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By Ben Glickman
UniFirst’s board of directors raised its quarterly dividends on common stock and class B shares by 6.5% and approved a $100 million share buyback program.
The Wilmington, Mass.-based uniform and workwear company on Tuesday raised its quarterly cash dividend on common stock to 33 cents from 31 cents and its class B dividend to 26.4 cents from 24.8 cents.
The yearly payout on common stock, equal to $1.32, represents an annual yield of 0.81%, based on the Oct. 23 closing price of $163.07.
Under the new buyback program, UniFirst may purchase up to $100 million of its common shares. That amount includes what remained available under the previously-authorized share buyback program approved in 2021.
UniFirst last raised its quarterly dividend a year ago, when it lifted its common stock payout to 31 cents from 30 cents.
Write to Ben Glickman at [email protected]
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