Pitcairn Co. Invests $69,000 in Uniti Group Inc. (NASDAQ:UNIT)

Pitcairn Co. purchased a new position in shares of Uniti Group Inc. (NASDAQ:UNIT) during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 12,164 shares of the real estate investment trust’s stock, valued at approximately $69,000.

A number of other large investors have also modified their holdings of the business. Mackenzie Financial Corp grew its stake in shares of Uniti Group by 9.6% during the second quarter. Mackenzie Financial Corp now owns 30,923 shares of the real estate investment trust’s stock worth $90,000 after acquiring an additional 2,711 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in shares of Uniti Group by 14.6% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 22,387 shares of the real estate investment trust’s stock worth $126,000 after acquiring an additional 2,852 shares during the last quarter. Hancock Whitney Corp grew its stake in shares of Uniti Group by 4.5% during the first quarter. Hancock Whitney Corp now owns 76,360 shares of the real estate investment trust’s stock worth $451,000 after acquiring an additional 3,254 shares during the last quarter. Van ECK Associates Corp lifted its holdings in shares of Uniti Group by 9.3% during the second quarter. Van ECK Associates Corp now owns 50,294 shares of the real estate investment trust’s stock worth $147,000 after purchasing an additional 4,271 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its holdings in shares of Uniti Group by 6.2% during the second quarter. The Manufacturers Life Insurance Company now owns 124,636 shares of the real estate investment trust’s stock worth $364,000 after purchasing an additional 7,302 shares during the period. Hedge funds and other institutional investors own 87.51% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $5.50 target price on shares of Uniti Group in a report on Thursday, August 29th.

Uniti Group Stock Down 1.8 %

Uniti Group stock opened at $5.88 on Friday. Uniti Group Inc. has a 52 week low of $2.57 and a 52 week high of $6.71. The company has a market capitalization of $1.44 billion, a price-to-earnings ratio of 14.34 and a beta of 1.31. The stock has a 50-day moving average price of $5.62 and a 200 day moving average price of $4.40.

Uniti Group 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.