Uniti Group Inc (NASDAQ:UNIT) Announces $0.15 Quarterly Dividend
Uniti Group Inc (NASDAQ:UNIT) announced a quarterly dividend on Tuesday, August 4th, Zacks reports. Investors of record on Friday, September 18th will be given a dividend of 0.15 per share by the real estate investment trust on Friday, October 2nd. This represents a $0.60 annualized dividend and a yield of 6.26%. The ex-dividend date is Thursday, September 17th.
Uniti Group has decreased its dividend payment by 84.6% over the last three years and has increased its dividend every year for the last 1 years. Uniti Group has a payout ratio of -23.2% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect Uniti Group to earn $1.51 per share next year, which means the company should continue to be able to cover its $0.60 annual dividend with an expected future payout ratio of 39.7%.
NASDAQ:UNIT opened at $9.58 on Wednesday. The stock has a market cap of $1.86 billion, a P/E ratio of -2.64 and a beta of 0.94. The firm’s fifty day simple moving average is $9.80 and its 200 day simple moving average is $8.33. Uniti Group has a twelve month low of $4.86 and a twelve month high of $11.08.
A number of analysts have recently commented on UNIT shares. ValuEngine upgraded shares of Uniti Group from a “strong sell” rating to a “sell” rating in a report on Monday, August 3rd. BidaskClub cut shares of Uniti Group from a “buy” rating to a “hold” rating in a research note on Tuesday, September 1st. Wells Fargo & Company upgraded shares of Uniti Group from an “underweight” rating to an “equal weight” rating and upped their price target for the stock from $5.50 to $10.00 in a research note on Wednesday, August 12th. Zacks Investment Research raised Uniti Group from a “hold” rating to a “buy” rating and set a $10.00 target price for the company in a research report on Tuesday. Finally, Raymond James boosted their target price on Uniti Group from $13.00 to $15.00 and gave the stock a “strong-buy” rating in a research report on Tuesday, August 11th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Hold” and an average target price of $10.14.
About Uniti Group
Uniti, an internally managed real estate investment trust, is engaged in the acquisition and construction of mission critical communications infrastructure, and is a leading provider of wireless infrastructure solutions for the communications industry. As of December 31, 2018, Uniti owns 5.5 million fiber strand miles, approximately 928 wireless towers, and other communications real estate throughout the United States and Latin America.
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