Royal Bank of Canada Reiterates “Sector Perform” Rating for Uniti Group (NASDAQ:UNIT)

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

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

Read Our Latest Stock Report on UNIT

Uniti Group Trading Up 0.3 %

Shares of UNIT opened at $6.04 on Monday. The stock’s 50 day moving average is $5.68 and its two-hundred day moving average is $5.32. Uniti Group has a twelve month low of $2.94 and a twelve month high of $6.71. The firm has a market capitalization of $1.44 billion, a PE ratio of -33.56 and a beta of 1.41.

Uniti Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 12th. Investors of record on Thursday, March 28th will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Wednesday, March 27th. This represents a $0.60 dividend on an annualized basis and a yield of 9.93%. Uniti Group’s dividend payout ratio (DPR) is -333.33%.

Hedge Funds Weigh In On Uniti Group

A number of institutional investors have recently added to or reduced their stakes in the company. Nordea Investment Management AB acquired a new stake in Uniti Group during the fourth quarter worth about $9,714,000. Charles Schwab Investment Management Inc. boosted its holdings 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 worth $30,415,000 after buying an additional 545,205 shares in the last quarter. DigitalBridge Group Inc. boosted its holdings 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 worth $7,912,000 after buying an additional 595,864 shares in the last quarter. Nomura Asset Management Co. Ltd. boosted its holdings 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 worth $1,256,000 after buying an additional 260,400 shares in the last quarter. Finally, Federated Hermes Inc. boosted its holdings in Uniti Group by 226.7% during the third quarter. Federated Hermes Inc. now owns 1,555,458 shares of the real estate investment trust’s stock worth $7,342,000 after buying an additional 1,079,300 shares in the last quarter. Institutional investors and hedge funds own 89.08% of the company’s stock.

About Uniti Group

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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.

Further Reading

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