Uniti Group (NASDAQ:UNIT) Cut to “Outperform” at Raymond James

Raymond James downgraded shares of Uniti Group (NASDAQ:UNIT) from a strong-buy rating to an outperform rating in a research report sent to investors on Monday morning, MarketBeat.com reports. The firm currently has $6.00 target price on the real estate investment trust’s stock, down from their previous target price of $8.00.

Other analysts have also issued reports about the company. Royal Bank of Canada reiterated a sector perform rating and set a $5.50 price target on shares of Uniti Group in a report on Monday, March 25th. TD Cowen boosted their price target on shares of 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 Performance

Uniti Group stock opened at $3.80 on Monday. Uniti Group has a fifty-two week low of $3.39 and a fifty-two week high of $6.71. The firm’s 50-day simple moving average is $5.73 and its 200 day simple moving average is $5.48. The stock has a market cap of $912.98 million, a PE ratio of 63.33 and a beta of 1.40.

Uniti Group Dividend Announcement

The firm 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 $0.15 dividend. The ex-dividend date of this dividend is Friday, June 14th. This represents a $0.60 dividend on an annualized basis and a yield of 15.79%. Uniti Group’s dividend payout ratio is 1,000.00%.

Hedge Funds Weigh In On Uniti Group

Several hedge funds have recently made changes to their positions in UNIT. GAMMA Investing LLC bought a new stake in shares of Uniti Group during the fourth quarter valued at about $31,000. KPP Advisory Services LLC bought a new position in Uniti Group in the 3rd quarter valued at $48,000. Park Avenue Securities LLC purchased a new position in shares of Uniti Group during the 3rd quarter valued at $59,000. Regent Peak Wealth Advisors LLC bought a new position in shares of Uniti Group in the fourth quarter worth $69,000. Finally, Commonwealth Equity Services LLC raised its position in shares of Uniti Group by 21.9% in the third quarter. Commonwealth Equity Services LLC now owns 17,644 shares of the real estate investment trust’s stock worth $83,000 after buying an additional 3,169 shares in the last quarter. 87.51% of the stock is currently owned by hedge funds and other institutional investors.

Uniti Group Company Profile

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.