Uniti Group (NASDAQ:UNIT) Sees Unusually-High Trading Volume

Uniti Group Inc. (NASDAQ:UNIT) saw unusually-strong trading volume on Wednesday . Approximately 3,430,777 shares traded hands during mid-day trading, an increase of 99% from the previous session’s volume of 1,721,111 shares.The stock last traded at $5.94 and had previously closed at $5.74.

Analyst Upgrades and Downgrades

Several research firms recently commented on UNIT. Royal Bank of Canada reissued a “sector perform” rating and set a $5.50 price objective on shares of Uniti Group in a research note on Monday, March 25th. TD Cowen upped their price objective on shares of Uniti Group from $9.00 to $10.00 and gave the stock an “outperform” rating in a report on Friday, March 1st.

Uniti Group Stock Performance

The firm has a market cap of $1.40 billion, a P/E ratio of -32.78 and a beta of 1.40. The stock has a fifty day simple moving average of $5.84 and a 200 day simple moving average of $5.45.

Uniti Group Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Thursday, March 28th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 10.29%. The ex-dividend date of this dividend was Wednesday, March 27th. Uniti Group’s payout ratio is -333.33%.

Hedge Funds Weigh In On Uniti Group

A number of institutional investors and hedge funds have recently modified their holdings of UNIT. Nordea Investment Management AB purchased a new position in Uniti Group during the fourth quarter valued at $9,714,000. DekaBank Deutsche Girozentrale lifted its position in Uniti Group by 538.0% during the fourth quarter. DekaBank Deutsche Girozentrale now owns 685,874 shares of the real estate investment trust’s stock valued at $3,978,000 after purchasing an additional 578,371 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in Uniti Group by 9.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 6,443,763 shares of the real estate investment trust’s stock valued at $30,415,000 after purchasing an additional 545,205 shares in the last quarter. DigitalBridge Group Inc. lifted its position in Uniti Group by 55.1% during the third quarter. DigitalBridge Group Inc. now owns 1,676,326 shares of the real estate investment trust’s stock valued at $7,912,000 after purchasing an additional 595,864 shares in the last quarter. Finally, Nomura Asset Management Co. Ltd. lifted its position in Uniti Group by 4,568.4% during the third quarter. Nomura Asset Management Co. Ltd. now owns 266,100 shares of the real estate investment trust’s stock valued at $1,256,000 after purchasing an additional 260,400 shares in the last quarter. 87.51% of the stock is currently owned by hedge funds and other 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.