Philadelphia Financial Management of San Francisco LLC Acquires Shares of 896,290 CoreCivic, Inc. $CXW

Key Points

• Philadelphia Financial Management of San Francisco LLC has acquired a new stake in CoreCivic, Inc., purchasing 896,290 shares valued at approximately $18.2 million, making it the firm's 6th largest position.
• CoreCivic's stock has been upgraded by research firms, with a consensus price target of $33.33 and several analysts rating it as a "Buy" or "Strong-Buy."
• The company reported $0.59 EPS for the latest quarter, exceeding analysts' estimates and reflecting a 9.8% increase in revenue year-over-year.

Philadelphia Financial Management of San Francisco LLC purchased a new stake in CoreCivic, Inc. (NYSE:CXW - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 896,290 shares of the real estate investment trust's stock, valued at approximately $18,186,000. CoreCivic makes up about 3.6% of Philadelphia Financial Management of San Francisco LLC's portfolio, making the stock its 6th largest position. Philadelphia Financial Management of San Francisco LLC owned about 0.82% of CoreCivic as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in CXW. The Manufacturers Life Insurance Company raised its holdings in CoreCivic by 4.3% in the 4th quarter. The Manufacturers Life Insurance Company now owns 58,563 shares of the real estate investment trust's stock valued at $1,273,000 after acquiring an additional 2,420 shares in the last quarter. Northern Trust Corp raised its holdings in CoreCivic by 3.1% in the 4th quarter. Northern Trust Corp now owns 1,251,464 shares of the real estate investment trust's stock valued at $27,207,000 after acquiring an additional 37,639 shares in the last quarter. Bank of America Corp DE raised its holdings in CoreCivic by 5.3% in the 4th quarter. Bank of America Corp DE now owns 144,807 shares of the real estate investment trust's stock valued at $3,148,000 after acquiring an additional 7,242 shares in the last quarter. Bayesian Capital Management LP acquired a new position in CoreCivic in the 4th quarter valued at approximately $211,000. Finally, Brevan Howard Capital Management LP acquired a new position in CoreCivic in the 4th quarter valued at approximately $678,000. Institutional investors and hedge funds own 85.13% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. Wall Street Zen raised CoreCivic from a "hold" rating to a "strong-buy" rating in a report on Saturday, August 9th. Jones Trading reissued a "buy" rating and issued a $30.00 target price on shares of CoreCivic in a report on Thursday, August 7th. Finally, Wedbush reissued an "outperform" rating and issued a $38.00 target price on shares of CoreCivic in a report on Wednesday, June 11th. Four analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $33.33.

CoreCivic Price Performance

CXW stock traded up $1.02 during midday trading on Thursday, reaching $21.35. 670,758 shares of the company's stock traded hands, compared to its average volume of 1,098,271. The company has a 50-day simple moving average of $20.59 and a two-hundred day simple moving average of $20.82. CoreCivic, Inc. has a 1-year low of $12.24 and a 1-year high of $24.99. The company has a market cap of $2.29 billion, a price-to-earnings ratio of 22.69 and a beta of 0.81. The company has a quick ratio of 1.60, a current ratio of 1.60 and a debt-to-equity ratio of 0.68.

CoreCivic (NYSE:CXW - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The real estate investment trust reported $0.59 earnings per share for the quarter, beating analysts' consensus estimates of $0.43 by $0.16. CoreCivic had a return on equity of 7.12% and a net margin of 5.21%.The firm had revenue of $538.17 million during the quarter, compared to analysts' expectations of $499.02 million. During the same period last year, the firm posted $0.42 EPS. The business's revenue was up 9.8% on a year-over-year basis. On average, analysts anticipate that CoreCivic, Inc. will post 1.5 earnings per share for the current year.

Insiders Place Their Bets

In other CoreCivic news, EVP Anthony L. Grande sold 12,500 shares of the stock in a transaction on Tuesday, September 9th. The stock was sold at an average price of $19.71, for a total value of $246,375.00. Following the transaction, the executive vice president directly owned 158,059 shares in the company, valued at approximately $3,115,342.89. This trade represents a 7.33% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Thurgood Marshall, Jr. sold 6,000 shares of the stock in a transaction on Tuesday, September 9th. The shares were sold at an average price of $20.52, for a total value of $123,120.00. Following the completion of the transaction, the director owned 44,023 shares in the company, valued at $903,351.96. The trade was a 11.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 28,500 shares of company stock valued at $565,995 over the last ninety days. Insiders own 2.30% of the company's stock.

About CoreCivic

CoreCivic, Inc owns and operates partnership correctional, detention, and residential reentry facilities in the United States. It operates through three segments: CoreCivic Safety, CoreCivic Community, and CoreCivic Properties. The company provides a range of solutions to government partners that serve the public good through corrections and detention management, a network of residential reentry centers to help address America's recidivism crisis, and government real estate solutions.