Uniti Group (NASDAQ:UNIT) Rating Increased to Buy at BidaskClub

BidaskClub upgraded shares of Uniti Group (NASDAQ:UNIT) from a hold rating to a buy rating in a report released on Friday, BidAskClub reports.

UNIT has been the topic of a number of other reports. Raymond James upped their price objective on Uniti Group from $13.00 to $15.00 and gave the company a strong-buy rating in a report on Tuesday, August 11th. Morgan Stanley cut their target price on Uniti Group from $7.00 to $6.00 and set an underweight rating on the stock in a research report on Thursday, July 16th. Wells Fargo & Company raised Uniti Group from an underweight rating to an equal weight rating and boosted their target price for the company from $5.50 to $10.00 in a research report on Wednesday, August 12th. ValuEngine raised Uniti Group from a strong sell rating to a sell rating in a research report on Monday, August 3rd. Finally, Barclays initiated coverage on Uniti Group in a research report on Wednesday, July 15th. They issued an equal weight rating and a $10.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of Hold and a consensus target price of $10.14.

UNIT opened at $9.17 on Friday. Uniti Group has a one year low of $4.86 and a one year high of $11.08. The stock has a market capitalization of $1.78 billion, a PE ratio of -2.53 and a beta of 0.94. The business’s 50 day moving average price is $9.76 and its 200 day moving average price is $8.32.

Uniti Group (NASDAQ:UNIT) last released its quarterly earnings data on Monday, August 10th. The real estate investment trust reported ($3.06) EPS for the quarter, missing analysts’ consensus estimates of $0.48 by ($3.54). Uniti Group had a negative net margin of 65.51% and a negative return on equity of 0.60%. As a group, equities analysts predict that Uniti Group will post 1.64 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 2nd. Stockholders of record on Friday, September 18th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 6.54%. The ex-dividend date of this dividend is Thursday, September 17th. Uniti Group’s dividend payout ratio is currently 28.85%.

Several institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its position in shares of Uniti Group by 2.7% during the second quarter. Vanguard Group Inc. now owns 30,870,000 shares of the real estate investment trust’s stock worth $288,634,000 after acquiring an additional 824,207 shares during the period. State Street Corp grew its stake in shares of Uniti Group by 6.3% during the first quarter. State Street Corp now owns 6,780,270 shares of the real estate investment trust’s stock worth $41,893,000 after purchasing an additional 401,027 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Uniti Group by 20.1% during the second quarter. Charles Schwab Investment Management Inc. now owns 3,390,734 shares of the real estate investment trust’s stock worth $31,704,000 after purchasing an additional 566,548 shares in the last quarter. Bank of New York Mellon Corp grew its stake in shares of Uniti Group by 1.7% during the second quarter. Bank of New York Mellon Corp now owns 3,118,444 shares of the real estate investment trust’s stock worth $29,158,000 after purchasing an additional 52,349 shares in the last quarter. Finally, Pacer Advisors Inc. grew its stake in shares of Uniti Group by 51.9% during the second quarter. Pacer Advisors Inc. now owns 2,527,176 shares of the real estate investment trust’s stock worth $23,629,000 after purchasing an additional 863,311 shares in the last quarter. 81.04% of the stock is currently 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 wireless infrastructure solutions for the communications industry. As of December 31, 2018, Uniti owns 5.5 million fiber strand miles, approximately 928 wireless towers, and other communications real estate throughout the United States and Latin America.

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Analyst Recommendations for Uniti Group (NASDAQ:UNIT)

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