Uniti Group Inc. Declares Quarterly Dividend of $0.15 (NASDAQ:UNIT)

Uniti Group Inc. (NASDAQ:UNIT) declared a quarterly dividend on Thursday, May 2nd, Zacks reports. Investors of record on Friday, June 14th will be paid a dividend of 0.15 per share by the real estate investment trust on Friday, June 28th. This represents a $0.60 annualized dividend and a yield of 13.51%. The ex-dividend date of this dividend 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 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 Price Performance

NASDAQ:UNIT traded down $1.59 during trading hours on Friday, reaching $4.44. The company’s stock had a trading volume of 21,065,721 shares, compared to its average volume of 2,119,745. Uniti Group has a one year low of $3.22 and a one year high of $6.71. The business’s 50-day moving average is $5.88 and its 200-day moving average is $5.49. The company has a market cap of $1.07 billion, a price-to-earnings ratio of -24.67 and a beta of 1.40.

Analyst Ratings Changes

A number of brokerages recently weighed in on UNIT. Royal Bank of Canada reissued a “sector perform” rating and issued a $5.50 price objective on shares of Uniti Group in a research note on Monday, March 25th. TD Cowen lifted their price target 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.

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.