Park Avenue Securities LLC Acquires New Shares in Uniti Group Inc. (NASDAQ:UNIT)

Park Avenue Securities LLC bought a new position in shares of Uniti Group Inc. (NASDAQ:UNIT) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 14,937 shares of the real estate investment trust’s stock, valued at approximately $84,000.

A number of other hedge funds also recently made changes to their positions in UNIT. Nomura Holdings Inc. lifted its stake in Uniti Group by 94.1% in the 4th quarter. Nomura Holdings Inc. now owns 588,078 shares of the real estate investment trust’s stock valued at $3,399,000 after purchasing an additional 285,112 shares during the last quarter. GAMMA Investing LLC increased its position in Uniti Group by 49.8% in the 1st quarter. GAMMA Investing LLC now owns 8,906 shares of the real estate investment trust’s stock valued at $53,000 after acquiring an additional 2,960 shares during the period. Diversified Trust Co raised its stake in shares of Uniti Group by 66.0% during the first quarter. Diversified Trust Co now owns 72,155 shares of the real estate investment trust’s stock valued at $426,000 after acquiring an additional 28,697 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in shares of Uniti Group by 9.2% during the first quarter. Allspring Global Investments Holdings LLC now owns 80,661 shares of the real estate investment trust’s stock worth $476,000 after purchasing an additional 6,798 shares during the period. Finally, Principal Financial Group Inc. lifted its holdings in Uniti Group by 7.2% during the 1st quarter. Principal Financial Group Inc. now owns 1,333,486 shares of the real estate investment trust’s stock worth $7,868,000 after buying an additional 89,402 shares during the period. 87.51% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

Uniti Group Stock Up 0.2 %

UNIT stock opened at $5.39 on Tuesday. The firm has a market cap of $1.29 billion, a price-to-earnings ratio of 89.83 and a beta of 1.29. The company’s fifty day simple moving average is $4.87 and its 200 day simple moving average is $4.31. Uniti Group Inc. has a 12-month low of $2.57 and a 12-month high of $6.71.

Uniti Group (NASDAQ:UNIT) last announced its earnings results on Thursday, August 1st. The real estate investment trust reported $0.07 EPS for the quarter, missing the consensus estimate of $0.35 by ($0.28). The business had revenue of $294.90 million for the quarter, compared to the consensus estimate of $289.97 million. Uniti Group had a net margin of 0.79% and a negative return on equity of 0.37%. The firm’s revenue for the quarter was up 3.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.34 EPS. Research analysts expect that Uniti Group Inc. will post 1.31 earnings per share for the current year.

Insider Transactions at Uniti Group

In related news, SVP Ronald J. Mudry sold 28,693 shares of the stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $3.94, for a total transaction of $113,050.42. Following the transaction, the senior vice president now directly owns 513,761 shares of the company’s stock, valued at $2,024,218.34. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.39% of the company’s stock.

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.