Shares of Uniti Group Inc. (NASDAQ:UNIT - Get Free Report) saw strong trading volume on Wednesday . 3,430,777 shares traded hands during mid-day trading, an increase of 99% from the previous session's volume of 1,721,111 shares.The stock last traded at $5.94 and had previously closed at $5.74.
Wall Street Analyst Weigh In
A number of analysts have recently commented on the company. TD Cowen boosted their price target on 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 issued a $5.50 price target on shares of Uniti Group in a research report on Monday, March 25th.
Check Out Our Latest Research Report on Uniti Group
Uniti Group Stock Performance
The firm has a market capitalization of $1.37 billion, a P/E ratio of -31.72 and a beta of 1.40. The firm has a 50-day moving average of $5.86 and a 200-day moving average of $5.46.
Uniti Group Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Thursday, March 28th were given a $0.15 dividend. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $0.60 annualized dividend and a yield of 10.51%. Uniti Group's dividend payout ratio (DPR) is presently -333.33%.
Hedge Funds Weigh In On Uniti Group
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. lifted its position in Uniti Group by 6.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 6,858,573 shares of the real estate investment trust's stock valued at $39,643,000 after acquiring an additional 414,810 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in Uniti Group by 10.7% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,085,187 shares of the real estate investment trust's stock valued at $9,842,000 after buying an additional 201,997 shares during the last quarter. DigitalBridge Group Inc. raised its stake in Uniti Group by 55.1% during the 3rd quarter. DigitalBridge Group Inc. now owns 1,676,326 shares of the real estate investment trust's stock valued at $7,912,000 after buying an additional 595,864 shares during the last quarter. Nordea Investment Management AB purchased a new stake in Uniti Group during the 4th quarter valued at $9,714,000. Finally, Norges Bank purchased a new stake in Uniti Group during the 4th quarter valued at $9,139,000. 87.51% of the stock is owned by institutional investors.
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.
Further Reading
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