Bank of America Corp DE Boosts Stock Position in CoreCivic, Inc. $CXW

Key Points

• Institutional ownership increased: Bank of America raised its CoreCivic stake by 43.6% to 236,346 shares, while hedge funds and other institutions collectively own 85.13% of the company.
• Analysts remain positive: CoreCivic has an average “Buy” rating and a consensus price target of $37.00, with individual targets ranging from $30 to $40.
• Strong results and buyback support the stock: CoreCivic beat quarterly earnings and revenue estimates, with revenue up 27.3% year over year, and authorized a $500 million share repurchase program covering up to 15.7% of outstanding shares. Insiders, however, sold more than $14.7 million of stock over the last quarter.

Bank of America Corp DE lifted its holdings in shares of CoreCivic, Inc. (NYSE:CXW - Free Report) by 43.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 236,346 shares of the real estate investment trust's stock after buying an additional 71,756 shares during the quarter. Bank of America Corp DE owned approximately 0.24% of CoreCivic worth $4,469,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Royal Bank of Canada boosted its holdings in CoreCivic by 49.2% in the 1st quarter. Royal Bank of Canada now owns 59,523 shares of the real estate investment trust's stock worth $1,207,000 after buying an additional 19,630 shares during the last quarter. AQR Capital Management LLC raised its holdings in shares of CoreCivic by 69.8% during the first quarter. AQR Capital Management LLC now owns 28,120 shares of the real estate investment trust's stock valued at $571,000 after acquiring an additional 11,557 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of CoreCivic by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 64,828 shares of the real estate investment trust's stock valued at $1,315,000 after acquiring an additional 2,828 shares during the last quarter. Jones Financial Companies Lllp lifted its position in shares of CoreCivic by 3,884.2% in the first quarter. Jones Financial Companies Lllp now owns 18,885 shares of the real estate investment trust's stock valued at $383,000 after acquiring an additional 18,411 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of CoreCivic by 2.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 220,467 shares of the real estate investment trust's stock valued at $4,473,000 after acquiring an additional 4,977 shares in the last quarter. Hedge funds and other institutional investors own 85.13% of the company's stock.

Analyst Ratings Changes

A number of brokerages have weighed in on CXW. UBS Group set a $35.00 price objective on CoreCivic in a report on Tuesday, July 7th. Noble Financial reiterated an "outperform" rating on shares of CoreCivic in a research report on Monday, August 10th. Weiss Ratings raised shares of CoreCivic from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Wednesday, July 1st. JonesTrading restated a "buy" rating and set a $30.00 price target on shares of CoreCivic in a research report on Wednesday, August 5th. Finally, Northland Securities set a $40.00 price target on shares of CoreCivic in a research report on Friday, June 26th. Four investment analysts have rated the stock with a Buy rating, According to MarketBeat, the company presently has an average rating of "Buy" and an average price target of $37.00.

Insider Activity at CoreCivic

In other news, Director Mark A. Emkes sold 30,000 shares of the firm's stock in a transaction on Monday, August 24th. The stock was sold at an average price of $34.25, for a total transaction of $1,027,500.00. Following the completion of the transaction, the director directly owned 141,274 shares in the company, valued at $4,838,634.50. This trade represents a 17.52% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO David Garfinkle sold 50,000 shares of the business's stock in a transaction on Monday, August 17th. The shares were sold at an average price of $33.76, for a total value of $1,688,000.00. Following the completion of the sale, the chief financial officer owned 343,353 shares in the company, valued at $11,591,597.28. This represents a 12.71% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 439,287 shares of company stock valued at $14,734,193 over the last quarter. 1.76% of the stock is owned by insiders.

CoreCivic Trading Up 0.1%

Shares of CoreCivic stock opened at $33.82 on Friday. The stock has a 50 day moving average of $31.54 and a 200 day moving average of $24.39. The company has a debt-to-equity ratio of 0.86, a quick ratio of 1.32 and a current ratio of 1.32. The firm has a market capitalization of $3.34 billion, a price-to-earnings ratio of 27.06 and a beta of 0.58. CoreCivic, Inc. has a fifty-two week low of $15.73 and a fifty-two week high of $34.86.

CoreCivic (NYSE:CXW - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The real estate investment trust reported $0.38 EPS for the quarter, beating the consensus estimate of $0.34 by $0.04. The business had revenue of $684.92 million for the quarter, compared to analyst estimates of $618.63 million. CoreCivic had a return on equity of 9.22% and a net margin of 5.15%.The company's quarterly revenue was up 27.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.59 EPS. CoreCivic has set its FY 2026 guidance at 2.610-2.700 EPS. As a group, research analysts predict that CoreCivic, Inc. will post 2.69 earnings per share for the current year.

CoreCivic announced that its Board of Directors has initiated a share buyback program on Monday, August 10th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the real estate investment trust to repurchase up to 15.7% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board of directors believes its shares are undervalued.

CoreCivic Company Profile

CoreCivic, Inc NYSE: CXW is a real estate investment trust specializing in the ownership, management and operation of private correctional and detention facilities in the United States. The company enters into contracts with federal, state and local government agencies to house inmates and detainees in facilities that it owns or operates on a concession basis. In addition to traditional prison operations, CoreCivic provides specialized services such as community-based reentry programs, electronic monitoring and rehabilitation initiatives aimed at reducing recidivism.

CoreCivic's portfolio encompasses a mix of adult correctional facilities, immigration detention centers, residential reentry centers and other community-based programs.

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