UniFirst Co. (NYSE:UNF) Announces Dividend Increase – $0.35 Per Share

UniFirst Co. (NYSE:UNF) announced a quarterly dividend on Tuesday, October 29th, Zacks reports. Investors of record on Friday, December 6th will be paid a dividend of 0.35 per share by the textile maker on Friday, January 3rd. This represents a $1.40 annualized dividend and a dividend yield of 0.76%. The ex-dividend date is Friday, December 6th. This is a boost from UniFirst’s previous quarterly dividend of $0.33.

UniFirst has raised its dividend by an average of 8.0% annually over the last three years. UniFirst has a dividend payout ratio of 17.2% meaning its dividend is sufficiently covered by earnings. Research analysts expect UniFirst to earn $8.30 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 15.9%.

UniFirst Trading Down 0.5 %

Shares of NYSE UNF opened at $184.31 on Thursday. The stock’s 50 day simple moving average is $188.88 and its 200 day simple moving average is $175.99. The company has a market cap of $3.43 billion, a price-to-earnings ratio of 23.72 and a beta of 0.81. UniFirst has a 12-month low of $149.58 and a 12-month high of $200.07.

Analyst Upgrades and Downgrades

Several analysts have weighed in on UNF shares. StockNews.com raised UniFirst from a “hold” rating to a “buy” rating in a research note on Monday, August 12th. Robert W. Baird lifted their target price on UniFirst from $199.00 to $200.00 and gave the company a “neutral” rating in a research note on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $186.25.

About UniFirst

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.