Communications Sales & Leasing,Inc. (UNIT) Updates FY17 Earnings Guidance
Communications Sales & Leasing,Inc. (NASDAQ:UNIT) issued an update on its FY17 earnings guidance on Thursday morning. The company provided earnings per share guidance of $2.50-$2.52 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $2.06. The company issued revenue guidance of $913-$918 million, compared to the consensus revenue estimate of $916.02 million.
Communications Sales & Leasing,Inc. (NASDAQ:UNIT) last released its quarterly earnings results on Thursday, August 3rd. The real estate investment trust reported $0.44 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.50 by ($0.06). The firm had revenue of $213.01 million during the quarter, compared to the consensus estimate of $214.09 million. During the same period last year, the business posted $0.56 earnings per share. The firm’s revenue was up 13.0% on a year-over-year basis.
The business also recently declared a quarterly dividend, which will be paid on Friday, January 12th. Stockholders 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 13.71%. Communications Sales & Leasing,Inc.’s dividend payout ratio (DPR) is -750.00%.
UNIT has been the subject of a number of analyst reports. Zacks Investment Research raised Communications Sales & Leasing,Inc. from a hold rating to a strong-buy rating and set a $26.00 price target for the company in a report on Wednesday, August 9th. Citigroup Inc. cut Communications Sales & Leasing,Inc. from a buy rating to a neutral rating in a report on Tuesday, September 26th. ValuEngine raised Communications Sales & Leasing,Inc. from a hold rating to a buy rating in a report on Monday, October 2nd. Cowen and Company reissued a buy rating and issued a $33.00 price target on shares of Communications Sales & Leasing,Inc. in a report on Friday, August 25th. Finally, Bank of America Corporation cut Communications Sales & Leasing,Inc. from a buy rating to a neutral rating in a report on Tuesday, August 15th. Four analysts have rated the stock with a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of Buy and a consensus target price of $29.11.
In other Communications Sales & Leasing,Inc. news, insider Kenny Gunderman bought 2,500 shares of the company’s stock in a transaction that occurred on Monday, August 14th. The stock was purchased 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 owns 266,553 shares of the company’s stock, valued at approximately $5,192,452.44. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Daniel L. Heard bought 5,400 shares of the company’s stock in a transaction that occurred on Tuesday, August 15th. The stock was acquired 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 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 purchased 15,700 shares of company stock valued at $297,116 over the last quarter. Insiders own 0.39% of the company’s stock.
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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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