PNC Financial Services Group Inc. Sells 4,970 Shares of Uniti Group Inc. (NASDAQ:UNIT)

PNC Financial Services Group Inc. trimmed its position in Uniti Group Inc. (NASDAQ:UNIT) by 13.1% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 32,949 shares of the real estate investment trust’s stock after selling 4,970 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Uniti Group were worth $190,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the company. KPP Advisory Services LLC bought a new stake in Uniti Group in the 3rd quarter worth approximately $48,000. GSA Capital Partners LLP bought a new stake in Uniti Group in the third quarter worth $706,000. Graham Capital Management L.P. purchased a new stake in Uniti Group during the third quarter valued at $611,000. DigitalBridge Group Inc. lifted its position in Uniti Group by 55.1% during the third quarter. DigitalBridge Group Inc. now owns 1,676,326 shares of the real estate investment trust’s stock valued at $7,912,000 after purchasing an additional 595,864 shares during the last quarter. Finally, Diversified Trust Co purchased a new position in shares of Uniti Group in the 4th quarter worth $251,000. 87.51% of the stock is currently owned by hedge funds and other institutional investors.

Uniti Group Trading Up 0.7 %

Uniti Group stock opened at $2.76 on Wednesday. Uniti Group Inc. has a 12-month low of $2.57 and a 12-month high of $6.71. The firm has a 50-day moving average price of $3.60 and a 200-day moving average price of $4.95. The firm has a market capitalization of $663.12 million, a PE ratio of 46.01 and a beta of 1.29.

Uniti Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were paid a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 21.74%. The ex-dividend date of this dividend was Friday, June 14th. Uniti Group’s payout ratio is currently 1,000.17%.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. Raymond James cut shares of Uniti Group from a “strong-buy” rating to an “outperform” rating and decreased their target price for the company from $8.00 to $6.00 in a research report on Monday, May 6th. Royal Bank of Canada restated a “sector perform” rating and set a $5.50 price objective on shares of Uniti Group in a research report on Monday, March 25th.

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.