Uniti Group’s (UNIT) Sector Perform Rating Reaffirmed at Royal Bank of Canada

Royal Bank of Canada restated their sector perform rating on shares of Uniti Group (NASDAQ:UNIT) in a research report report published on Monday morning, Benzinga reports. They currently have a $5.50 price target on the real estate investment trust’s stock.

Separately, TD Cowen boosted their price objective on Uniti Group from $9.00 to $10.00 and gave the company an outperform rating in a research note on Friday, March 1st.

Uniti Group Price Performance

NASDAQ UNIT opened at $5.87 on Monday. The stock has a market capitalization of $1.40 billion, a price-to-earnings ratio of -32.61 and a beta of 1.41. Uniti Group has a one year low of $2.94 and a one year high of $6.71. The business’s fifty day moving average is $5.69 and its 200-day moving average is $5.33.

Uniti Group Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, April 12th. Stockholders of record on Thursday, March 28th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 10.22%. The ex-dividend date is Wednesday, March 27th. Uniti Group’s dividend payout ratio is presently -333.31%.

Institutional Investors Weigh In On Uniti Group

Hedge funds and other institutional investors have recently modified their holdings of the stock. Advisors Asset Management Inc. bought a new stake in shares of Uniti Group during the third quarter valued at about $28,000. GAMMA Investing LLC bought a new stake in shares of Uniti Group during the fourth quarter valued at about $31,000. Guggenheim Capital LLC bought a new stake in shares of Uniti Group during the first quarter valued at about $41,000. Lazard Asset Management LLC bought a new stake in shares of Uniti Group during the first quarter valued at about $42,000. Finally, Sei Investments Co. bought a new stake in shares of Uniti Group during the first quarter valued at about $42,000. 87.51% of the stock is currently owned by institutional investors.

Uniti Group Company Profile

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.