Corecivic Inc (NYSE:CXW) announced a quarterly dividend on Tuesday, February 21st. Stockholders of record on Monday, April 3rd will be paid a dividend of 0.42 per share by the real estate investment trust on Monday, April 17th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 5.01%. The ex-dividend date is Thursday, March 30th.
Corecivic has increased its dividend payment by an average of 13.2% annually over the last three years and has increased its dividend every year for the last 4 years. Corecivic has a dividend payout ratio of 74.0% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Corecivic to earn $1.44 per share next year, which means the company may not be able to cover its $1.68 annual dividend with an expected future payout ratio of 116.7%.
Shares of Corecivic (NYSE:CXW) traded up 1.52% during midday trading on Friday, hitting $34.06. 822,308 shares of the stock were exchanged. The firm’s 50-day moving average is $32.33 and its 200 day moving average is $25.51. Corecivic has a 52-week low of $12.99 and a 52-week high of $35.33. The firm has a market cap of $4.01 billion, a PE ratio of 18.21 and a beta of 0.99.
Corecivic (NYSE:CXW) last announced its earnings results on Wednesday, February 8th. The real estate investment trust reported $0.52 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.62 by $0.10. The business had revenue of $464.10 million for the quarter, compared to analyst estimates of $458.96 million. Corecivic had a return on equity of 15.26% and a net margin of 11.89%. The company’s quarterly revenue was up 3.6% compared to the same quarter last year. During the same period in the previous year, the company earned $0.63 earnings per share. On average, analysts forecast that Corecivic will post $1.50 earnings per share for the current year.
In other Corecivic news, CEO Damon T. Hininger sold 13,409 shares of the company’s stock in a transaction on Monday, February 13th. The stock was sold at an average price of $31.51, for a total value of $422,517.59. Following the completion of the sale, the chief executive officer now directly owns 213,740 shares in the company, valued at approximately $6,734,947.40. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director C Michael Jacobi sold 107,431 shares of the company’s stock in a transaction on Monday, February 13th. The shares were sold at an average price of $31.01, for a total value of $3,331,435.31. Following the completion of the sale, the director now owns 17,390 shares of the company’s stock, valued at $539,263.90. The disclosure for this sale can be found here. Insiders have sold 172,921 shares of company stock valued at $5,460,579 over the last quarter. 1.80% of the stock is owned by company insiders.
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Several research analysts have recently weighed in on CXW shares. Canaccord Genuity reaffirmed a “buy” rating and set a $34.00 target price on shares of Corecivic in a research note on Monday, April 10th. Deutsche Bank AG initiated coverage on Corecivic in a research report on Wednesday, February 22nd. They set a “buy” rating and a $38.00 price target for the company. Zacks Investment Research upgraded Corecivic from a “hold” rating to a “buy” rating and set a $37.00 price target for the company in a research report on Thursday. Finally, Wells Fargo & Co reiterated a “market perform” rating on shares of Corecivic in a research report on Thursday, February 23rd. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Corecivic has a consensus rating of “Buy” and a consensus price target of $32.25.
Corecivic Company Profile
CoreCivic, Inc, formerly Corrections Corporation of America, is a real estate investment trust (REIT). The Company provides a range of solutions to government partners that serve the public good through corrections and detention management, government real estate solutions, and a network of residential reentry centers to help address America’s recidivism crisis.
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