Cowen and Company reaffirmed their buy rating on shares of Communications Sales & Leasing,Inc. (NASDAQ:UNIT) in a research report released on Friday. The firm currently has a $33.00 target price on the real estate investment trust’s stock.
Several other equities research analysts have also recently issued reports on the company. Zacks Investment Research cut Communications Sales & Leasing,Inc. from a hold rating to a sell rating in a research note on Tuesday, May 9th. Deutsche Bank AG started coverage on Communications Sales & Leasing,Inc. in a research note on Monday, May 22nd. They issued a buy rating and a $28.00 price target for the company. ValuEngine cut Communications Sales & Leasing,Inc. from a buy rating to a hold rating in a research note on Friday, June 23rd. Morgan Stanley reiterated an overweight rating and issued a $24.00 price target (down from $34.00) on shares of Communications Sales & Leasing,Inc. in a research note on Wednesday, August 23rd. Finally, Bank of America Corporation cut Communications Sales & Leasing,Inc. from a buy rating to a neutral rating in a research note on Tuesday, August 15th. Two research analysts have rated the stock with a hold rating, nine have given a buy rating and two have issued a strong buy rating to the company’s stock. The company presently has an average rating of Buy and an average target price of $29.44.
Shares of Communications Sales & Leasing,Inc. (NASDAQ:UNIT) traded up 0.41% on Friday, reaching $19.73. The company had a trading volume of 722,574 shares. The firm’s market capitalization is $3.46 billion. Communications Sales & Leasing,Inc. has a 12 month low of $18.14 and a 12 month high of $32.73. The company’s 50-day moving average is $23.05 and its 200 day moving average is $25.39.
Communications Sales & Leasing,Inc. (NASDAQ:UNIT) last issued its quarterly earnings results on Thursday, August 3rd. The real estate investment trust reported $0.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.50 by $0.06. The company had revenue of $213.01 million during the quarter, compared to analyst estimates of $214.09 million. The company’s revenue for the quarter was up 13.0% compared to the same quarter last year. During the same period in the prior year, the business posted $0.56 EPS. Equities analysts forecast that Communications Sales & Leasing,Inc. will post ($0.19) earnings per share for the current year.
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The business also recently declared a quarterly dividend, which will be paid on Friday, October 13th. Stockholders of record on Friday, September 29th will be issued a dividend of $0.60 per share. The ex-dividend date is Thursday, September 28th. This represents a $2.40 annualized dividend and a dividend yield of 12.12%. Communications Sales & Leasing,Inc.’s dividend payout ratio (DPR) is presently -750.00%.
In related news, insider Kenny Gunderman purchased 2,500 shares of the stock in a transaction dated Monday, August 14th. The stock was bought at an average cost of $19.48 per share, for a total transaction of $48,700.00. Following the completion of the acquisition, the insider now owns 266,553 shares of the company’s stock, valued at $5,192,452.44. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Daniel L. Heard purchased 5,400 shares of the stock in a transaction dated Tuesday, August 15th. The shares were bought at an average price of $18.54 per share, with a total value of $100,116.00. Following the completion of the acquisition, the executive vice president now directly owns 40,793 shares of the company’s stock, valued at approximately $756,302.22. The disclosure for this purchase can be found here. Insiders have bought 15,700 shares of company stock valued at $297,116 over the last quarter. Company insiders own 0.39% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. bought a new stake in Communications Sales & Leasing,Inc. during the first quarter worth $339,519,000. BlackRock Inc. bought a new stake in Communications Sales & Leasing,Inc. during the first quarter worth $298,032,000. Bank of New York Mellon Corp bought a new stake in Communications Sales & Leasing,Inc. during the first quarter worth $230,840,000. State Street Corp bought a new stake in Communications Sales & Leasing,Inc. during the first quarter worth $91,615,000. Finally, Ameriprise Financial Inc. bought a new stake in Communications Sales & Leasing,Inc. during the first quarter worth $53,870,000. Institutional investors own 68.20% of the company’s stock.
About Communications Sales & Leasing,Inc.
Uniti Group Inc, formerly Communications Sales & Leasing, Inc, is an internally managed real estate investment trust engaged in the acquisition and construction of infrastructure in the communications industry. The Company focuses on acquiring and constructing fiber optic broadband networks, wireless communications towers, copper and coaxial broadband networks and data centers.
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