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

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

Separately, TD Cowen lifted their target price on 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 Up 0.5 %

NASDAQ:UNIT opened at $5.90 on Monday. The business’s 50-day moving average price is $5.70 and its 200 day moving average price is $5.34. The firm has a market cap of $1.41 billion, a P/E ratio of -32.78 and a beta of 1.41. Uniti Group has a 52-week low of $2.94 and a 52-week high of $6.71.

Uniti Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, April 12th. Investors of record on Thursday, March 28th will be paid a $0.15 dividend. 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 10.17%. Uniti Group’s dividend payout ratio is currently -333.31%.

Hedge Funds Weigh In On Uniti Group

A number of institutional investors have recently bought and sold shares of UNIT. Balyasny Asset Management L.P. increased its stake in Uniti Group by 919.7% in the 1st quarter. Balyasny Asset Management L.P. now owns 3,049,586 shares of the real estate investment trust’s stock worth $10,826,000 after purchasing an additional 2,750,525 shares in the last quarter. Davidson Kempner Capital Management LP purchased a new position in Uniti Group in the 2nd quarter worth about $11,433,000. Norges Bank purchased a new position in Uniti Group in the 4th quarter worth about $12,061,000. Nordea Investment Management AB acquired a new stake in Uniti Group during the 4th quarter worth about $9,714,000. Finally, Franklin Resources Inc. boosted its position in Uniti Group by 66.7% during the 1st quarter. Franklin Resources Inc. now owns 4,089,405 shares of the real estate investment trust’s stock worth $14,517,000 after acquiring an additional 1,636,731 shares during the period. Hedge funds and other institutional investors own 87.51% of the company’s stock.

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.