An issue of Communications Sales & Leasing,Inc. (NASDAQ:UNIT) bonds fell 2.3% against their face value during trading on Tuesday after Citigroup lowered their price target on the stock from $30.00 to $27.00. The debt issue has a 7.125% coupon and will mature on December 15, 2024. The debt is now trading at $95.00 and was trading at $98.38 one week ago. Price moves in a company’s bonds in credit markets often predict parallel moves in its stock price.

UNIT has been the topic of several other reports. Cowen and Company reaffirmed a “buy” rating and issued a $33.00 price objective on shares of Communications Sales & Leasing,Inc. in a research report on Friday, July 28th. Zacks Investment Research raised Communications Sales & Leasing,Inc. from a “strong sell” rating to a “hold” rating in a research report on Thursday, July 6th. ValuEngine cut Communications Sales & Leasing,Inc. from a “buy” rating to a “hold” rating in a research report on Friday, June 23rd. Royal Bank Of Canada began coverage on Communications Sales & Leasing,Inc. in a research report on Monday, June 19th. They issued an “outperform” rating and a $32.00 price objective on the stock. Finally, Deutsche Bank AG boosted their target price on shares of Communications Sales & Leasing,Inc. from $28.00 to $30.00 and gave the company a “buy” rating in a research note on Wednesday, June 7th. Two investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $31.43.

In related news, insider Kenny Gunderman acquired 14,500 shares of Communications Sales & Leasing,Inc. stock in a transaction dated Friday, May 12th. The stock was purchased at an average cost of $24.15 per share, for a total transaction of $350,175.00. Following the purchase, the insider now directly owns 262,053 shares of the company’s stock, valued at approximately $6,328,579.95. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.39% of the company’s stock.

A number of large investors have recently modified their holdings of UNIT. Sei Investments Co. bought a new position in Communications Sales & Leasing,Inc. during the first quarter valued at approximately $107,000. Delta Asset Management LLC TN bought a new position in Communications Sales & Leasing,Inc. during the first quarter valued at approximately $127,000. Glen Harbor Capital Management LLC bought a new position in Communications Sales & Leasing,Inc. during the first quarter valued at approximately $134,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in Communications Sales & Leasing,Inc. during the first quarter valued at approximately $136,000. Finally, Tyers Asset Management LLC bought a new position in Communications Sales & Leasing,Inc. during the first quarter valued at approximately $184,000. Institutional investors and hedge funds own 56.96% of the company’s stock.

The company’s market capitalization is $3.97 billion. The company’s 50-day moving average is $25.46 and its 200-day moving average is $26.07.

Communications Sales & Leasing,Inc. (NASDAQ:UNIT) last released its earnings results on Thursday, August 3rd. The real estate investment trust reported $0.44 EPS for the quarter, missing analysts’ consensus estimates of $0.50 by $0.06. The firm had revenue of $213.01 million for the quarter, compared to analyst estimates of $214.09 million. The firm’s quarterly revenue was up 13.0% on a year-over-year basis. During the same period in the prior year, the company earned $0.56 earnings per share. On average, analysts forecast that Communications Sales & Leasing,Inc. will post ($0.10) earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, October 13th. Stockholders of record on Friday, September 29th will be paid a dividend of $0.60 per share. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 10.61%. Communications Sales & Leasing,Inc.’s dividend payout ratio is currently -750.00%.

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Communications Sales & Leasing,Inc. Company Profile

Uniti Group Inc, formerly Communications Sales & Leasing, Inc, is an internally managed real estate investment trust engaged in the acquisition and construction of infrastructure in the communications industry. The Company focuses on acquiring and constructing fiber optic broadband networks, wireless communications towers, copper and coaxial broadband networks and data centers.

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