Corecivic’s (CXW) “Purchase” Rating Restated at Canaccord Genuity

Corecivic’s (CXW) “Purchase” Rating Restated at Canaccord Genuity

Corecivic Inc (NYSE:CXW)‘s stock had its “buy” rating reiterated by equities research analysts at Canaccord Genuity in a research note issued to investors on Monday. They presently have a $34.00 price target on the real estate investment trust’s stock. Canaccord Genuity’s price objective points to a potential upside of 7.77% from the company’s current price.

Several other equities analysts have also weighed in on CXW. Deutsche Bank AG assumed coverage on shares of Corecivic in a report on Wednesday, February 22nd. They issued a “buy” rating and a $38.00 price objective on the stock. Zacks Investment Research upgraded shares of Corecivic from a “hold” rating to a “strong-buy” rating and set a $28.00 price objective on the stock in a report on Wednesday, December 21st. Finally, Wells Fargo & Co restated a “market perform” rating on shares of Corecivic in a report on Thursday, February 23rd. Two analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. Corecivic currently has a consensus rating of “Buy” and a consensus target price of $30.00.

Shares of Corecivic (NYSE:CXW) traded down 0.63% during midday trading on Monday, hitting $31.55. 1,416,893 shares of the company’s stock were exchanged. The firm has a market cap of $3.71 billion, a price-to-earnings ratio of 16.87 and a beta of 0.99. Corecivic has a 52 week low of $12.99 and a 52 week high of $35.33. The company has a 50-day moving average of $32.43 and a 200-day moving average of $23.44.

Corecivic (NYSE:CXW) last announced its quarterly earnings data on Wednesday, February 8th. The real estate investment trust reported $0.72 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.43 by $0.29. Corecivic had a net margin of 11.89% and a return on equity of 15.26%. The business had revenue of $464.10 million for the quarter, compared to analyst estimates of $458.96 million. During the same period in the prior year, the business posted $0.63 earnings per share. Corecivic’s revenue was up 3.6% compared to the same quarter last year. Equities research analysts expect that Corecivic will post $1.50 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Monday, April 17th. Shareholders of record on Monday, April 3rd will be paid a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 5.32%. The ex-dividend date of this dividend is Thursday, March 30th. Corecivic’s payout ratio is presently 89.84%.

In other Corecivic news, CEO Damon T. Hininger sold 13,409 shares of the company’s stock in a transaction that occurred on Monday, February 13th. The shares were 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 owns 213,740 shares of the company’s stock, valued at $6,734,947.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director C Michael Jacobi sold 107,431 shares of the company’s stock in a transaction that occurred on Monday, February 13th. The shares were sold at an average price of $31.01, for a total transaction of $3,331,435.31. Following the completion of the sale, the director now directly owns 17,390 shares of the company’s stock, valued at approximately $539,263.90. The disclosure for this sale can be found here. Insiders sold 152,921 shares of company stock valued at $4,803,779 in the last ninety days. Insiders own 1.80% of the company’s stock.

A number of large investors have recently modified their holdings of CXW. SPC Financial Inc. increased its stake in shares of Corecivic by 0.4% in the third quarter. SPC Financial Inc. now owns 12,800 shares of the real estate investment trust’s stock valued at $178,000 after buying an additional 50 shares during the last quarter. State Treasurer State of Michigan increased its stake in shares of Corecivic by 0.4% in the third quarter. State Treasurer State of Michigan now owns 47,312 shares of the real estate investment trust’s stock valued at $656,000 after buying an additional 200 shares in the last quarter. 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 in the last quarter. LS Investment Advisors LLC increased its stake in shares of Corecivic by 5.7% in the third quarter. LS Investment Advisors LLC now owns 7,429 shares of the real estate investment trust’s stock valued at $103,000 after buying an additional 403 shares in the last quarter. Finally, Municipal Employees Retirement System of Michigan increased its stake in shares of Corecivic by 1.4% in the third quarter. Municipal Employees Retirement System of Michigan now owns 52,730 shares of the real estate investment trust’s stock valued at $731,000 after buying an additional 730 shares in the last quarter. 85.99% of the stock is owned by hedge funds and other institutional investors.

About Corecivic

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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