Principal Financial Group Inc. Lowers Stock Position in Uniti Group Inc. $UNIT

Principal Financial Group Inc. cut its stake in shares of Uniti Group Inc. (NASDAQ:UNIT) by 38.7% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 861,438 shares of the real estate investment trust’s stock after selling 543,708 shares during the quarter. Principal Financial Group Inc.’s holdings in Uniti Group were worth $5,272,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Allworth Financial LP lifted its holdings in Uniti Group by 775.7% during the second quarter. Allworth Financial LP now owns 7,811 shares of the real estate investment trust’s stock valued at $34,000 after purchasing an additional 6,919 shares in the last quarter. Osaic Holdings Inc. raised its position in shares of Uniti Group by 20.6% during the 2nd quarter. Osaic Holdings Inc. now owns 10,511 shares of the real estate investment trust’s stock valued at $46,000 after purchasing an additional 1,795 shares during the period. United Services Automobile Association purchased a new position in shares of Uniti Group during the 1st quarter valued at $80,000. Journey Strategic Wealth LLC boosted its holdings in Uniti Group by 11.1% in the 2nd quarter. Journey Strategic Wealth LLC now owns 19,236 shares of the real estate investment trust’s stock worth $83,000 after buying an additional 1,924 shares during the period. Finally, Tower Research Capital LLC TRC increased its stake in Uniti Group by 602.9% in the 2nd quarter. Tower Research Capital LLC TRC now owns 22,634 shares of the real estate investment trust’s stock worth $98,000 after buying an additional 19,414 shares in the last quarter. Institutional investors own 87.51% of the company’s stock.

Uniti Group Price Performance

NASDAQ:UNIT opened at $8.36 on Friday. The company has a market cap of $1.24 billion, a price-to-earnings ratio of 1.64 and a beta of 1.47. Uniti Group Inc. has a 1 year low of $5.30 and a 1 year high of $12.34. The stock’s 50 day simple moving average is $7.45 and its two-hundred day simple moving average is $6.68.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. Wells Fargo & Company lowered their price objective on Uniti Group from $7.50 to $7.00 and set an “equal weight” rating on the stock in a research report on Friday, November 7th. Weiss Ratings reissued a “hold (c-)” rating on shares of Uniti Group in a report on Monday, December 29th. JPMorgan Chase & Co. initiated coverage on Uniti Group in a research note on Thursday, October 23rd. They issued a “neutral” rating and a $7.00 price target for the company. Wall Street Zen cut shares of Uniti Group from a “hold” rating to a “sell” rating in a research report on Saturday, January 31st. Finally, Barclays set a $8.00 target price on shares of Uniti Group in a report on Thursday, January 29th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, Uniti Group has a consensus rating of “Hold” and an average price target of $7.06.

Uniti Group Profile

Uniti Group Inc is a real estate investment trust that owns, operates and acquires communications infrastructure assets across the United States. Established in September 2015 through a spin-off from Windstream Holdings, Uniti Group focuses on leasing fiber, small cell networks, cell towers and related infrastructure to service providers, wireless carriers and other enterprises requiring high-capacity connectivity. The company’s assets are designed to support the growing data demands of residential, business and governmental customers, with an emphasis on long-term contractual lease arrangements.

Uniti’s portfolio encompasses an extensive fiber network that spans metropolitan and rural markets, as well as a portfolio of wireless towers and small cell nodes that facilitate mobile network densification and help carriers deploy 5G services.