In Wake of Wells Fargo Hearing, Private Prison Stocks Take Big Hit [Forbes]
CoreCivic, Inc. (CXW)
Last corecivic, inc. earnings: 2/12 04:15 pm
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Source: Forbes
In Wake Of Wells Fargo Hearing, Private Prison Stocks Take Big Hit Activists protesting outside of a Wells Fargo branch in San Francisco on Valentine's Day. Jasmine Rashid The stocks of private prison leaders GEO Group and CoreCivic are down 16% 8% respectively today since last Tuesday — the day when the country’s largest bank, JPMorgan Chase , publicly announced that they will take their money out of the private prison industry following mass activism by #FamiliesBelongTogether organizations and the long standing #BackersOfHate campaign. While ending this relationship has minimal impact on banks, private prison companies certainly feel the heat. GEO Group and CoreCivic are structured as Investment Trusts (REITs), which means that they have to distribute 90% of profits each year. This makes them extra reliant on big banks because they simply need a ton of cash on hand — like the $1.8 billion debt load from investors last year – to do things like buy beds for their facilities and run
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CXW
News
- CoreCivic, Inc. (NYSE: CXW) was upgraded by analysts at StockNews.com from a "hold" rating to a "buy" rating.MarketBeat
- CoreCivic Announces 2024 First Quarter Earnings Release and Conference Call DatesGlobeNewswire
- CoreCivic, Inc. (NYSE: CXW) had its price target raised by analysts at Wedbush from $18.00 to $19.00. They now have an "outperform" rating on the stock.MarketBeat
- CoreCivic, Inc. (NYSE:CXW) is a favorite amongst institutional investors who own 87% [Yahoo! Finance]Yahoo! Finance
- Private Prison Operator GEO Sells $1.28 Billion of Bonds [BNN Bloomberg (Canada)]BNN Bloomberg
CXW
Earnings
- 2/7/24 - Beat
CXW
Sec Filings
- 3/28/24 - Form ARS
- 3/28/24 - Form DEFA14A
- 3/28/24 - Form DEF
- CXW's page on the SEC website