Maridea Wealth Management LLC Takes $460,000 Position in Uniti Group Inc. (NASDAQ:UNIT)

Maridea Wealth Management LLC bought a new stake in Uniti Group Inc. (NASDAQ:UNIT - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 83,675 shares of the real estate investment trust's stock, valued at approximately $460,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. King Street Capital Management L.P. bought a new position in shares of Uniti Group in the 3rd quarter valued at about $8,798,000. Paloma Partners Management Co acquired a new position in Uniti Group during the third quarter valued at approximately $6,218,000. Bank of Montreal Can grew its stake in Uniti Group by 136.2% in the third quarter. Bank of Montreal Can now owns 1,558,969 shares of the real estate investment trust's stock valued at $9,104,000 after purchasing an additional 898,852 shares in the last quarter. Strategic Financial Concepts LLC increased its position in shares of Uniti Group by 449.8% during the 4th quarter. Strategic Financial Concepts LLC now owns 970,590 shares of the real estate investment trust's stock worth $5,338,000 after purchasing an additional 794,049 shares during the last quarter. Finally, Thrivent Financial for Lutherans increased its position in shares of Uniti Group by 136.6% during the 4th quarter. Thrivent Financial for Lutherans now owns 1,363,732 shares of the real estate investment trust's stock worth $7,501,000 after purchasing an additional 787,319 shares during the last quarter. 87.51% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Raymond James upgraded shares of Uniti Group from an "outperform" rating to a "strong-buy" rating and boosted their target price for the stock from $6.00 to $8.00 in a report on Monday, February 24th. Royal Bank of Canada upped their target price on shares of Uniti Group from $5.50 to $6.00 and gave the company a "sector perform" rating in a report on Monday, December 23rd.

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Uniti Group Stock Up 3.6 %

Shares of NASDAQ UNIT traded up $0.18 during midday trading on Tuesday, hitting $5.22. 2,052,248 shares of the company's stock were exchanged, compared to its average volume of 2,668,175. The firm has a market capitalization of $1.27 billion, a PE ratio of 12.73 and a beta of 1.70. Uniti Group Inc. has a 12 month low of $2.57 and a 12 month high of $6.31. The company's 50 day moving average price is $5.37 and its 200 day moving average price is $5.54.

Uniti Group (NASDAQ:UNIT - Get Free Report) last released its quarterly earnings data on Friday, February 21st. The real estate investment trust reported $0.35 EPS for the quarter, topping analysts' consensus estimates of $0.33 by $0.02. The firm had revenue of $293.32 million during the quarter, compared to analysts' expectations of $294.59 million. Uniti Group had a net margin of 8.82% and a negative return on equity of 4.12%. On average, equities research analysts anticipate that Uniti Group Inc. will post 1.28 EPS for the current year.

Uniti Group Profile

Uniti Group, Inc is a real estate investment trust company, which engages in the acquisition, construction, and leasing of properties. It operates through the following business segments: Uniti Leasing, Uniti Fiber, and Corporate. The Uniti Leasing segment involves mission-critical communications assets on exclusive or shared-tenant basis, and dark fiber network.