Uniti Group (NASDAQ:UNIT) Shares Gap Down to $6.03

Shares of Uniti Group Inc. (NASDAQ:UNIT) gapped down before the market opened on Friday . The stock had previously closed at $6.03, but opened at $5.78. Uniti Group shares last traded at $4.95, with a volume of 6,551,008 shares.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on UNIT shares. Royal Bank of Canada restated a “sector perform” rating and issued a $5.50 target price on shares of Uniti Group in a research note on Monday, March 25th. TD Cowen raised their price objective on shares of Uniti Group from $9.00 to $10.00 and gave the company an “outperform” rating in a research report on Friday, March 1st.

Uniti Group Trading Down 26.4 %

The company has a market capitalization of $1.07 billion, a price-to-earnings ratio of -24.67 and a beta of 1.40. The company has a 50 day moving average price of $5.88 and a 200 day moving average price of $5.50.

Uniti Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be given a $0.15 dividend. The ex-dividend date is Friday, June 14th. This represents a $0.60 dividend on an annualized basis and a yield of 13.51%. Uniti Group’s payout ratio is -333.31%.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in UNIT. SG Americas Securities LLC raised its stake in shares of Uniti Group by 81.3% during the third quarter. SG Americas Securities LLC now owns 169,876 shares of the real estate investment trust’s stock worth $802,000 after buying an additional 76,164 shares during the last quarter. Asset Management One Co. Ltd. raised its position in shares of Uniti Group by 42,622.8% during the 3rd quarter. Asset Management One Co. Ltd. now owns 369,125 shares of the real estate investment trust’s stock valued at $1,742,000 after acquiring an additional 368,261 shares during the last quarter. Commonwealth Equity Services LLC lifted its stake in shares of Uniti Group by 21.9% in the 3rd quarter. Commonwealth Equity Services LLC now owns 17,644 shares of the real estate investment trust’s stock valued at $83,000 after purchasing an additional 3,169 shares during the period. Raymond James Financial Services Advisors Inc. boosted its position in shares of Uniti Group by 14.1% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 1,037,174 shares of the real estate investment trust’s stock worth $4,895,000 after purchasing an additional 128,281 shares during the last quarter. Finally, Mackenzie Financial Corp grew its stake in shares of Uniti Group by 7.3% during the third quarter. Mackenzie Financial Corp now owns 44,228 shares of the real estate investment trust’s stock worth $197,000 after purchasing an additional 3,003 shares during the period. 87.51% of the stock is currently owned by institutional investors and hedge funds.

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.