Alps Advisors Inc. boosted its position in Uniti Group Inc (NASDAQ:UNIT) by 59.4% in the third quarter, HoldingsChannel reports. The firm owned 54,799 shares of the real estate investment trust’s stock after acquiring an additional 20,410 shares during the period. Alps Advisors Inc.’s holdings in Uniti Group were worth $1,104,000 as of its most recent SEC filing.
Other institutional investors have also recently made changes to their positions in the company. Angelo Gordon & CO. L.P. bought a new position in Uniti Group in the second quarter worth about $34,003,000. Cornerstone Wealth Management LLC bought a new position in Uniti Group in the second quarter worth about $629,000. First Trust Advisors LP bought a new position in Uniti Group in the second quarter worth about $425,000. Mackay Shields LLC bought a new position in Uniti Group in the second quarter worth about $12,237,000. Finally, Toscafund Asset Management LLP bought a new position in Uniti Group in the second quarter worth about $45,068,000. Institutional investors and hedge funds own 71.01% of the company’s stock.
A number of brokerages have commented on UNIT. Citigroup downgraded shares of Uniti Group from a “neutral” rating to a “sell” rating and set a $27.00 target price for the company. in a report on Wednesday, July 18th. Zacks Investment Research downgraded shares of Uniti Group from a “buy” rating to a “hold” rating in a report on Sunday, July 15th. BidaskClub upgraded shares of Uniti Group from a “hold” rating to a “buy” rating in a report on Saturday, July 7th. ValuEngine upgraded shares of Uniti Group from a “strong sell” rating to a “sell” rating in a report on Friday, July 6th. Finally, Royal Bank of Canada reiterated a “buy” rating and issued a $22.00 target price on shares of Uniti Group in a report on Friday, August 17th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $25.80.
Uniti Group (NASDAQ:UNIT) last issued its quarterly earnings results on Thursday, August 9th. The real estate investment trust reported ($0.03) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.62 by ($0.65). Uniti Group had a negative return on equity of 1.45% and a net margin of 1.83%. The business had revenue of $247.30 million for the quarter, compared to analysts’ expectations of $250.07 million. During the same quarter in the previous year, the firm posted $0.60 EPS. Uniti Group’s revenue was up 16.1% on a year-over-year basis. As a group, research analysts forecast that Uniti Group Inc will post 2.48 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Monday, October 15th. Stockholders of record on Friday, September 28th were paid a dividend of $0.60 per share. The ex-dividend date of this dividend was Thursday, September 27th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 12.54%. Uniti Group’s payout ratio is 95.62%.
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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