Uniti Group Inc. (NASDAQ:UNIT) Shares Sold by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. reduced its holdings in shares of Uniti Group Inc. (NASDAQ:UNIT) by 13.1% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 32,949 shares of the real estate investment trust’s stock after selling 4,970 shares during the period. PNC Financial Services Group Inc.’s holdings in Uniti Group were worth $190,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in UNIT. Charles Schwab Investment Management Inc. increased its position in shares of Uniti Group by 6.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 6,858,573 shares of the real estate investment trust’s stock worth $39,643,000 after acquiring an additional 414,810 shares during the period. DigitalBridge Group Inc. increased its holdings in Uniti Group by 55.1% during the 3rd quarter. DigitalBridge Group Inc. now owns 1,676,326 shares of the real estate investment trust’s stock worth $7,912,000 after purchasing an additional 595,864 shares during the period. Nordea Investment Management AB acquired a new stake in Uniti Group in the 4th quarter valued at about $9,714,000. Norges Bank purchased a new position in shares of Uniti Group in the 4th quarter valued at about $9,139,000. Finally, New York Life Investment Management LLC boosted its stake in shares of Uniti Group by 554.5% in the 4th quarter. New York Life Investment Management LLC now owns 1,174,712 shares of the real estate investment trust’s stock valued at $6,790,000 after buying an additional 995,218 shares during the period. 87.51% of the stock is currently owned by institutional investors and hedge funds.

Uniti Group Stock Up 0.7 %

UNIT stock opened at $2.76 on Wednesday. The stock has a market cap of $663.12 million, a price-to-earnings ratio of 46.01 and a beta of 1.29. Uniti Group Inc. has a fifty-two week low of $2.57 and a fifty-two week high of $6.71. The business has a 50 day moving average price of $3.60 and a 200 day moving average price of $4.95.

Uniti Group Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 21.74%. The ex-dividend date of this dividend was Friday, June 14th. Uniti Group’s payout ratio is 1,000.17%.

Analysts Set New Price Targets

UNIT has been the topic of a number of recent research reports. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $5.50 target price on shares of Uniti Group in a report on Monday, March 25th. Raymond James lowered shares of Uniti Group from a “strong-buy” rating to an “outperform” rating and reduced their price objective for the company from $8.00 to $6.00 in a report on Monday, May 6th.

About Uniti Group

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.