Uniti Group Inc. (NASDAQ:UNIT - Get Free Report) announced a quarterly dividend on Thursday, May 2nd, Zacks reports. Shareholders of record on Friday, June 14th will be paid a dividend of 0.15 per share by the real estate investment trust on Friday, June 28th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 13.51%. The ex-dividend date of this dividend is Friday, June 14th.
Uniti Group has raised its dividend by an average of 4.9% per year over the last three years. Uniti Group has a payout ratio of 113.2% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Uniti Group to earn $1.47 per share next year, which means the company should continue to be able to cover its $0.60 annual dividend with an expected future payout ratio of 40.8%.
Uniti Group Stock Performance
Shares of NASDAQ UNIT traded down $1.59 during mid-day trading on Friday, reaching $4.44. The company had a trading volume of 21,065,721 shares, compared to its average volume of 2,119,745. Uniti Group has a twelve month low of $3.22 and a twelve month high of $6.71. The stock's 50 day moving average is $5.88 and its 200-day moving average is $5.50. The stock has a market capitalization of $1.07 billion, a PE ratio of -24.67 and a beta of 1.40.
Analysts Set New Price Targets
UNIT has been the subject of a number of recent research reports. Royal Bank of Canada reaffirmed a "sector perform" rating and set a $5.50 price target on shares of Uniti Group in a research note on Monday, March 25th. TD Cowen raised their price objective on shares of Uniti Group from $9.00 to $10.00 and gave the company an "outperform" rating in a research report on Friday, March 1st.
Read Our Latest Stock Report on Uniti Group
Uniti Group Company Profile
(
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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.
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