Uniti Group (NASDAQ:UNIT) Cut to “Outperform” at Raymond James

Raymond James cut shares of Uniti Group (NASDAQ:UNIT) from a strong-buy rating to an outperform rating in a report published on Monday, MarketBeat reports. Raymond James currently has $6.00 price target on the real estate investment trust’s stock, down from their previous price target of $8.00.

UNIT has been the topic of several other research reports. TD Cowen increased their target price 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 set a $5.50 price objective on shares of Uniti Group in a report on Monday, March 25th.

Uniti Group Stock Down 0.3 %

Shares of UNIT stock opened at $3.87 on Monday. The company has a 50 day moving average of $5.77 and a 200-day moving average of $5.49. Uniti Group has a 12-month low of $3.39 and a 12-month high of $6.71. The firm has a market cap of $929.79 million, a P/E ratio of 64.50 and a beta of 1.40.

Uniti Group Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 15.50%. Uniti Group’s dividend payout ratio (DPR) is currently 1,000.00%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. ProShare Advisors LLC grew its position in shares of Uniti Group by 7.5% during the 1st quarter. ProShare Advisors LLC now owns 48,051 shares of the real estate investment trust’s stock valued at $284,000 after purchasing an additional 3,339 shares in the last quarter. Inspire Investing LLC grew its position in shares of Uniti Group by 219.9% during the 1st quarter. Inspire Investing LLC now owns 210,840 shares of the real estate investment trust’s stock valued at $1,244,000 after purchasing an additional 144,933 shares in the last quarter. Quantbot Technologies LP purchased a new position in shares of Uniti Group during the 1st quarter valued at $407,000. LSV Asset Management grew its position in Uniti Group by 1.3% in the first quarter. LSV Asset Management now owns 7,276,879 shares of the real estate investment trust’s stock worth $42,934,000 after acquiring an additional 91,408 shares in the last quarter. Finally, Texas Permanent School Fund Corp grew its position in Uniti Group by 1.4% in 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 acquiring an additional 2,938 shares in the last quarter. 87.51% of the stock is currently owned by hedge funds and other institutional investors.

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.