Uniti Group (NASDAQ:UNIT) Stock Rating Lowered by 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 Ratings reports. The firm currently has $6.00 price target on the real estate investment trust’s stock, down from their previous price target of $8.00.

Several other brokerages have also recently weighed in on UNIT. Royal Bank of Canada reiterated a sector perform rating and set a $5.50 price target on shares of Uniti Group in a research report on Monday, March 25th. TD Cowen boosted their target price on shares of Uniti Group from $9.00 to $10.00 and gave the company an outperform rating in a research note on Friday, March 1st.

Uniti Group Price Performance

UNIT stock opened at $3.80 on Monday. The company has a market capitalization of $912.98 million, a P/E ratio of 63.33 and a beta of 1.40. Uniti Group has a 12 month low of $3.39 and a 12 month high of $6.71. The firm’s fifty day simple moving average is $5.73 and its 200-day simple moving average is $5.48.

Uniti Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 15.79%. The ex-dividend date of this dividend is Friday, June 14th. Uniti Group’s dividend payout ratio (DPR) is currently 1,000.00%.

Institutional Trading of Uniti Group

A number of hedge funds and other institutional investors have recently modified their holdings of UNIT. GAMMA Investing LLC purchased a new position in Uniti Group in the 4th quarter valued at approximately $31,000. KPP Advisory Services LLC purchased a new position in Uniti Group in the third quarter valued at $48,000. Regent Peak Wealth Advisors LLC purchased a new position in Uniti Group in the fourth quarter valued at $69,000. Park Avenue Securities LLC acquired a new position in Uniti Group during the 3rd quarter worth $59,000. Finally, Kingswood Wealth Advisors LLC purchased a new stake in Uniti Group during the 4th quarter worth about $85,000. 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.