Uniti Group (NASDAQ:UNIT) Shares Gap Up to $2.73

Uniti Group Inc. (NASDAQ:UNIT) shares gapped up prior to trading on Friday . The stock had previously closed at $2.73, but opened at $2.80. Uniti Group shares last traded at $2.82, with a volume of 172,885 shares changing hands.

Wall Street Analyst Weigh In

UNIT has been the topic of several recent research reports. Royal Bank of Canada reissued a “sector perform” rating and issued a $5.50 price target on shares of Uniti Group in a research note on Monday, March 25th. Raymond James downgraded Uniti Group from a “strong-buy” rating to an “outperform” rating and dropped their price target for the company from $8.00 to $6.00 in a research note on Monday, May 6th.

Uniti Group Stock Performance

The company has a market cap of $701.56 million, a P/E ratio of 48.67 and a beta of 1.27. The company has a fifty day moving average price of $3.71 and a two-hundred day moving average price of $4.99.

Uniti Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 20.55%. The ex-dividend date of this dividend was Friday, June 14th. Uniti Group’s payout ratio is 1,000.17%.

Hedge Funds Weigh In On Uniti Group

Several hedge funds have recently modified their holdings of UNIT. Benjamin F. Edwards & Company Inc. grew 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 purchasing an additional 2,200 shares during the period. Texas Permanent School Fund Corp grew its holdings in 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 during the period. GAMMA Investing LLC grew its holdings in 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 during the period. Hancock Whitney Corp grew its holdings in Uniti Group by 4.5% during the first quarter. Hancock Whitney Corp now owns 76,360 shares of the real estate investment trust’s stock worth $451,000 after purchasing an additional 3,254 shares during the period. Finally, ProShare Advisors LLC boosted its holdings in shares of Uniti Group by 7.5% during the first quarter. ProShare Advisors LLC now owns 48,051 shares of the real estate investment trust’s stock worth $284,000 after acquiring an additional 3,339 shares during the period. Institutional investors own 87.51% of the company’s stock.

Uniti Group Company Profile

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.