Corrections Corp. of America (NYSE:CXW) Declares Quarterly Dividend of $0.42
Corrections Corp. of America (NYSE:CXW) announced a quarterly dividend on Friday, August 11th, Wall Street Journal reports. Stockholders of record on Monday, October 2nd will be given a dividend of 0.42 per share by the real estate investment trust on Monday, October 16th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 6.46%. The ex-dividend date of this dividend is Friday, September 29th.
Corrections Corp. of America has increased its dividend by an average of 13.2% annually over the last three years and has raised its dividend every year for the last 4 years. Corrections Corp. of America has a payout ratio of 72.4% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Corrections Corp. of America to earn $1.51 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 111.3%.
Corrections Corp. of America (NYSE CXW) traded up 2.32% during midday trading on Friday, hitting $25.99. The stock had a trading volume of 1,063,761 shares. The company has a market capitalization of $3.07 billion, a PE ratio of 14.46 and a beta of 0.92. The company’s 50-day moving average price is $27.65 and its 200 day moving average price is $30.67. Corrections Corp. of America has a 52 week low of $12.99 and a 52 week high of $35.33.
Corrections Corp. of America (NYSE:CXW) last issued its earnings results on Monday, August 7th. The real estate investment trust reported $0.59 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.36 by $0.23. The firm had revenue of $436.39 million for the quarter, compared to the consensus estimate of $437.92 million. Corrections Corp. of America had a return on equity of 14.54% and a net margin of 11.62%. The company’s revenue was down 5.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.49 EPS. On average, analysts expect that Corrections Corp. of America will post $1.54 EPS for the current year.
A number of brokerages have weighed in on CXW. Zacks Investment Research raised Corrections Corp. of America from a “hold” rating to a “buy” rating and set a $37.00 target price on the stock in a report on Thursday, April 20th. Deutsche Bank AG raised their price objective on Corrections Corp. of America from $38.00 to $40.00 and gave the company a “buy” rating in a report on Monday, May 15th. Canaccord Genuity reissued a “buy” rating and set a $34.00 price objective on shares of Corrections Corp. of America in a report on Wednesday, May 3rd. Finally, BidaskClub downgraded Corrections Corp. of America from a “sell” rating to a “strong sell” rating in a report on Tuesday, August 1st. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $30.25.
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In related news, EVP Anthony L. Grande sold 23,000 shares of the firm’s stock in a transaction on Monday, May 15th. The stock was sold at an average price of $33.86, for a total transaction of $778,780.00. Following the sale, the executive vice president now owns 39,510 shares of the company’s stock, valued at approximately $1,337,808.60. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Lucibeth Mayberry sold 5,000 shares of the firm’s stock in a transaction on Monday, May 22nd. The shares were sold at an average price of $30.54, for a total value of $152,700.00. Following the sale, the executive vice president now directly owns 45,615 shares in the company, valued at approximately $1,393,082.10. The disclosure for this sale can be found here. In the last three months, insiders have sold 34,236 shares of company stock worth $1,121,117. 1.30% of the stock is currently owned by company insiders.
About Corrections Corp. of America
CoreCivic, Inc, formerly Corrections Corporation of America, is a diversified government solutions company. The Company provides partnership correctional, detention and residential reentry facilities and operates prison in the United States. The Company’s business offerings include CoreCivic Safety, CoreCivic Properties, and CoreCivic Community.
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