Royal Bank of Canada Sells 584,113 Shares of Uniti Group Inc. (NASDAQ:UNIT)

Posted by Defense World Staff on Mar 7th, 2023

Royal Bank of Canada lowered its holdings in shares of Uniti Group Inc. (NASDAQ:UNIT – Get Rating) by 19.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,491,489 shares of the real estate investment trust’s stock after selling 584,113 shares during the quarter. Royal Bank of Canada owned about 1.05% of Uniti Group worth $17,316,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Aaron Wealth Advisors LLC acquired a new position in Uniti Group during the third quarter valued at approximately $9,446,000. Nomura Holdings Inc. acquired a new position in Uniti Group in the 1st quarter valued at $18,073,000. State Street Corp raised its holdings in Uniti Group by 13.9% in the 1st quarter. State Street Corp now owns 8,352,630 shares of the real estate investment trust’s stock worth $116,170,000 after acquiring an additional 1,016,467 shares during the period. Pacer Advisors Inc. lifted its position in Uniti Group by 22.4% during the 3rd quarter. Pacer Advisors Inc. now owns 3,165,719 shares of the real estate investment trust’s stock worth $22,002,000 after acquiring an additional 580,225 shares during the last quarter. Finally, Foster & Motley Inc. lifted its position in Uniti Group by 321.3% during the 3rd quarter. Foster & Motley Inc. now owns 402,677 shares of the real estate investment trust’s stock worth $2,799,000 after acquiring an additional 307,092 shares during the last quarter. Institutional investors and hedge funds own 83.82% of the company’s stock.

Analyst Upgrades and Downgrades

UNIT has been the topic of a number of recent analyst reports. Barclays dropped their price objective on Uniti Group from $9.00 to $8.00 and set an “equal weight” rating on the stock in a research note on Monday, February 27th. Raymond James dropped their price target on Uniti Group from $12.00 to $8.00 and set a “strong-buy” rating on the stock in a research report on Wednesday, March 1st. Cowen reduced their price objective on Uniti Group from $15.00 to $9.00 and set an “outperform” rating for the company in a research report on Monday, February 27th. Royal Bank of Canada lowered their price objective on shares of Uniti Group from $10.00 to $7.00 and set a “sector perform” rating on the stock in a research note on Wednesday, February 22nd. Finally, The Goldman Sachs Group cut their target price on shares of Uniti Group from $7.00 to $6.00 and set a “neutral” rating for the company in a research note on Monday, February 27th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Uniti Group presently has a consensus rating of “Hold” and an average target price of $7.46.

Uniti Group Trading Down 1.0 %

Shares of NASDAQ UNIT opened at $5.02 on Tuesday. The firm has a market capitalization of $1.19 billion, a price-to-earnings ratio of -45.63, a PEG ratio of 0.22 and a beta of 1.31. Uniti Group Inc. has a one year low of $4.99 and a one year high of $14.25. The business has a fifty day simple moving average of $5.93 and a 200 day simple moving average of $6.98.

Uniti Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 14th. Shareholders of record on Friday, March 31st will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 11.95%. The ex-dividend date is Thursday, March 30th. Uniti Group’s dividend payout ratio (DPR) is presently -545.40%.

Uniti Group Company Profile

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Uniti Group, Inc is a real estate investment trust company, which is engaged in the acquisition and construction of mission infrastructure in the communications industry. It operates through the following business segments: Leasing, Fiber Infrastructure, Towers, Consumer CLEC, and Corporate. The Leasing segment represents the real estate investment trust operations of the company and includes the results from leasing business, Uniti leasing, which engages in the acquisition of mission-critical communications assets and leasing them to anchor customers on either and exclusive or shared-tenant basis.