during the last quarter. Franklin Resources Inc. raised its stake in UniFirst by 2.4% in the 4th quarter. Franklin Resources Inc. now owns 3,248 shares of the textile maker's stock valued at $594,000 after purchasing an additional 76 shares during the last quarter. Captrust Financial Advisors raised its stake in UniFirst by 6.6% in the 4th quarter. Captrust Financial Advisors now owns 1,308 shares of the textile maker's stock valued at $252,000 after purchasing an additional 81 shares during the last quarter. Finally, SRS Capital Advisors Inc. raised its stake in UniFirst by 16.7% in the 2nd quarter. SRS Capital Advisors Inc. now owns 579 shares of the textile maker's stock valued at $90,000 after purchasing an additional 83 shares during the last quarter. 78.17% of the stock is owned by institutional investors and hedge funds.

UniFirst Company 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.