Uniti Group (NASDAQ:UNIT) Shares Gap Up to $2.73

Uniti Group Inc. (NASDAQ:UNIT) gapped up prior to trading on Friday . The stock had previously closed at $2.73, but opened at $2.80. Uniti Group shares last traded at $2.82, with a volume of 172,885 shares traded.

Analysts Set New Price Targets

A number of analysts have recently issued reports on UNIT shares. 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. Raymond James cut shares of Uniti Group from a “strong-buy” rating to an “outperform” rating and cut their target price for the company from $8.00 to $6.00 in a research note on Monday, May 6th.

Uniti Group Trading Up 7.0 %

The firm has a market cap of $701.56 million, a PE ratio of 48.67 and a beta of 1.27. The business’s 50-day simple moving average is $3.71 and its 200 day simple moving average is $4.99.

Uniti Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 20.55%. The ex-dividend date was Friday, June 14th. Uniti Group’s payout ratio is currently 1,000.17%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of UNIT. Vanguard Group Inc. grew its position in Uniti Group by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 38,442,169 shares of the real estate investment trust’s stock worth $226,809,000 after purchasing an additional 542,485 shares during the last quarter. LSV Asset Management grew its position in Uniti Group by 1.3% during the 1st quarter. LSV Asset Management now owns 7,276,879 shares of the real estate investment trust’s stock worth $42,934,000 after purchasing an additional 91,408 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in Uniti Group by 6.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 6,858,573 shares of the real estate investment trust’s stock worth $39,643,000 after purchasing an additional 414,810 shares during the last quarter. DigitalBridge Group Inc. grew its position in Uniti Group by 55.1% during the 3rd quarter. DigitalBridge Group Inc. now owns 1,676,326 shares of the real estate investment trust’s stock worth $7,912,000 after purchasing an additional 595,864 shares during the last quarter. Finally, Nordea Investment Management AB purchased a new stake in Uniti Group during the 4th quarter worth approximately $9,714,000. 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.