Wellington Management Group LLP Sells 96,416 Shares of Uniti Group Inc. (NASDAQ:UNIT)

Wellington Management Group LLP reduced its holdings in Uniti Group Inc. (NASDAQ:UNIT) by 3.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,619,690 shares of the real estate investment trust’s stock after selling 96,416 shares during the period. Wellington Management Group LLP owned 1.10% of Uniti Group worth $15,142,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in UNIT. GAMMA Investing LLC acquired a new stake in shares of Uniti Group in the fourth quarter valued at about $31,000. KPP Advisory Services LLC acquired a new stake in shares of Uniti Group in the 3rd quarter valued at approximately $48,000. Regent Peak Wealth Advisors LLC bought a new position in shares of Uniti Group in the fourth quarter valued at $69,000. Kingswood Wealth Advisors LLC bought a new position in shares of Uniti Group in the fourth quarter valued at $85,000. Finally, Advisor Resource Council bought a new stake in Uniti Group during the fourth quarter worth $103,000. 87.51% of the stock is owned by institutional investors.

Uniti Group Stock Up 1.1 %

Shares of NASDAQ:UNIT opened at $2.71 on Thursday. Uniti Group Inc. has a 12-month low of $2.57 and a 12-month high of $6.71. The business has a 50 day moving average of $3.81 and a 200-day moving average of $5.03. The stock has a market cap of $651.10 million, a PE ratio of 45.17 and a beta of 1.27.

Uniti Group Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be paid a $0.15 dividend. The ex-dividend date of this dividend is Friday, June 14th. This represents a $0.60 annualized dividend and a yield of 22.14%. Uniti Group’s dividend payout ratio (DPR) is presently 1,000.17%.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Raymond James downgraded shares of Uniti Group from a “strong-buy” rating to an “outperform” rating and decreased their price objective for the company from $8.00 to $6.00 in a research report on Monday, May 6th. Royal Bank of Canada reissued a “sector perform” rating and set a $5.50 price target on shares of Uniti Group in a research report on Monday, March 25th. Finally, TD Cowen raised their price objective on Uniti Group from $9.00 to $10.00 and gave the company an “outperform” rating in a research report on Friday, March 1st.

Uniti Group Company 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 fiber and other wireless solutions for the communications industry. As of December 31, 2023, Uniti owns approximately 140,000 fiber route miles, 8.5 million fiber strand miles, and other communications real estate throughout the United States.