Uniti Group (NASDAQ:UNIT) Sees Strong Trading Volume

Uniti Group Inc. (NASDAQ:UNIT - Get Free Report) saw strong trading volume on Monday . 2,638,601 shares were traded during mid-day trading, an increase of 28% from the previous session's volume of 2,064,407 shares.The stock last traded at $4.01 and had previously closed at $4.44.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. TD Cowen increased their price objective 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. Raymond James lowered shares of Uniti Group from a "strong-buy" rating to an "outperform" rating and reduced their price objective for the stock from $8.00 to $6.00 in a research report on Monday. Finally, Royal Bank of Canada reissued a "sector perform" rating and issued a $5.50 price objective on shares of Uniti Group in a research report on Monday, March 25th.

Uniti Group Stock Performance

The firm has a market capitalization of $912.87 million, a P/E ratio of 63.34 and a beta of 1.40. The stock's 50 day simple moving average is $5.84 and its 200 day simple moving average is $5.50.

Uniti Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 15.79%. The ex-dividend date of this dividend is Friday, June 14th. Uniti Group's payout ratio is 1,000.17%.

Institutional Trading of Uniti Group

A number of hedge funds have recently bought and sold shares of the stock. Benjamin F. Edwards & Company Inc. lifted its holdings in Uniti Group by 0.7% during the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 310,740 shares of the real estate investment trust's stock worth $1,796,000 after buying an additional 2,200 shares during the period. Texas Permanent School Fund Corp increased its position in shares of Uniti Group by 1.4% during the first quarter. Texas Permanent School Fund Corp now owns 208,133 shares of the real estate investment trust's stock worth $1,228,000 after purchasing an additional 2,938 shares in the last quarter. GAMMA Investing LLC increased its position in shares of Uniti Group by 49.8% during the first quarter. GAMMA Investing LLC now owns 8,906 shares of the real estate investment trust's stock worth $53,000 after purchasing an additional 2,960 shares in the last quarter. Mackenzie Financial Corp increased its position in shares of Uniti Group by 7.3% during the third quarter. Mackenzie Financial Corp now owns 44,228 shares of the real estate investment trust's stock worth $197,000 after purchasing an additional 3,003 shares in the last quarter. Finally, Commonwealth Equity Services LLC increased its position in shares of Uniti Group by 21.9% during the third quarter. Commonwealth Equity Services LLC now owns 17,644 shares of the real estate investment trust's stock worth $83,000 after purchasing an additional 3,169 shares in the last quarter. 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.