Uniti Group (NASDAQ:UNIT) Sees Strong Trading Volume

Shares of Uniti Group Inc. (NASDAQ:UNIT) saw an uptick in trading volume on Wednesday . 3,430,777 shares were traded 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.

Analysts Set New Price Targets

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

Uniti Group Stock Up 1.6 %

The stock has a market capitalization of $1.40 billion, a price-to-earnings ratio of -32.78 and a beta of 1.40. The company’s fifty day simple moving average is $5.84 and its 200 day simple moving average is $5.45.

Uniti Group Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Thursday, March 28th were given a $0.15 dividend. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 10.29%. Uniti Group’s payout ratio is presently -333.33%.

Institutional Investors Weigh In On Uniti Group

A number of institutional investors have recently modified their holdings of the business. Charles Schwab Investment Management Inc. boosted its position in shares of Uniti Group by 6.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 6,858,573 shares of the real estate investment trust’s stock valued at $39,643,000 after acquiring an additional 414,810 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Uniti Group by 10.7% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,085,187 shares of the real estate investment trust’s stock worth $9,842,000 after buying an additional 201,997 shares in the last quarter. DigitalBridge Group Inc. boosted its holdings 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 buying an additional 595,864 shares in the last quarter. Nordea Investment Management AB bought a new position in shares of Uniti Group during the 4th quarter worth approximately $9,714,000. Finally, Norges Bank bought a new position in shares of Uniti Group during the 4th quarter worth approximately $9,139,000. 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.