Communications Sales & Leasing,Inc. (UNIT) Raised to “Hold” at Zacks Investment Research

Zacks Investment Research upgraded shares of Communications Sales & Leasing,Inc. (NASDAQ:UNIT) from a strong sell rating to a hold rating in a report published on Thursday morning.

According to Zacks, “Uniti Group Inc. is a real estate investment trust company. It engaged in the acquisition and construction of mission critical infrastructure in the communications industry. The company focuses on acquiring and constructing fiber optic broadband networks, wireless communications towers, copper and coaxial broadband networks and data centers. Uniti Group Inc. is headquartered in Little Rock, AR. “

Other equities research analysts have also issued reports about the company. Deutsche Bank AG raised their price objective on Communications Sales & Leasing,Inc. from $28.00 to $30.00 and gave the stock a buy rating in a research note on Wednesday, June 7th. Royal Bank Of Canada began coverage on Communications Sales & Leasing,Inc. in a research note on Monday, June 19th. They set an outperform rating and a $32.00 price objective for the company. Finally, ValuEngine lowered Communications Sales & Leasing,Inc. from a buy rating to a hold rating in a research note on Friday, June 23rd. Two equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. Communications Sales & Leasing,Inc. has an average rating of Buy and an average target price of $32.33.

Communications Sales & Leasing,Inc. (NASDAQ:UNIT) opened at 25.16 on Thursday. The stock has a 50 day moving average price of $25.57 and a 200-day moving average price of $26.23. The firm’s market capitalization is $4.41 billion. Communications Sales & Leasing,Inc. has a 12-month low of $22.50 and a 12-month high of $32.73.

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The firm also recently announced a quarterly dividend, which will be paid on Friday, July 14th. Stockholders of record on Friday, June 30th will be issued a $0.60 dividend. The ex-dividend date is Wednesday, June 28th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 9.54%. Communications Sales & Leasing,Inc.’s payout ratio is currently -1,043.43%.

In other Communications Sales & Leasing,Inc. news, insider Kenny Gunderman bought 14,500 shares of Communications Sales & Leasing,Inc. stock in a transaction dated Friday, May 12th. The stock was bought at an average price of $24.15 per share, for a total transaction of $350,175.00. Following the completion of the acquisition, the insider now directly owns 262,053 shares of the company’s stock, valued at $6,328,579.95. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.39% of the stock is owned by corporate insiders.

Several hedge funds have recently added to or reduced their stakes in UNIT. Vanguard Group Inc. acquired a new stake in Communications Sales & Leasing,Inc. during the first quarter worth about $339,519,000. BlackRock Inc. acquired a new stake in Communications Sales & Leasing,Inc. during the first quarter worth about $298,032,000. Bank of New York Mellon Corp acquired a new stake in Communications Sales & Leasing,Inc. during the first quarter worth about $230,840,000. State Street Corp acquired a new stake in Communications Sales & Leasing,Inc. during the first quarter worth about $91,615,000. Finally, Ameriprise Financial Inc. acquired a new stake in Communications Sales & Leasing,Inc. during the first quarter worth about $53,870,000. Institutional investors own 50.72% of the company’s stock.

About Communications Sales & Leasing,Inc.

Uniti Group Inc, formerly Communications Sales & Leasing, Inc, is an internally managed real estate investment trust engaged in the acquisition and construction of infrastructure in the communications industry. The Company focuses on acquiring and constructing fiber optic broadband networks, wireless communications towers, copper and coaxial broadband networks and data centers.

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