Uniti Group (NASDAQ:UNIT) Sees Unusually-High Trading Volume

Uniti Group Inc. (NASDAQ:UNIT) shares saw an uptick in trading volume on Wednesday . 3,430,777 shares changed hands during trading, an increase of 99% from the previous session’s volume of 1,721,111 shares.The stock last traded at $5.94 and had previously closed at $5.74.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on UNIT shares. TD Cowen raised their price objective on shares of 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 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 Stock Performance

The stock has a market capitalization of $1.34 billion, a price-to-earnings ratio of -31.08 and a beta of 1.40. The business has a 50-day moving average of $5.86 and a 200-day moving average of $5.46.

Uniti Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Thursday, March 28th were given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 10.72%. The ex-dividend date of this dividend was Wednesday, March 27th. Uniti Group’s dividend payout ratio is presently -333.31%.

Institutional Investors Weigh In On Uniti Group

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Benjamin F. Edwards & Company Inc. increased its holdings in Uniti Group by 0.7% in the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 310,740 shares of the real estate investment trust’s stock valued at $1,796,000 after purchasing an additional 2,200 shares during the last quarter. GAMMA Investing LLC grew its stake in shares of Uniti Group by 49.8% in the first quarter. GAMMA Investing LLC now owns 8,906 shares of the real estate investment trust’s stock valued at $53,000 after buying an additional 2,960 shares in the last quarter. Mackenzie Financial Corp raised its holdings in shares of Uniti Group by 7.3% in the 3rd quarter. Mackenzie Financial Corp now owns 44,228 shares of the real estate investment trust’s stock valued at $197,000 after buying an additional 3,003 shares during the period. Commonwealth Equity Services LLC lifted its stake in Uniti Group by 21.9% during the 3rd quarter. Commonwealth Equity Services LLC now owns 17,644 shares of the real estate investment trust’s stock worth $83,000 after acquiring an additional 3,169 shares in the last quarter. Finally, Janney Montgomery Scott LLC boosted its holdings in Uniti Group by 2.1% during the 3rd quarter. Janney Montgomery Scott LLC now owns 181,171 shares of the real estate investment trust’s stock valued at $855,000 after acquiring an additional 3,715 shares during the period. 87.51% of the stock is 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.