Uniti Group (NASDAQ:UNIT) Stock Crosses Below 50-Day Moving Average of $5.84

Shares of Uniti Group Inc. (NASDAQ:UNIT) passed below its 50 day moving average during trading on Tuesday . The stock has a 50 day moving average of $5.84 and traded as low as $5.32. Uniti Group shares last traded at $5.74, with a volume of 5,320,698 shares trading hands.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. TD Cowen boosted their price objective on Uniti Group from $9.00 to $10.00 and gave the company an “outperform” rating in a report on Friday, March 1st. Royal Bank of Canada restated a “sector perform” rating and set a $5.50 price target on shares of Uniti Group in a report on Monday, March 25th.

Uniti Group Trading Up 8.1 %

The company has a fifty day simple moving average of $5.84 and a two-hundred day simple moving average of $5.45. The company has a market cap of $1.38 billion, a PE ratio of -31.89 and a beta of 1.40.

Uniti Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Thursday, March 28th were given a dividend of $0.15 per share. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $0.60 annualized dividend and a dividend yield of 10.45%. Uniti Group’s dividend payout ratio is currently -333.31%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in UNIT. Nordea Investment Management AB acquired a new position in shares of Uniti Group during the 4th quarter worth about $9,714,000. Norges Bank acquired a new position in shares of Uniti Group during the 4th quarter worth about $9,139,000. Federated Hermes Inc. boosted its position in shares of Uniti Group by 226.7% during the 3rd quarter. Federated Hermes Inc. now owns 1,555,458 shares of the real estate investment trust’s stock worth $7,342,000 after acquiring an additional 1,079,300 shares in the last quarter. New York Life Investment Management LLC boosted its position in shares of Uniti Group by 554.5% during the 4th quarter. New York Life Investment Management LLC now owns 1,174,712 shares of the real estate investment trust’s stock worth $6,790,000 after acquiring an additional 995,218 shares in the last quarter. Finally, DigitalBridge Group Inc. boosted its position in shares of Uniti Group by 55.1% during the 3rd quarter. DigitalBridge Group Inc. now owns 1,676,326 shares of the real estate investment trust’s stock worth $7,912,000 after acquiring an additional 595,864 shares in the last quarter. 87.51% of the stock is owned by institutional investors and hedge funds.

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.