Corecivic Inc (NYSE:CXW) had its price target hoisted by equities researchers at Deutsche Bank AG from $38.00 to $40.00 in a research note issued to investors on Friday, May 5th. The firm currently has a “buy” rating on the real estate investment trust’s stock. Deutsche Bank AG’s price objective indicates a potential upside of 27.63% from the company’s previous close.
Other equities research analysts also recently issued research reports about the company. Canaccord Genuity lifted their target price on Corecivic from $30.00 to $34.00 and gave the company a “buy” rating in a research report on Thursday, February 9th. Wells Fargo & Co restated a “market perform” rating on shares of Corecivic in a research report on Thursday, February 23rd. Finally, Zacks Investment Research downgraded Corecivic from a “buy” rating to a “hold” rating in a research report on Tuesday, April 11th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $33.25.
Corecivic (NYSE:CXW) traded up 2.02% on Friday, hitting $31.34. 1,628,830 shares of the company’s stock traded hands. The stock has a 50 day moving average price of $33.04 and a 200-day moving average price of $28.48. Corecivic has a 12 month low of $12.99 and a 12 month high of $35.33. The stock has a market cap of $3.70 billion, a P/E ratio of 16.49 and a beta of 0.99.
Corecivic (NYSE:CXW) last released its quarterly earnings data on Wednesday, May 3rd. The real estate investment trust reported $0.63 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.57 by $0.06. The company had revenue of $445.70 million for the quarter, compared to analyst estimates of $446.12 million. Corecivic had a return on equity of 15.26% and a net margin of 11.89%. The firm’s revenue for the quarter was down .4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.61 earnings per share. Equities analysts predict that Corecivic will post $1.53 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 17th. Investors of record on Monday, July 3rd will be issued a $0.42 dividend. The ex-dividend date is Thursday, June 29th. This represents a $1.68 annualized dividend and a dividend yield of 5.36%. Corecivic’s dividend payout ratio is presently 89.84%.
In related news, EVP Anthony L. Grande sold 23,000 shares of the business’s stock in a transaction on Monday, May 15th. The stock was sold at an average price of $33.86, for a total value of $778,780.00. Following the sale, the executive vice president now owns 39,510 shares in the company, valued at approximately $1,337,808.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director C Michael Jacobi sold 12,331 shares of the company’s stock in a transaction dated Thursday, March 2nd. The stock was sold at an average price of $33.81, for a total value of $416,911.11. Following the sale, the director now owns 1 shares in the company, valued at approximately $33.81. The disclosure for this sale can be found here. Insiders sold a total of 75,081 shares of company stock worth $2,485,406 in the last quarter. Company insiders own 1.80% of the company’s stock.
A number of large investors have recently modified their holdings of CXW. First Citizens Bank & Trust Co. increased its stake in shares of Corecivic by 1.7% in the third quarter. First Citizens Bank & Trust Co. now owns 14,487 shares of the real estate investment trust’s stock valued at $201,000 after buying an additional 247 shares during the period. Synovus Financial Corp increased its stake in shares of Corecivic by 187.3% in the third quarter. Synovus Financial Corp now owns 21,410 shares of the real estate investment trust’s stock valued at $297,000 after buying an additional 13,959 shares during the period. Advisors Asset Management Inc. increased its stake in shares of Corecivic by 1,165.9% in the third quarter. Advisors Asset Management Inc. now owns 232,604 shares of the real estate investment trust’s stock valued at $3,226,000 after buying an additional 214,229 shares during the period. Quantbot Technologies LP bought a new stake in shares of Corecivic during the third quarter valued at $897,000. Finally, Trellus Management Company LLC bought a new stake in shares of Corecivic during the third quarter valued at $555,000. Institutional investors own 85.99% of the company’s stock.
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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