Bank of America Corp DE Has $5.83 Million Holdings in Geo Group Inc (The) $GEO

Key Points

• Bank of America more than doubled its GEO stake in the first quarter, adding 181,140 shares to hold 346,779 shares worth approximately $5.83 million. Institutional investors collectively own 76.1% of the company.
• Analyst sentiment remains broadly positive, with a consensus “Buy” rating and a $40 price target; Northland Securities raised its target to $40 and Zacks upgraded GEO to “Strong Buy.”
• GEO reported stronger-than-expected quarterly results, posting $0.37 EPS versus a $0.29 estimate and revenue of $732.1 million, up 15.1% year over year. Shares opened at $32.73, near their 52-week high of $33.15.

Bank of America Corp DE lifted its holdings in Geo Group Inc (The) (NYSE:GEO - Free Report) by 109.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 346,779 shares of the real estate investment trust's stock after purchasing an additional 181,140 shares during the quarter. Bank of America Corp DE owned 0.26% of Geo Group worth $5,829,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Geo Group by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 75,766 shares of the real estate investment trust's stock valued at $2,213,000 after buying an additional 3,309 shares during the last quarter. NewEdge Advisors LLC boosted its stake in shares of Geo Group by 81.9% during the 1st quarter. NewEdge Advisors LLC now owns 1,864 shares of the real estate investment trust's stock worth $54,000 after buying an additional 839 shares during the last quarter. United Services Automobile Association bought a new position in shares of Geo Group in the 1st quarter valued at about $260,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Geo Group by 168.0% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 284,975 shares of the real estate investment trust's stock valued at $8,324,000 after acquiring an additional 178,622 shares in the last quarter. Finally, Invesco Ltd. increased its position in shares of Geo Group by 4.2% in the second quarter. Invesco Ltd. now owns 1,308,817 shares of the real estate investment trust's stock valued at $31,346,000 after acquiring an additional 52,623 shares during the last quarter. Institutional investors and hedge funds own 76.10% of the company's stock.

Insiders Place Their Bets

In other news, insider Ronald A. Brack sold 7,000 shares of Geo Group stock in a transaction on Friday, August 21st. The stock was sold at an average price of $32.00, for a total transaction of $224,000.00. Following the completion of the sale, the insider owned 71,614 shares of the company's stock, valued at approximately $2,291,648. This trade represents a 8.90% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Matthew Albence sold 10,000 shares of Geo Group stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $31.69, for a total value of $316,900.00. Following the sale, the vice president directly owned 99,399 shares of the company's stock, valued at $3,149,954.31. This represents a 9.14% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 4.98% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. Northland Securities increased their price target on Geo Group from $30.00 to $40.00 and gave the company an "outperform" rating in a research report on Friday, June 26th. Zacks Research raised Geo Group from a "hold" rating to a "strong-buy" rating in a research report on Monday, July 20th. Noble Financial reiterated an "outperform" rating on shares of Geo Group in a research note on Monday, August 10th. Wall Street Zen downgraded Geo Group from a "buy" rating to a "hold" rating in a report on Saturday, July 25th. Finally, UBS Group reissued an "outperform" rating on shares of Geo Group in a research note on Monday, August 10th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus price target of $40.00.

Geo Group Stock Up 1.8%

Shares of GEO opened at $32.73 on Thursday. Geo Group Inc has a 52 week low of $12.51 and a 52 week high of $33.15. The firm has a market cap of $4.31 billion, a P/E ratio of 15.44, a price-to-earnings-growth ratio of 1.76 and a beta of 0.79. The firm's 50-day simple moving average is $30.55 and its 200 day simple moving average is $23.10. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.65 and a current ratio of 1.65.

Geo Group (NYSE:GEO - Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The real estate investment trust reported $0.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.08. Geo Group had a net margin of 10.31% and a return on equity of 10.42%. The firm had revenue of $732.07 million during the quarter, compared to the consensus estimate of $721.43 million. During the same period last year, the business posted $0.22 earnings per share. The business's revenue for the quarter was up 15.1% compared to the same quarter last year. On average, analysts forecast that Geo Group Inc will post 1.31 earnings per share for the current year.

About Geo Group

The GEO Group NYSE: GEO is a leading provider of correctional, detention and community reentry services to government agencies around the world. As a real estate investment trust, the company specializes in the design, financing, development and operation of secure facilities for adult and juvenile offenders, immigration detainees and individuals requiring mental health treatment or substance abuse programming. GEO's integrated service model also encompasses electronic monitoring, rehabilitative programming and post-release supervision aimed at reducing recidivism and enhancing public safety.

GEO's portfolio spans a range of facility types, including medium- and maximum-security correctional institutions, residential reentry centers, mental health treatment units and immigration detention centers.

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