Communications Sales & Leasing,Inc. (UNIT) Bonds Drop 1.8% During Trading

An issue of Communications Sales & Leasing,Inc. (NASDAQ:UNIT) debt fell 1.8% against its face value during trading on Wednesday. The high-yield issue of debt has a 7.125% coupon and will mature on December 15, 2024. The debt is now trading at $86.25 and was trading at $92.25 one week ago. Price moves in a company’s debt in credit markets often predict parallel moves in its stock price.

A number of equities analysts have weighed in on the stock. Royal Bank Of Canada assumed coverage on shares of Communications Sales & Leasing,Inc. in a report on Monday, June 19th. They issued an “outperform” rating and a $32.00 price target on the stock. Cowen and Company reiterated a “buy” rating and issued a $33.00 price target on shares of Communications Sales & Leasing,Inc. in a report on Friday, July 28th. Deutsche Bank AG lifted their price target on shares of Communications Sales & Leasing,Inc. from $28.00 to $30.00 and gave the company a “buy” rating in a report on Wednesday, June 7th. ValuEngine lowered shares of Communications Sales & Leasing,Inc. from a “buy” rating to a “hold” rating in a report on Friday, June 23rd. Finally, Zacks Investment Research upgraded shares of Communications Sales & Leasing,Inc. from a “strong sell” rating to a “hold” rating in a report on Thursday, July 6th. Two investment 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. The company currently has an average rating of “Buy” and a consensus target price of $29.44.

Communications Sales & Leasing,Inc. (NASDAQ UNIT) traded down 2.10% during midday trading on Wednesday, reaching $16.34. 7,332,595 shares of the company traded hands. The firm has a 50 day moving average of $18.17 and a 200-day moving average of $18.17. Communications Sales & Leasing,Inc. has a 12 month low of $15.80 and a 12 month high of $32.73. The stock’s market capitalization is $2.87 billion.

Communications Sales & Leasing,Inc. (NASDAQ:UNIT) last posted its earnings results on Thursday, August 3rd. The real estate investment trust reported $0.44 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.50 by ($0.06). The business had revenue of $213.01 million for the quarter, compared to the consensus estimate of $214.09 million. The firm’s quarterly revenue was up 13.0% on a year-over-year basis. During the same period last year, the company earned $0.56 earnings per share. Analysts forecast that Communications Sales & Leasing,Inc. will post ($0.20) EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 13th. Investors of record on Friday, September 29th will be issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 14.69%. The ex-dividend date of this dividend is Thursday, September 28th. Communications Sales & Leasing,Inc.’s dividend payout ratio is currently -750.00%.

In other news, insider Kenny Gunderman acquired 2,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 17th. The stock was acquired at an average cost of $19.23 per share, with a total value of $38,460.00. Following the acquisition, the insider now owns 267,553 shares in the company, valued at $5,145,044.19. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Daniel L. Heard acquired 5,400 shares of the firm’s stock in a transaction that occurred on Tuesday, August 15th. The shares were purchased at an average cost of $18.54 per share, with a total value of $100,116.00. Following the completion of the acquisition, the executive vice president now owns 40,793 shares in the company, valued at approximately $756,302.22. The disclosure for this purchase can be found here. Over the last ninety days, insiders have purchased 15,700 shares of company stock valued at $297,116. 0.39% of the stock is owned by insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Sei Investments Co. bought a new stake in shares of Communications Sales & Leasing,Inc. during the 1st quarter worth $107,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in shares of Communications Sales & Leasing,Inc. during the 1st quarter worth $136,000. Snow Capital Management LP bought a new stake in shares of Communications Sales & Leasing,Inc. during the 1st quarter worth $212,000. World Asset Management Inc bought a new stake in shares of Communications Sales & Leasing,Inc. during the 1st quarter worth $219,000. Finally, Nisa Investment Advisors LLC bought a new stake in shares of Communications Sales & Leasing,Inc. during the 1st quarter worth $230,000. 68.19% of the stock is owned by institutional investors and hedge funds.

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Communications Sales & Leasing,Inc. Company Profile

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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