Truist Financial Corp Reduces Position in Uniti Group Inc. (NASDAQ:UNIT)

Truist Financial Corp lessened its holdings in shares of Uniti Group Inc. (NASDAQ:UNITGet Rating) by 31.2% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 136,867 shares of the real estate investment trust’s stock after selling 62,010 shares during the quarter. Truist Financial Corp’s holdings in Uniti Group were worth $951,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the business. Lazard Asset Management LLC bought a new stake in shares of Uniti Group during the first quarter valued at approximately $42,000. SeaCrest Wealth Management LLC bought a new stake in shares of Uniti Group during the second quarter valued at approximately $43,000. PenderFund Capital Management Ltd. bought a new stake in shares of Uniti Group during the first quarter valued at approximately $48,000. Mizuho Securities USA LLC bought a new stake in shares of Uniti Group during the third quarter valued at approximately $87,000. Finally, Miracle Mile Advisors LLC bought a new stake in shares of Uniti Group during the second quarter valued at approximately $109,000. Hedge funds and other institutional investors own 83.82% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. The Goldman Sachs Group reduced their price objective on shares of Uniti Group from $9.00 to $8.00 and set a “neutral” rating for the company in a research note on Monday, November 7th. Morgan Stanley reduced their price objective on shares of Uniti Group from $10.00 to $8.00 and set an “underweight” rating for the company in a research note on Monday, October 24th. Royal Bank of Canada reduced their price objective on shares of Uniti Group from $14.00 to $10.00 and set a “sector perform” rating for the company in a research note on Thursday, October 20th. Finally, Citigroup reduced their price objective on shares of Uniti Group from $12.00 to $9.00 in a research note on Sunday, November 13th.

Uniti Group Trading Up 4.2 %

Shares of UNIT stock opened at $6.20 on Friday. The business’s fifty day simple moving average is $6.38 and its 200-day simple moving average is $7.84. The company has a market cap of $1.47 billion, a PE ratio of -68.88 and a beta of 1.19. Uniti Group Inc. has a 12-month low of $5.34 and a 12-month high of $14.25.

Uniti Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 30th. Stockholders of record on Friday, December 16th were given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 9.68%. The ex-dividend date of this dividend was Thursday, December 15th. Uniti Group’s payout ratio is presently -666.59%.

Uniti Group Profile

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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 September 30, 2020, Uniti owns 6.7 million fiber strand miles and other communications real estate throughout the United States.

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Institutional Ownership by Quarter for Uniti Group (NASDAQ:UNIT)

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