Franklin Resources Inc. Decreases Holdings in Uniti Group Inc. (NASDAQ:UNIT)

Franklin Resources Inc. reduced its stake in Uniti Group Inc. (NASDAQ:UNITFree Report) by 81.7% during the fourth quarter, according to its most recent filing with the SEC. The fund owned 250,186 shares of the real estate investment trust’s stock after selling 1,113,491 shares during the quarter. Franklin Resources Inc. owned 0.10% of Uniti Group worth $1,446,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Norges Bank purchased a new position in Uniti Group in the fourth quarter valued at about $9,139,000. Panagora Asset Management Inc. purchased a new position in Uniti Group in the fourth quarter valued at approximately $2,766,000. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in Uniti Group by 5.1% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 152,102 shares of the real estate investment trust’s stock valued at $870,000 after purchasing an additional 7,395 shares during the period. QRG Capital Management Inc. increased its position in Uniti Group by 10.1% in the fourth quarter. QRG Capital Management Inc. now owns 134,591 shares of the real estate investment trust’s stock worth $778,000 after buying an additional 12,402 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Uniti Group by 6.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 6,858,573 shares of the real estate investment trust’s stock valued at $39,643,000 after buying an additional 414,810 shares during the period. Institutional investors own 87.51% of the company’s stock.

Analyst Upgrades and Downgrades

UNIT has been the subject of several research reports. Raymond James downgraded Uniti Group from a “strong-buy” rating to an “outperform” rating and cut their price target for the stock from $8.00 to $6.00 in a research note on Monday, May 6th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $5.50 target price on shares of Uniti Group in a research note on Monday, March 25th. Finally, TD Cowen upped their price target on shares of Uniti Group from $9.00 to $10.00 and gave the company an “outperform” rating in a research note on Friday, March 1st.

Get Our Latest Analysis on Uniti Group

Uniti Group Stock Down 3.8 %

Shares of NASDAQ UNIT opened at $3.02 on Wednesday. The company has a market cap of $725.59 million, a P/E ratio of 50.34 and a beta of 1.28. Uniti Group Inc. has a 52 week low of $3.00 and a 52 week high of $6.71. The business has a 50-day simple moving average of $4.70 and a two-hundred day simple moving average of $5.32.

Uniti Group Dividend Announcement

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 paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $0.60 annualized dividend and a yield of 19.87%. Uniti Group’s dividend payout ratio is currently 1,000.17%.

About Uniti Group

(Free Report)

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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Institutional Ownership by Quarter for Uniti Group (NASDAQ:UNIT)

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