Uniti Group Inc. (NASDAQ:UNIT – Get Free Report) announced a quarterly dividend on Thursday, May 2nd, Zacks reports. Shareholders of record on Friday, June 14th will be given a dividend of 0.15 per share by the real estate investment trust on Friday, June 28th. This represents a $0.60 dividend on an annualized basis and a yield of 13.51%. The ex-dividend date is Friday, June 14th.
Uniti Group has increased its dividend by an average of 4.9% per year over the last three years. Uniti Group has a dividend payout ratio of 113.2% 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 research analysts expect Uniti Group to earn $1.47 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 40.8%.
Uniti Group Trading Down 26.4 %
Shares of NASDAQ UNIT traded down $1.59 during mid-day trading on Friday, reaching $4.44. The company had a trading volume of 21,065,721 shares, compared to its average volume of 2,119,745. The stock has a market cap of $1.07 billion, a price-to-earnings ratio of -24.67 and a beta of 1.40. Uniti Group has a 52 week low of $3.22 and a 52 week high of $6.71. The business’s 50-day moving average is $5.88 and its 200-day moving average is $5.49.
Wall Street Analysts Forecast Growth
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.
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