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Geo Group Inc (The) REIT New York Stock Exchange
Open: $5.93 High: $5.95 Low: $5.61 Close: $5.66
Range: 2021-04-19 - 2021-04-20
Volume: 5,516,290
Market: Extended-hours
Powered by Finage Stock APIDelayed data
Geo Group Inc (The) REIT 621 Northwest 53rd Street Boca Raton FL, 33487-8242
The GEO Group Inc is a healthcare facility real estate investment trust. It is engaged in ownership, leasing and management of correctional, detention and re-entry facilities, and the provision of community based services.
  • CEO: George C. Zoley
  • Employees: 18,512
  • Sector: Real Estate
  • Industry: REITs
GEO News
Latest news about the GEO
  • GEO Group - Too Much Pessimism Provides Opportunity

    The stock has been hammered because of non-renewal of federal contracts and suspension of dividends, but the REIT is selling for far below intrinsic value

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  • Avoid These 3 REITs at All Costs

    There are great real estate investment trusts (REIT), average ones, and ones most investors probably won't want to own, no matter how high the yield or what story management spins. Right now, Whitestone REIT (NYSE: WSR), Preferred Apartment Communities (NYSE: APTS), and The GEO Group (NYSE: GEO) all fall into that last category. The first name up is Whitestone REIT, which owns community shopping centers.

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  • Company News for Apr 8, 2021

    Companies In The News Are: QGEN, MSM, LI, GEO.

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  • Under Fire From Biden, Prison Operators Address Cash Crunch

    (Bloomberg) -- Private prison operators are rushing to shore up their finances after increasing political pressure regarding their treatment of inmates and immigrants cast doubts over the long-term prospects of their businesses.CoreCivic Inc. sold $450 million of bonds to refinance near-term debt, according to a person with knowledge of the matter, while Geo Group Inc. said it would suspend its quarterly dividend to prioritize debt repayment and begin a review of its corporate structure, according to a statement Wednesday.The companies, the two largest operators of private detention facilities in the U.S., are contending with the fallout from an executive order from President Joe Biden in January that instructed the Department of Justice not to renew contracts with private prison operators. They have also faced dwindling financing options after major banks announced they would no longer lend to the industry and suffered credit rating downgrades.In spite of those challenges, new allies have recently emerged on Wall Street. Imperial Capital Group Inc. stepped in to lead CoreCivic’s bond offering Wednesday, which is the company’s first since 2017, while StoneX Group Inc. helped Geo arrange a convertible bond sale in February. The firm was also a joint bookrunner on CoreCivic’s new bond deal.“It’s not like the business just disappears overnight, but it’s an operating environment where things seem to be changing,” said Joe Gomes, an analyst at Noble Capital Markets, adding that it’s unclear how the administration would make up for lost beds by not renewing the contracts. “Neither of the companies are quite sure exactly what the end game is.”Representatives for CoreCivic and Imperial Capital did not respond to requests for comment. A representative for Geo declined to comment beyond the company’s statement on Wednesday, in which it said it aims to direct cash flows to repay debt and fund growth internally.Higher Borrowing CostsPrivate prison operators are also facing higher borrowing costs as money managers increasingly incorporate environmental, social and governance criteria into their investment selection. CoreCivic’s new notes, which will mature in 2026 and will not be callable for three years, priced at a yield of 8.5%, according to the person with knowledge of the matter, who asked not to be identified because the details are private.That’s more than two percentage points higher than the average yield on lowest-rated junk bonds, which dropped to an all-time low of 6.1% Tuesday. CoreCivic is in the BB bucket, where bonds on average yield about 3.2%, according to data compiled by Bloomberg.Read more: Barclays bond deal shows limits to vow on financing prison firmsThe Biden order, which applies to the U.S. Federal Bureau of Prisons and the U.S. Marshals Service, affects contracts that accounted for roughly a quarter of Geo’s and CoreCivic’s revenues last year, according to S&P.Geo’s stock dropped by more than 20% Wednesday to its lowest since 2006, while its bonds rallied as creditors took some comfort from the company’s decision to prioritize debt repayment and reduce leverage over shareholder payouts. CoreCivic’s stock dropped by over 17%.Geo said it is also reviewing its corporate structure as a real estate investment trust, which brings tax advantages but requires minimum dividend distributions to equity holders each year. CoreCivic revoked its REIT structure last year and discontinued its dividend to pay down debt.Pressure from lenders is a key motivation behind Geo considering the switch, according to people with knowledge of the matter. Bondholders have been encouraging the company to shore up finances to best manage its approximately $2.6 billion in long-term debt.One group of such lenders has been reviewing its options with law firm Akin Gump Strauss Hauer & Feld, according to the people, who asked not to be identified citing private discussions. A representative for Akin Gump declined to comment.(Updates with pricing of CoreCivic bond offering starting in second paragraph and stock prices in 10th paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

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  • GEO Group Suspends Its Dividend, Will Evaluate Its REIT Structure

    Prison REIT, or real estate investment trust, GEO Group (NYSE: GEO) has suspended its dividend while it decides its future. The company is evaluating whether it makes sense to remain a REIT or follow fellow private prison operator CoreCivic (NYSE: CXW) in converting back into a traditional corporation. The move follows increasing pressure on private prison operators after the Biden administration's decision not to renew federal contracts with these companies.

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  • Why GEO Group Stock Was Sliding Today

    Shares of GEO Group (NYSE: GEO) were getting hammered Wednesday morning after the operator of private prisons and detention centers said it was suspending its dividend in order to maximize cash flow to repay debt, deleverage, and fund growth. GEO Group's performance had weakened over the year, and the company has come under increasing pressure since President Joe Biden was inaugurated. In his first week in office, Biden signed an executive order to roll back the government's use of private prisons as part of an effort to combat systemic racism.

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  • Why CoreCivic Stock Fell 10% at the Open Today

    The company announced plans to raise some capital, but investors were likely looking at something else today.

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  • U.S. private prison GEO suspends dividends as sector faces pressure on finances

    Earlier this year, Biden signed an executive order to roll back the U.S. government's use of private prisons, a part of what he called an initiative to tackle systemic racism. Another private prison, CoreCivic Inc, has said it would offer $400 million in bonds to reduce debt and for corporate purposes.

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  • Prison Operator GEO Group Mulls Status as REIT, Suspends Payout

    Shares of GEO Group traded lower after the prison operator said the board would assess its status as a REIT and suspended its dividend.

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  • GEO Group stock drops after high dividend suspended, REIT structure being evaluated

    Shares of GEO Group Inc. sank 3.5% in premarket trading Wednesday, after the real estate investment trust said it has immediately suspended its dividend, and will evaluate its structure as a REIT. The company said it plans to maximize the use of cash flows to repay debt and internally fund growth. The company last paid a quarterly dividend of 25 cents a share in January. Based on Tuesday's stock closing price of $7.80, the annual dividend rate had implied a dividend yield of 12.82%, compared with the yield on the SPDR Real Estate Select Sector ETF of 3.29% and the implied yield for the S&P 500 of 1.42%. "The board expects to conclude its evaluation in the fourth quarter of 2021, and should the Board determine not to change its current intent to maintain GEO's REIT status, an additional dividend payment may be required before year-end in order to meet the minimum REIT distribution requirements under the Code," the company said in a statement. The stock has tumbled 34.1% over the past 12 months, while the real estate ETF has climbed 28.6% and the S&P 500 has run up 53.2%.

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  • The GEO Group Suspends Quarterly Dividend to Maximize Repayment of Debt While It Evaluates Corporate Structure

    The GEO Group, Inc. (NYSE: GEO) ("GEO") announced today that its Board of Directors (the "Board") has immediately suspended GEO’s quarterly dividend payments with the goal of maximizing the use of cash flows to repay debt, deleverage, and internally fund growth. GEO currently intends to maintain its corporate tax structure as a Real Estate Investment Trust ("REIT"), but the Board has determined to undertake an evaluation of GEO's structure as a REIT.

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  • 3 Bad Growth Stories to Avoid at All Costs

    Over the long term, companies with bad business models can end up costing investors their entire principal. Successful investing isn't just about picking companies with outstanding growth stories, but also about saying no to those with bad ones, no matter how convincing they first appear. Today, let's look at why shares of a healthcare software company, a brick-and-mortar video game retailer, and a for-profit prison are the top stocks to stay away from.

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  • Watch Out! These 2 Stocks Might Cut Their Dividends

    Dividend stocks can be a great way to generate some passive income. One warning sign that a dividend is at a higher risk of hitting the chopping block is a high dividend yield. ExxonMobil pays a big-time dividend.

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  • Biden Order Hits Private U.S. Prisons’ Credit Ratings

    (Bloomberg) -- For years, private U.S. prison companies have faced scrutiny from social justice advocates, politicians and investors. Now that the Biden administration is severing the federal government’s ties, the industry’s creditworthiness is taking a hit.On Wednesday, S&P Global Ratings lowered its credit ratings on Geo Group Inc. and CoreCivic Inc. -- the nation’s largest operators of private detention facilities -- citing growing questions about the outlook for the companies’ profits and concerns over their ability to refinance debt. A few hours later, Moody’s Investors Service took similar actions on both companies.The review was prompted by President Joe Biden’s executive order in January that instructed the Department of Justice not to renew contracts with private prisons. These deals accounted for about 27% of Geo’s revenue and 24% of CoreCivic’s revenue last year, according to S&P.“The controversial topic of human rights, combined with evolving public sentiment and policy views on criminal justice reform, expose privately operated criminal detention facilities operators to ongoing social and governance risks,” S&P said in a report.From S&P, Geo suffered a two-notch downgrade to B, a junk rating five steps below investment-grade, in spite its having sold a convertible bond last month. S&P said the company may struggle to refinance $1.7 billion of debt maturing in 2024 and warned that it may cut the company’s rating further over the next 12 months if Geo doesn’t make progress in lowering that risk.CoreCivic, which has already begun diverting cash flow to debt repayment, saw a more modest one-notch downgrade from S&P to BB-, or three levels below investment grade. S&P said the company’s $1 billion of debt maturing by mid-2023 is manageable if the company continues on its debt paydown path.Moody’s lowered Geo’s rating to B2 and CoreCivic’s to Ba2, or five and two notches into junk, respectively. It said that while the private prison industry could transform itself by selling or leasing detention facilities rather than operating them, the outlook for federal agency contracts remains uncertain.Geo’s bonds maturing in 2024 have been trading at around 80 cents on the dollar, while CoreCivic’s notes due in 2027 last traded at 89 cents on Tuesday, according to Trace.Both companies have seen their financing options dwindle in recent years, after major investment banks pledged to cut ties with private prison operators and as money managers face increased pressure to incorporate environmental, social and governance criteria into their investment selection.(Updates with Moody’s rating actions in second and seventh paragraphs.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

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  • GEO Group, Inc. -- Moody's downgrades GEO Group's corporate family rating to B2, outlook stable

    Rating Action: Moody's downgrades GEO Group's corporate family rating to B2, outlook stableGlobal Credit Research - 24 Mar 2021New York, March 24, 2021 -- Moody's Investors Service, ("Moody's") downgraded GEO Group Inc.'s corporate family rating and senior unsecured debt rating to B2 from B1. Moody's also downgraded GEO's senior secured credit facility rating to B1 from Ba3.

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  • This High-Yield Dividend Stock Might Be in Trouble

    The GEO Group's share price has tumbled over the past 12 months, and it may have further to fall.

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  • The GEO Group Announces Non-Renewal of U.S. Marshals Service Contract for Queens Detention Facility in New York

    The GEO Group, Inc. (NYSE: GEO) ("GEO") announced today that the U.S. Marshals Service ("USMS") has notified GEO of a non-renewal of the contract for the company-owned, 222-bed Queens Detention Facility ending March 31, 2021. GEO has requested a contract extension from the USMS in order to provide for a proper transition. The potential non-renewal of the contract for the Queens Detention Facility, which generated approximately $19 million in annualized revenues, was not previously assumed in GEO’s current financial guidance for 2021. If the contract is not extended or renewed, GEO expects to market the Queens Detention Facility to other government agencies.

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  • Why The GEO Group, Inc. (NYSE:GEO) Looks Like A Quality Company

    While some investors are already well versed in financial metrics (hat tip), this article is for those who would like...

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  • Michael Burry’s New Stock Picks

    In this article we take a look at Michael Burry’s new stock picks. You can skip our detailed discussion of Burry’s history, his hedge fund’s performance and go to Michael Burry’s Top 5 New Stock Picks. Michael James Burry is an American investor and hedge fund manager who founded Scion Capital in 2000. Burry now heads […]

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  • Are These 3 REITs Yield Traps?

    Are these three high-yield REITs offering dividends you can count on, or are their payouts too rich to support?

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