Geo Group Inc. (NYSE:GEO)’s share price dropped 2.6% during trading on Wednesday . The stock traded as low as $33.01 and last traded at $33.13, with a volume of 324,668 shares. The stock had previously closed at $34.02.

GEO has been the topic of several recent analyst reports. Zacks Investment Research raised shares of Geo Group from a “hold” rating to a “buy” rating and set a $37.00 target price on the stock in a research report on Tuesday, June 28th. Canaccord Genuity reissued a “hold” rating on shares of Geo Group in a research report on Monday, June 13th.

The company has a market cap of $2.40 billion and a P/E ratio of 17.4112. The company has a 50 day moving average price of $33.99 and a 200-day moving average price of $32.00.

Geo Group (NYSE:GEO) last issued its earnings results on Tuesday, August 2nd. The real estate investment trust reported $0.73 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.71 by $0.02. The company earned $548.35 million during the quarter, compared to analysts’ expectations of $547.23 million. During the same quarter in the prior year, the business posted $0.63 EPS. The company’s revenue for the quarter was up 23.0% compared to the same quarter last year. Equities analysts expect that Geo Group Inc. will post $2.88 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, August 12th. Investors of record on Monday, August 1st will be issued a $0.65 dividend. This represents a $2.60 annualized dividend and a yield of 8.18%. The ex-dividend date is Thursday, July 28th.

In related news, Director Richard H. Glanton sold 1,440 shares of the firm’s stock in a transaction that occurred on Monday, May 9th. The shares were sold at an average price of $33.12, for a total value of $47,692.80. Following the sale, the director now owns 1,451 shares in the company, valued at $48,057.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

A number of hedge funds and institutional investors have added to or reduced their stakes in the company. California Public Employees Retirement System increased its position in Geo Group by 0.6% in the fourth quarter. California Public Employees Retirement System now owns 190,200 shares of the real estate investment trust’s stock valued at $5,499,000 after buying an additional 1,100 shares during the last quarter. Vanguard Group Inc. increased its position in Geo Group by 5.6% in the fourth quarter. Vanguard Group Inc. now owns 11,865,353 shares of the real estate investment trust’s stock valued at $343,028,000 after buying an additional 628,120 shares during the last quarter. Mutual of America Capital Management LLC increased its position in Geo Group by 9.3% in the fourth quarter. Mutual of America Capital Management LLC now owns 95,074 shares of the real estate investment trust’s stock valued at $2,749,000 after buying an additional 8,091 shares during the last quarter. Morgan Stanley increased its position in Geo Group by 56.4% in the fourth quarter. Morgan Stanley now owns 335,602 shares of the real estate investment trust’s stock valued at $9,702,000 after buying an additional 121,002 shares during the last quarter. Finally, Wells Fargo & Company MN increased its position in Geo Group by 6.4% in the fourth quarter. Wells Fargo & Company MN now owns 469,580 shares of the real estate investment trust’s stock valued at $13,575,000 after buying an additional 28,194 shares during the last quarter.

The GEO Group, Inc is a real estate investment trust (REIT) specializing in the ownership, leasing and management of correctional, detention and re-entry facilities and the provision of community-based services and youth services in the United States, Australia, South Africa, the United Kingdom and Canada.

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