Uniti Group (NASDAQ:UNIT) Shares Gap Down to $6.03

Shares of Uniti Group Inc. (NASDAQ:UNIT - Get Free Report) gapped down before the market opened on Friday . The stock had previously closed at $6.03, but opened at $5.78. Uniti Group shares last traded at $4.95, with a volume of 6,551,008 shares.

Analyst Upgrades and Downgrades

UNIT has been the subject of several research analyst reports. TD Cowen upped their price target on shares of Uniti Group from $9.00 to $10.00 and gave the stock an "outperform" rating in a research report on Friday, March 1st. Royal Bank of Canada reissued a "sector perform" rating and set a $5.50 price objective on shares of Uniti Group in a research note on Monday, March 25th.

Uniti Group Trading Down 26.4 %

The stock's 50-day moving average is $5.90 and its 200-day moving average is $5.49. The stock has a market cap of $1.07 billion, a price-to-earnings ratio of -24.67 and a beta of 1.40.

Uniti Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Thursday, March 28th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 13.51%. The ex-dividend date of this dividend was Wednesday, March 27th. Uniti Group's dividend payout ratio is presently -333.33%.

Institutional Investors Weigh In On Uniti Group

Several institutional investors and hedge funds have recently modified their holdings of UNIT. GAMMA Investing LLC acquired a new position in Uniti Group during the 4th quarter worth approximately $31,000. KPP Advisory Services LLC purchased a new position in shares of Uniti Group in the third quarter valued at $48,000. Park Avenue Securities LLC acquired a new stake in Uniti Group during the 3rd quarter valued at $59,000. Regent Peak Wealth Advisors LLC purchased a new stake in Uniti Group during the 4th quarter worth $69,000. Finally, Commonwealth Equity Services LLC increased its stake in Uniti Group by 21.9% during the 3rd quarter. Commonwealth Equity Services LLC now owns 17,644 shares of the real estate investment trust's stock worth $83,000 after buying an additional 3,169 shares during the period. Hedge funds and other institutional investors own 87.51% of the company's stock.

About Uniti Group

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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