Uniti Group Inc. (NASDAQ:UNIT) Declares $0.15 Quarterly Dividend

Uniti Group Inc. (NASDAQ:UNIT) declared a quarterly dividend on Thursday, May 2nd, Zacks reports. Stockholders of record on Friday, June 14th will be given a dividend of 0.15 per share by the real estate investment trust on Friday, June 28th. This represents a $0.60 annualized dividend and a dividend yield of 13.51%. The ex-dividend date of this dividend is Friday, June 14th.

Uniti Group has raised its dividend by an average of 4.9% annually over the last three years. Uniti Group has a payout ratio of 113.2% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Uniti Group to earn $1.47 per share next year, which means the company should continue to be able to cover its $0.60 annual dividend with an expected future payout ratio of 40.8%.

Uniti Group Trading Down 26.4 %

Shares of NASDAQ:UNIT traded down $1.59 on Friday, hitting $4.44. 21,065,721 shares of the company were exchanged, compared to its average volume of 2,119,745. The firm has a market capitalization of $1.07 billion, a P/E ratio of -24.67 and a beta of 1.40. Uniti Group has a 1-year low of $3.22 and a 1-year high of $6.71. The stock’s 50 day moving average price is $5.88 and its 200 day moving average price is $5.49.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $5.50 price target on shares of Uniti Group in a research report on Monday, March 25th. TD Cowen lifted their target price on Uniti Group from $9.00 to $10.00 and gave the stock an “outperform” rating in a 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.