Royal Bank of Canada Reaffirms “Sector Perform” Rating for Uniti Group (NASDAQ:UNIT)

Royal Bank of Canada reaffirmed their sector perform rating on shares of Uniti Group (NASDAQ:UNIT) in a research report released on Monday, Benzinga reports. Royal Bank of Canada currently has a $5.50 price target on the real estate investment trust’s stock.

Separately, TD Cowen increased their target price 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.

Uniti Group Stock Down 1.2 %

Shares of Uniti Group stock opened at $5.87 on Monday. The stock has a market capitalization of $1.40 billion, a P/E ratio of -32.61 and a beta of 1.41. The company has a 50-day simple moving average of $5.69 and a 200 day simple moving average of $5.33. Uniti Group has a 12-month low of $2.94 and a 12-month high of $6.71.

Uniti Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 12th. Investors of record on Thursday, March 28th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 10.22%. The ex-dividend date is Wednesday, March 27th. Uniti Group’s dividend payout ratio is currently -333.31%.

Institutional Investors Weigh In On Uniti Group

Several large investors have recently made changes to their positions in UNIT. Bank of Montreal Can raised its stake in shares of Uniti Group by 2.4% in the 1st quarter. Bank of Montreal Can now owns 70,320 shares of the real estate investment trust’s stock valued at $985,000 after purchasing an additional 1,629 shares during the period. Mackenzie Financial Corp lifted its stake in Uniti Group by 14.9% in the 1st quarter. Mackenzie Financial Corp now owns 12,966 shares of the real estate investment trust’s stock valued at $178,000 after acquiring an additional 1,681 shares in the last quarter. Commonwealth Equity Services LLC boosted its position in Uniti Group by 10.7% during the 3rd quarter. Commonwealth Equity Services LLC now owns 18,148 shares of the real estate investment trust’s stock worth $126,000 after acquiring an additional 1,758 shares during the last quarter. Ameritas Investment Partners Inc. grew its stake in shares of Uniti Group by 10.6% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 19,685 shares of the real estate investment trust’s stock worth $91,000 after acquiring an additional 1,885 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its holdings in shares of Uniti Group by 2.3% in the second quarter. The Manufacturers Life Insurance Company now owns 98,070 shares of the real estate investment trust’s stock valued at $453,000 after purchasing an additional 2,163 shares during the last quarter. Institutional investors own 87.51% of the company’s stock.

Uniti Group Company Profile

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.