Legal & General Group Plc lifted its holdings in shares of Uniti Group Inc (NASDAQ:UNIT) by 3.6% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 447,987 shares of the real estate investment trust’s stock after purchasing an additional 15,398 shares during the period. Legal & General Group Plc owned 0.25% of Uniti Group worth $8,974,000 at the end of the most recent reporting period.
Other hedge funds have also made changes to their positions in the company. Cornerstone Wealth Management LLC bought a new stake in shares of Uniti Group during the second quarter worth $629,000. Mackay Shields LLC bought a new stake in shares of Uniti Group during the second quarter worth $12,237,000. First Trust Advisors LP bought a new stake in shares of Uniti Group during the second quarter worth $425,000. Principal Financial Group Inc. grew its holdings in shares of Uniti Group by 2.8% during the first quarter. Principal Financial Group Inc. now owns 698,147 shares of the real estate investment trust’s stock worth $11,345,000 after purchasing an additional 19,118 shares during the last quarter. Finally, Raymond James Trust N.A. grew its holdings in shares of Uniti Group by 25.2% during the second quarter. Raymond James Trust N.A. now owns 19,847 shares of the real estate investment trust’s stock worth $398,000 after purchasing an additional 4,000 shares during the last quarter. Institutional investors own 71.33% of the company’s stock.
Shares of UNIT opened at $18.95 on Tuesday. The company has a current ratio of 0.04, a quick ratio of 0.04 and a debt-to-equity ratio of -0.04. Uniti Group Inc has a 12-month low of $13.94 and a 12-month high of $23.42. The firm has a market cap of $3.54 billion, a PE ratio of 7.68, a PEG ratio of 0.93 and a beta of 0.77.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 15th. Shareholders of record on Friday, September 28th will be paid a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 12.66%. The ex-dividend date is Thursday, September 27th. Uniti Group’s payout ratio is 95.62%.
Several brokerages have recently commented on UNIT. ValuEngine upgraded Uniti Group from a “strong sell” rating to a “sell” rating in a report on Wednesday, August 15th. BidaskClub lowered Uniti Group from a “strong-buy” rating to a “buy” rating in a research note on Saturday, June 16th. Zacks Investment Research lowered Uniti Group from a “buy” rating to a “hold” rating in a research note on Sunday, July 15th. Morgan Stanley lowered Uniti Group from an “overweight” rating to an “equal weight” rating and set a $24.00 price target on the stock. in a research note on Thursday, June 14th. Finally, Royal Bank of Canada reaffirmed a “buy” rating and set a $22.00 price target on shares of Uniti Group in a research note on Friday, August 17th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $25.80.
Uniti Group 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 wireless infrastructure solutions for the communications industry. As of June 30, 2018, Uniti owns 5.4 million fiber strand miles, approximately 770 wireless towers, and other communications real estate throughout the United States and Latin America.
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