Uniti Group (NASDAQ:UNIT) Sees Strong Trading Volume

Shares of Uniti Group Inc. (NASDAQ:UNIT) saw an uptick in trading volume on Monday . 2,638,601 shares traded hands during trading, an increase of 28% from the previous session’s volume of 2,064,407 shares.The stock last traded at $4.01 and had previously closed at $4.44.

Analyst Ratings Changes

Several research firms have weighed in on UNIT. Raymond James downgraded shares of Uniti Group from a “strong-buy” rating to an “outperform” rating and decreased their price target for the stock from $8.00 to $6.00 in a research report on Monday. TD Cowen raised their target price on Uniti Group from $9.00 to $10.00 and gave the stock an “outperform” rating in a report on Friday, March 1st. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $5.50 price target on shares of Uniti Group in a report on Monday, March 25th.

Uniti Group Stock Down 0.3 %

The stock’s 50 day moving average price is $5.81 and its 200-day moving average price is $5.50. The stock has a market capitalization of $929.79 million, a PE ratio of 64.50 and a beta of 1.40.

Uniti Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 15.50%. The ex-dividend date is Friday, June 14th. Uniti Group’s dividend payout ratio (DPR) is presently 1,000.00%.

Institutional Trading of Uniti Group

A number of hedge funds have recently added to or reduced their stakes in UNIT. Benjamin F. Edwards & Company Inc. raised its position in shares of Uniti Group by 0.7% in the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 310,740 shares of the real estate investment trust’s stock worth $1,796,000 after acquiring an additional 2,200 shares in the last quarter. Texas Permanent School Fund Corp lifted its position in shares of Uniti Group by 1.4% during the first quarter. Texas Permanent School Fund Corp now owns 208,133 shares of the real estate investment trust’s stock valued at $1,228,000 after buying an additional 2,938 shares during the last quarter. GAMMA Investing LLC lifted its position in shares of Uniti Group by 49.8% during the first quarter. GAMMA Investing LLC now owns 8,906 shares of the real estate investment trust’s stock valued at $53,000 after buying an additional 2,960 shares during the last quarter. Mackenzie Financial Corp boosted its holdings in shares of Uniti Group by 7.3% in the 3rd quarter. Mackenzie Financial Corp now owns 44,228 shares of the real estate investment trust’s stock valued at $197,000 after buying an additional 3,003 shares in the last quarter. Finally, Commonwealth Equity Services LLC raised its stake in shares of Uniti Group by 21.9% during the 3rd quarter. Commonwealth Equity Services LLC now owns 17,644 shares of the real estate investment trust’s stock worth $83,000 after acquiring an additional 3,169 shares in the last quarter. 87.51% of the stock is owned by hedge funds and other institutional investors.

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 fiber and other wireless solutions for the communications industry. As of December 31, 2023, Uniti owns approximately 140,000 fiber route miles, 8.5 million fiber strand miles, and other communications real estate throughout the United States.