PNC Financial Services Group Inc. Boosts Stock Holdings in UniFirst Corporation $UNF

PNC Financial Services Group Inc. raised its position in shares of UniFirst Corporation (NYSE:UNF) by 24.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,568 shares of the textile maker’s stock after acquiring an additional 1,692 shares during the quarter. PNC Financial Services Group Inc.’s holdings in UniFirst were worth $2,156,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Geneos Wealth Management Inc. increased its position in shares of UniFirst by 474.1% during the first quarter. Geneos Wealth Management Inc. now owns 155 shares of the textile maker’s stock worth $27,000 after purchasing an additional 128 shares in the last quarter. Modus Advisors LLC acquired a new stake in UniFirst during the 4th quarter worth $28,000. EverSource Wealth Advisors LLC boosted its stake in UniFirst by 378.1% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 153 shares of the textile maker’s stock worth $29,000 after purchasing an additional 121 shares during the last quarter. Danske Bank A S purchased a new stake in shares of UniFirst during the third quarter worth $33,000. Finally, Brown Brothers Harriman & Co. grew its holdings in shares of UniFirst by 1,244.0% during the third quarter. Brown Brothers Harriman & Co. now owns 336 shares of the textile maker’s stock worth $56,000 after buying an additional 311 shares in the last quarter. Hedge funds and other institutional investors own 78.17% of the company’s stock.

UniFirst Stock Performance

NYSE UNF opened at $301.54 on Thursday. The stock’s fifty day moving average is $272.74 and its two-hundred day moving average is $253.19. The firm has a market capitalization of $5.45 billion, a P/E ratio of 47.56 and a beta of 0.63. UniFirst Corporation has a fifty-two week low of $147.66 and a fifty-two week high of $306.67.

UniFirst (NYSE:UNF) last issued its earnings results on Wednesday, July 1st. The textile maker reported $1.09 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.93 by ($0.84). UniFirst had a return on equity of 6.44% and a net margin of 4.65%.The company had revenue of $634.40 million during the quarter, compared to analyst estimates of $627.66 million. During the same period last year, the business earned $2.13 earnings per share. The firm’s revenue was up 3.9% compared to the same quarter last year. As a group, sell-side analysts forecast that UniFirst Corporation will post 7.49 EPS for the current year.

UniFirst Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Friday, September 4th will be paid a dividend of $0.365 per share. The ex-dividend date of this dividend is Friday, September 4th. This represents a $1.46 dividend on an annualized basis and a yield of 0.5%. UniFirst’s payout ratio is 23.03%.

Wall Street Analysts Forecast Growth

UNF has been the topic of several research reports. UBS Group set a $262.00 price target on shares of UniFirst in a research note on Monday, July 6th. Weiss Ratings cut shares of UniFirst from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, July 9th. Four analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $246.67.

About UniFirst

UniFirst Corporation (NYSE: UNF) is a leading provider of customized uniform rental and facility service programs in North America and Europe. The company specializes in the rental, laundering and maintenance of workwear, corporate apparel and protective garments for a broad range of industries, including manufacturing, automotive, hospitality, healthcare and food processing. UniFirst also offers a suite of facility service products such as entrance mats, restroom supplies, wipers, mops and hygienic services designed to help customers maintain clean and safe environments.

In addition to its core uniform rental business, UniFirst has expanded its product portfolio to include safety and first-responder gear, flame-resistant clothing, high-visibility apparel and personal protective equipment (PPE).