33,044 Shares of Ubiquiti Inc. $UI Purchased by Bank of America Corp DE

Key Points

• Bank of America purchased 33,044 Ubiquiti shares in the second quarter, valued at approximately $17.6 million and representing about 0.05% of the company.
• Ubiquiti reported stronger-than-expected quarterly results, with EPS of $4.73 versus the $4.03 consensus estimate and revenue of $937.32 million versus expectations of $850.50 million.
• The company increased its quarterly dividend from $0.80 to $1.00 per share, implying a $4.00 annual payout and a 0.7% yield, while analysts maintained a mixed but overall “Moderate Buy” consensus with a $734.50 target price.

Bank of America Corp DE purchased a new stake in Ubiquiti Inc. (NYSE:UI - Free Report) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 33,044 shares of the company's stock, valued at approximately $17,647,000. Bank of America Corp DE owned approximately 0.05% of Ubiquiti as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Corient Private Wealth LLC raised its position in Ubiquiti by 73,940.4% during the fourth quarter. Corient Private Wealth LLC now owns 1,113,568 shares of the company's stock worth $616,193,000 after acquiring an additional 1,112,064 shares in the last quarter. BlackRock Inc. acquired a new position in shares of Ubiquiti during the 2nd quarter worth about $163,010,000. Arrowstreet Capital Limited Partnership increased its stake in shares of Ubiquiti by 11.9% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 183,464 shares of the company's stock worth $101,520,000 after purchasing an additional 19,504 shares during the last quarter. Capital World Investors raised its holdings in shares of Ubiquiti by 16.2% in the 4th quarter. Capital World Investors now owns 100,056 shares of the company's stock valued at $55,366,000 after purchasing an additional 13,970 shares during the period. Finally, Bank of New York Mellon Corp bought a new stake in shares of Ubiquiti in the 2nd quarter valued at about $30,086,000. Institutional investors and hedge funds own 4.00% of the company's stock.

Ubiquiti Stock Performance

NYSE UI opened at $562.79 on Friday. The stock has a market cap of $34.07 billion, a PE ratio of 35.51 and a beta of 1.31. The firm has a 50-day moving average of $565.72 and a 200-day moving average of $667.57. Ubiquiti Inc. has a 52-week low of $500.23 and a 52-week high of $1,099.99.

Ubiquiti (NYSE:UI - Get Free Report) last announced its quarterly earnings results on Friday, August 21st. The company reported $4.73 EPS for the quarter, beating analysts' consensus estimates of $4.03 by $0.70. The business had revenue of $937.32 million for the quarter, compared to analyst estimates of $850.50 million. Ubiquiti had a net margin of 29.33% and a return on equity of 85.57%. During the same quarter in the prior year, the business earned $4.41 EPS. As a group, analysts predict that Ubiquiti Inc. will post 16.94 EPS for the current fiscal year.

Ubiquiti Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 8th. Investors of record on Monday, August 31st were paid a $1.00 dividend. This represents a $4.00 annualized dividend and a dividend yield of 0.7%. This is a boost from Ubiquiti's previous quarterly dividend of $0.80. The ex-dividend date was Monday, August 31st. Ubiquiti's dividend payout ratio is currently 25.24%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Barclays cut their target price on shares of Ubiquiti from $672.00 to $489.00 and set an "underweight" rating for the company in a research note on Monday, August 24th. Zacks Research upgraded Ubiquiti from a "hold" rating to a "strong-buy" rating in a research note on Friday, September 18th. BWS Financial reaffirmed a "buy" rating and issued a $980.00 price objective on shares of Ubiquiti in a research report on Thursday, August 27th. Finally, Weiss Ratings downgraded Ubiquiti from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Friday, August 21st. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $734.50.

Ubiquiti Profile

Ubiquiti Inc develops and sells networking technology for businesses, service providers and consumers. Its products include wireless access points, routers, gateways, switches, security cameras, access-control systems and network management software.

The company markets its products through several technology platforms and brands, including UniFi for enterprise and small-business networking, and airMAX, LTU and related products for wireless internet service providers. Ubiquiti also offers consumer-focused networking products under the AmpliFi brand and operates software and services designed to help customers manage their networks.

Founded in 2003 by Robert Pera, Ubiquiti serves customers internationally through distributors, online channels and other sales partners.

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