Uniti Group (NASDAQ:UNIT) Stock Rating Reaffirmed by Royal Bank of Canada

Royal Bank of Canada reiterated their sector perform rating on shares of Uniti Group (NASDAQ:UNIT) in a research report released on Monday morning, Benzinga reports. The firm currently has a $5.50 price objective on the real estate investment trust’s stock.

Separately, TD Cowen upped their price target on Uniti Group from $9.00 to $10.00 and gave the company an outperform rating in a research report on Friday, March 1st.

Uniti Group Stock Up 0.5 %

Shares of NASDAQ UNIT opened at $5.90 on Monday. Uniti Group has a 12 month low of $2.94 and a 12 month high of $6.71. The company has a market cap of $1.41 billion, a price-to-earnings ratio of -32.78 and a beta of 1.41. The business has a fifty day simple moving average of $5.70 and a 200-day simple moving average of $5.34.

Uniti Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 12th. Shareholders of record on Thursday, March 28th will be given a $0.15 dividend. The ex-dividend date of this dividend is Wednesday, March 27th. This represents a $0.60 annualized dividend and a yield of 10.17%. Uniti Group’s payout ratio is -333.31%.

Hedge Funds Weigh In On Uniti Group

Several institutional investors have recently bought and sold shares of UNIT. PenderFund Capital Management Ltd. bought a new stake in shares of Uniti Group during the first quarter worth $48,000. Lazard Asset Management LLC acquired a new stake in shares of Uniti Group during the first quarter worth $42,000. GAMMA Investing LLC acquired a new stake in shares of Uniti Group during the fourth quarter worth $31,000. Advisors Asset Management Inc. acquired a new stake in shares of Uniti Group during the third quarter worth $28,000. Finally, KPP Advisory Services LLC acquired a new stake in shares of Uniti Group during the third quarter worth $48,000. 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.