Geo Group Inc. (GEO) Shares Up 3.6% Following Dividend Announcement
Geo Group Inc. (NYSE:GEO) shares shot up 3.6% during trading on Tuesday after the company announced a dividend. The stock traded as high as $24.77 and last traded at $24.41, with a volume of 467,166 shares traded. The stock had previously closed at $23.56.
The newly announced dividend which will be paid on Thursday, November 10th. Stockholders of record on Monday, October 31st will be given a $0.65 dividend. The ex-dividend date of this dividend is Thursday, October 27th. This represents a $2.60 annualized dividend and a dividend yield of 10.78%. Geo Group’s dividend payout ratio (DPR) is presently 139.79%.
Several research firms have recently weighed in on GEO. Canaccord Genuity restated a “buy” rating and issued a $37.00 target price on shares of Geo Group in a research report on Monday, July 11th. Zacks Investment Research upgraded Geo Group from a “hold” rating to a “buy” rating and set a $37.00 target price on the stock in a research report on Tuesday, June 28th. TheStreet downgraded Geo Group from a “buy” rating to a “hold” rating in a research report on Thursday, August 18th. Finally, SunTrust Banks Inc. reduced their price objective on Geo Group from $38.00 to $32.00 and set a “buy” rating on the stock in a research report on Thursday, September 1st.
The firm has a market cap of $1.79 billion, a P/E ratio of 12.97 and a beta of 0.84. The stock has a 50-day moving average of $22.87 and a 200-day moving average of $30.05.
Geo Group (NYSE:GEO) last announced its earnings results on Tuesday, August 2nd. The real estate investment trust reported $0.73 earnings per share for the quarter, beating the consensus estimate of $0.71 by $0.02. The company earned $548.35 million during the quarter, compared to the consensus estimate of $547.23 million. Geo Group had a return on equity of 14.20% and a net margin of 6.80%. The company’s revenue was up 23.0% on a year-over-year basis. During the same period last year, the firm earned $0.63 earnings per share. On average, equities analysts forecast that Geo Group Inc. will post $2.89 earnings per share for the current fiscal year.
In other news, SVP Ann M. Schlarb purchased 1,500 shares of the firm’s stock in a transaction that occurred on Thursday, September 1st. The stock was acquired at an average cost of $19.51 per share, for a total transaction of $29,265.00. Following the completion of the purchase, the senior vice president now owns 11,464 shares of the company’s stock, valued at $223,662.64. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.20% of the stock is owned by corporate insiders.
Institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its position in Geo Group by 4.6% in the second quarter. Vanguard Group Inc. now owns 12,708,613 shares of the real estate investment trust’s stock worth $434,380,000 after buying an additional 555,282 shares during the period. BlackRock Fund Advisors increased its position in Geo Group by 3.5% in the second quarter. BlackRock Fund Advisors now owns 5,273,962 shares of the real estate investment trust’s stock worth $180,264,000 after buying an additional 179,903 shares during the period. BlackRock Institutional Trust Company N.A. increased its position in Geo Group by 1.0% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 2,174,487 shares of the real estate investment trust’s stock worth $74,324,000 after buying an additional 22,096 shares during the period. Bank of New York Mellon Corp increased its position in Geo Group by 4.6% in the second quarter. Bank of New York Mellon Corp now owns 1,639,202 shares of the real estate investment trust’s stock worth $56,028,000 after buying an additional 71,522 shares during the period. Finally, State Street Corp increased its position in Geo Group by 2.8% in the first quarter. State Street Corp now owns 1,530,494 shares of the real estate investment trust’s stock worth $53,061,000 after buying an additional 42,068 shares during the period. Institutional investors and hedge funds own 88.04% of the company’s stock.
About Geo Group
The GEO Group, Inc is a real estate investment trust (REIT) specializing in the ownership, leasing and management of correctional, detention and re-entry facilities and the provision of community-based services and youth services in the United States, Australia, South Africa, the United Kingdom and Canada.
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