Ameriprise Financial Inc. Lowers Holdings in Uniti Group Inc. (NASDAQ:UNIT)

Ameriprise Financial Inc. trimmed its position in Uniti Group Inc. (NASDAQ:UNIT - Free Report) by 23.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 583,063 shares of the real estate investment trust's stock after selling 174,417 shares during the quarter. Ameriprise Financial Inc. owned 0.24% of Uniti Group worth $3,207,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in UNIT. Strategic Financial Concepts LLC raised its position in shares of Uniti Group by 449.8% in the 4th quarter. Strategic Financial Concepts LLC now owns 970,590 shares of the real estate investment trust's stock worth $5,338,000 after acquiring an additional 794,049 shares in the last quarter. Thrivent Financial for Lutherans raised its position in shares of Uniti Group by 136.6% in the 4th quarter. Thrivent Financial for Lutherans now owns 1,363,732 shares of the real estate investment trust's stock worth $7,501,000 after acquiring an additional 787,319 shares in the last quarter. Quinn Opportunity Partners LLC bought a new position in shares of Uniti Group in the 4th quarter worth $3,249,000. JPMorgan Chase & Co. raised its position in shares of Uniti Group by 42.0% in the 4th quarter. JPMorgan Chase & Co. now owns 1,787,257 shares of the real estate investment trust's stock worth $9,830,000 after acquiring an additional 529,050 shares in the last quarter. Finally, Pacer Advisors Inc. raised its position in shares of Uniti Group by 30.1% in the 4th quarter. Pacer Advisors Inc. now owns 1,929,472 shares of the real estate investment trust's stock worth $10,612,000 after acquiring an additional 446,168 shares in the last quarter. 87.51% of the stock is currently owned by hedge funds and other institutional investors.

Uniti Group Trading Down 2.5%

Shares of UNIT stock traded down $0.11 during mid-day trading on Friday, reaching $4.30. The stock had a trading volume of 1,835,670 shares, compared to its average volume of 2,507,046. The business's fifty day moving average is $4.63 and its 200-day moving average is $5.23. The firm has a market cap of $1.06 billion, a price-to-earnings ratio of 10.49 and a beta of 1.59. Uniti Group Inc. has a 1-year low of $2.57 and a 1-year high of $6.31.

Uniti Group (NASDAQ:UNIT - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The real estate investment trust reported $0.35 earnings per share for the quarter, meeting analysts' consensus estimates of $0.35. The business had revenue of $293.91 million for the quarter, compared to analyst estimates of $295.39 million. Uniti Group had a negative return on equity of 4.12% and a net margin of 8.82%. The company's revenue was up 2.6% on a year-over-year basis. During the same period in the prior year, the company earned $0.32 earnings per share. On average, analysts forecast that Uniti Group Inc. will post 1.28 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Citigroup reissued a "neutral" rating and issued a $5.30 price target on shares of Uniti Group in a research report on Friday, May 16th. Wells Fargo & Company reduced their target price on Uniti Group from $5.00 to $4.50 and set an "equal weight" rating on the stock in a research report on Thursday, May 8th. Finally, Raymond James raised Uniti Group from an "outperform" rating to a "strong-buy" rating and upped their target price for the company from $6.00 to $8.00 in a research report on Monday, February 24th.

Uniti Group Profile

Uniti Group, Inc is a real estate investment trust company, which engages in the acquisition, construction, and leasing of properties. It operates through the following business segments: Uniti Leasing, Uniti Fiber, and Corporate. The Uniti Leasing segment involves mission-critical communications assets on exclusive or shared-tenant basis, and dark fiber network.