Communications Sales & Leasing,Inc. (UNIT) Debt Trading 1.8% Lower Analyst

An issue of Communications Sales & Leasing,Inc. (NASDAQ:UNIT) debt fell 1.8% against its face value during trading on Monday after Royal Bank Of Canada lowered their price target on the stock from $32.00 to $18.00. The high-yield debt issue has a 8.25% coupon and will mature on October 15, 2023. The bonds in the issue are now trading at $95.50 and were trading at $96.25 one week ago. Price changes in a company’s debt in credit markets often predict parallel changes in its share price.

A number of other research firms also recently issued reports on UNIT. Cowen and Company reiterated a “buy” rating and set a $33.00 price objective on shares of Communications Sales & Leasing,Inc. in a research note on Friday, July 28th. Citigroup Inc. dropped their price objective on shares of Communications Sales & Leasing,Inc. from $30.00 to $27.00 and set a “buy” rating on the stock in a research note on Monday, August 7th. Zacks Investment Research upgraded shares of Communications Sales & Leasing,Inc. from a “hold” rating to a “strong-buy” rating and set a $26.00 price objective on the stock in a research note on Wednesday, August 9th. Bank of America Corporation downgraded shares of Communications Sales & Leasing,Inc. from a “buy” rating to a “neutral” rating in a research note on Tuesday, August 15th. Finally, J P Morgan Chase & Co reiterated an “overweight” rating and set a $31.00 price objective on shares of Communications Sales & Leasing,Inc. in a research note on Monday, August 14th. Four analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $26.63.

In other news, insider Kenny Gunderman bought 2,500 shares of the stock in a transaction on 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 purchase, the insider now directly owns 266,553 shares in the company, valued at $5,192,452.44. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Daniel L. Heard bought 5,400 shares of the stock in a transaction on Tuesday, August 15th. The stock was purchased at an average price of $18.54 per share, with a total value of $100,116.00. Following the completion of the purchase, the executive vice president now owns 40,793 shares of the company’s stock, valued at $756,302.22. The disclosure for this purchase can be found here. Over the last 90 days, insiders acquired 15,700 shares of company stock valued at $297,116. 0.39% of the stock is owned by insiders.

Institutional investors and hedge funds have recently made changes to their positions in the business. Russell Investments Group Ltd. purchased a new position in shares of Communications Sales & Leasing,Inc. in the first quarter worth $242,000. Farmers & Merchants Investments Inc. purchased a new position in shares of Communications Sales & Leasing,Inc. in the second quarter worth $265,000. IFP Advisors Inc raised its holdings in shares of Communications Sales & Leasing,Inc. by 12.6% in the second quarter. IFP Advisors Inc now owns 14,132 shares of the real estate investment trust’s stock worth $355,000 after buying an additional 1,585 shares during the last quarter. Dimensional Fund Advisors LP purchased a new position in shares of Communications Sales & Leasing,Inc. in the first quarter worth $479,000. Finally, Amalgamated Bank purchased a new position in shares of Communications Sales & Leasing,Inc. in the first quarter worth $507,000. Institutional investors own 67.46% of the company’s stock.

The stock has a market capitalization of $2,870.00 and a price-to-earnings ratio of 6.81. The company has a debt-to-equity ratio of -0.05, a current ratio of 0.03 and a quick ratio of 0.03.

Communications Sales & Leasing,Inc. (NASDAQ:UNIT) last posted 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 Zacks’ consensus estimate of $0.50 by ($0.06). The business had revenue of $213.01 million for the quarter, compared to analyst estimates of $214.09 million. The company’s revenue was up 13.0% on a year-over-year basis. During the same period in the prior year, the company posted $0.56 earnings per share. research analysts anticipate that Communications Sales & Leasing,Inc. will post 2.49 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, January 12th. Shareholders of record on Friday, December 29th will be issued a $0.60 dividend. The ex-dividend date is Thursday, December 28th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 14.29%. Communications Sales & Leasing,Inc.’s dividend payout ratio is currently -888.89%.

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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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