Bank of New York Mellon Corp Takes $23.82 Million Position in Geo Group Inc (The) $GEO

Key Points

• Bank of New York Mellon initiated an approximately $23.82 million position in Geo Group, purchasing 806,277 shares, while institutional investors collectively own 76.1% of the company.
• Geo Group reported stronger-than-expected quarterly results, with EPS of $0.37 versus the $0.29 consensus estimate and revenue of $732.1 million, up 15.1% year over year.
• Shares opened at $32.37 near their 52-week high, while analysts maintained an overall “Buy” rating and a $40 consensus price target; meanwhile, two company insiders sold shares totaling $540,900.

Bank of New York Mellon Corp purchased a new stake in Geo Group Inc (The) (NYSE:GEO - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 806,277 shares of the real estate investment trust's stock, valued at approximately $23,825,000. Bank of New York Mellon Corp owned approximately 0.60% of Geo Group as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. State of Wyoming purchased a new stake in shares of Geo Group in the second quarter valued at $314,000. Handelsbanken Fonder AB lifted its stake in Geo Group by 3.0% in the 2nd quarter. Handelsbanken Fonder AB now owns 34,600 shares of the real estate investment trust's stock worth $1,022,000 after acquiring an additional 1,000 shares in the last quarter. Wealthcare Advisory Partners LLC purchased a new stake in Geo Group in the 2nd quarter worth about $229,000. Assenagon Asset Management S.A. acquired a new stake in Geo Group during the 2nd quarter worth about $47,605,000. Finally, GAMMA Investing LLC boosted its position in Geo Group by 9.3% during the 2nd quarter. GAMMA Investing LLC now owns 9,469 shares of the real estate investment trust's stock worth $280,000 after acquiring an additional 802 shares during the period. Institutional investors and hedge funds own 76.10% of the company's stock.

Insider Buying and Selling

In other news, VP Matthew Albence sold 10,000 shares of the business's stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $31.69, for a total value of $316,900.00. Following the completion of the sale, the vice president directly owned 99,399 shares in the company, valued at approximately $3,149,954.31. The trade was a 9.14% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Ronald A. Brack sold 7,000 shares of the company's 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 sale, the insider directly owned 71,614 shares of the company's stock, valued at approximately $2,291,648. This represents a 8.90% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 4.98% of the company's stock.

Geo Group Trading Up 0.3%

NYSE:GEO opened at $32.37 on Monday. The company has a market capitalization of $4.26 billion, a P/E ratio of 15.27, a P/E/G ratio of 1.76 and a beta of 0.79. The stock's 50 day moving average price is $30.68 and its 200 day moving average price is $23.33. 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 Inc has a 52 week low of $12.51 and a 52 week high of $33.15.

Geo Group (NYSE:GEO - Get Free Report) last posted its earnings results on Thursday, August 6th. The real estate investment trust reported $0.37 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 analysts' expectations of $721.43 million. During the same period in the previous year, the company earned $0.22 earnings per share. The company's revenue was up 15.1% compared to the same quarter last year. On average, research analysts forecast that Geo Group Inc will post 1.31 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms recently commented on GEO. Zacks Research upgraded shares of Geo Group from a "hold" rating to a "strong-buy" rating in a report on Monday, July 20th. UBS Group reiterated an "outperform" rating on shares of Geo Group in a research note on Monday, August 10th. Wall Street Zen downgraded shares of Geo Group from a "buy" rating to a "hold" rating in a research report on Saturday, July 25th. Noble Financial reissued an "outperform" rating on shares of Geo Group in a research note on Monday, August 10th. Finally, JonesTrading lifted their target price on shares of Geo Group from $33.00 to $40.00 and gave the company a "buy" rating in a research note on Thursday, August 6th. One 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. Based on data from MarketBeat.com, the company has an average rating of "Buy" and a consensus target price of $40.00.

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.

Want to see what other hedge funds are holding GEO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Geo Group Inc (The) (NYSE:GEO - Free Report).

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