The GEO Group, Inc. (NYSE: GEO) is the first fully integrated equity real estate investment trust specializing in the design, financing, development, and operation of correctional facilities, processing centers, and community reentry centers in the United States, Australia, South Africa, and the United Kingdom. GEO is the world's leading provider of enhanced offender rehabilitation, post-release support, electronic monitoring, and community-based programs. GEO's worldwide operations include the ownership and/or management of 133 facilities totaling approximately 97,000 beds, including projects under development, with a growing workforce of approximately 23,000 professionals. http://www.geogroup.com
Geo Group tells investors its plans to expand Ashley Portero , American City Business Journals•July 31, 2019 Geo Group tells investors its plans to expand Despite an onslaught of criticism, Boca Raton-based The Geo Group expects to grow its number of detainees -– and profits – during the rest of 2019. The company (NYSE: GEO), which operates private detention centers and prisons, will activate more than 5,700 beds across its facilities in the U.S. and Australia during the third and fourth quarters of 2019, CEO George C. Zoley told investors during a July 30 quarterly earnings call. "We recognize that the recent media stories regarding overcrowded border patrol facilities and financial institutions discontinuing future financial support for private operators of [U.S Immigration and Customs Enforcement] processing centers have created volatility in our equity and debt markets," Zoley said. https://finance.yahoo.com/m/c65ca89b-73f3-3237-9966-cffd5f6a8578/geo-group-tells-investors-its.html
Isn't this the company making money off the absolutely atrocious detention centers of immigrants and their separated children? Something like $775/kid which doesn't include soap, toothbrushes, beds, blankets, a light switch to turn the lights off at night, etc.? I couldn't invest in this company if you paid me to.
This was the only item i found about detention facilities .... Is it not the responsibility of your politicians to prevent atrocious detention? Companies must obey the law isn't it ... In my country (President Trump's Hell hole) it is NOT PERMITTED by law to jail children below 16. Are you not living in a democratic country ? https://theintercept.com/2019/08/08/private-prisons-contract-denver/
Shares prices of Geo Group have barely budged since the private prison and detention firm was named in a class action lawsuit on Monday. Shares of the company closed at $17.42 on Thursday afternoon, down from $18.09 Monday morning. But share prices have declined by 28% since Aug. 23, 2018, when they were priced at $25.04, suggesting a slew of negative headlines about the Boca Raton-based private prison and detention center this year has affected the company's value. The recent lawsuit, in the U.S. District Court for the Central District of California, accuses Geo Group of failing to ensure immigrant detainees were held in humane conditions. The suit was filed on behalf 55,000 detainees in 160 U.S. Immigration and Custom Enforcement (ICE) detention centers nationwide. Many of those detention centers are under contract with the Boca Raton-based private prison and detention center contractor (NYSE: GEO) and CoreCivic, a private detention center owner and operator based in Brentwood, Tennessee. The plaintiffs, including the Southern Poverty Law Center, the Civil Rights Education and Enforcement Center, and Disability Rights Advocates, claim detainees at the centers were denied doctor-recommended medical care. They also said mentally ill detainees – including those with known cases of schizophrenia and depression – were kept in segregation, according to court documents. "These human beings – many of whom have fled torture – are packed into immigration prisons in which they are denied healthcare; refused disability accommodations; and subjected to arbitrary and punitive isolation, a practice that is increasingly considered torture," the lawsuit said. The lawsuit claims ICE violated the Fifth Amendment of the U.S. Constitution and Section 504 of the 1973 Rehabilitation Act, which prohibits discrimination against people with disabilities who are in programs or facilities that receive federal assistance. Because Geo Group was awarded more than $300 million in new ICE contracts in fiscal year 2017, and nearly $342 million in fiscal year 2018, federal law applies, the lawsuit claims. Geo Group operates 12 ICE processing centers nationwide. A spokesperson for Geo Group told the South Florida Business Journal the reports of detainee neglect in the lawsuit are "baseless allegations." "Geo’s medical programs ... provide 24/7 access to health care free of charge; are supported by professional teams including full-time physicians, a full-time physician’s assistants, a cadre of nursing services, dentists, psychologists, psychiatrists as well as referrals to local community hospitals as needed; and are fully accredited by the American Correctional Association and the National Commission on Correctional Healthcare," the spokesperson said in email. According to the lawsuit, at least half of all U.S. immigrant detainees are held at five detention centers operated by for-profit companies. The suit requests that ICE release detainees or transfer them to alternative accommodations, such as community-based housing. Private prison and detention center operators have been the focus of heightened scrutiny after it was revealed that the industry received more than $1 billion worth of ICE contracts in 2017, following a nationwide crackdown on immigration along the U.S. southern border. This year, several businesses – including banks JPMorgan Chase, Wells Fargo, Bank of America and SunTrust – severed ties with private prison companies after reports emerged that hundreds of migrants were being held in overcrowded and unsanitary facilities near the border. In July, the U.S House Committee on Oversight and Reform asked Geo Group to account for the hundreds of millions of dollars in federal government contracts it has received to operate ICE detention facilities. The committee noted a June 2019 report from the U.S. Department of Homeland Security Office of Inspector General that identified several problems with detention facilities operated by Geo Group, including "expired food, dilapidated and moldy bathrooms, and improper segregation, recreation and visitation practices." During a July 31 conference call with investors, Geo Group CEO George Zoley said media reports about the facilities are a false representation of the company's practices. https://www.bizjournals.com/southfl...budge-after-lawsuit.html?ana=yahoo&yptr=yahoo
The GEO Group, Inc. (GEO) ("GEO") published today the company’s first-ever Human Rights and Environmental, Social & Governance (ESG) report. The report builds on GEO’s Global Human Rights Policy, adopted in 2013, by providing disclosures on how GEO informs its employees of the company’s long-standing commitment to respecting human rights; the criteria GEO uses to assess human rights performance; and GEO’s contract compliance program, remedies to shortcomings in human rights performance, and independent verification of the company’s performance by third party organizations. The 77-page publication also addresses criteria, based on recognized ESG reporting standards, related to the development of GEO’s employees; the company’s efforts to advance environmental sustainability in the construction and operation of its facilities; and GEO’s adherence to ethical governance practices. In its first ESG report, GEO further highlights the continued expansion of the GEO Continuum of Care (CoC) program, which was first piloted by the company in 2015. This industry-leading program received the ‘Innovation in Corrections’ award from the American Correctional Association in 2018. The CoC program integrates enhanced offender rehabilitation, including cognitive behavioral treatment, with post-release support services to address basic community needs of released individuals, including housing, transportation, food, clothing, and job placement assistance. As of 2019, the CoC program has been implemented at 18 state correctional facilities and two federal facilities managed by GEO. By the end of 2020, GEO expects to have implemented the CoC program at 23 GEO-managed facilities. 2018 GEO Continuum of Care program milestones">2018 GEO Continuum of Care program milestones Completed more than 6.7 million hours of rehabilitation programming Averaged approximately 13,000 daily participants in academic programs Awarded 2,779 GEDs and high school equivalency degrees Averaged more than 32,000 daily participants in vocational training programs Awarded 9,131 vocational training certifications Averaged approximately 18,000 daily participants in substance abuse treatment programs Awarded 8,842 substance abuse treatment program completions George C. Zoley, GEO’s Chairman, Chief Executive Officer and Founder, said: “For more than 30 years, GEO has been a trusted service provider to federal, state, and local government agencies in the United States. Our three-decade long journey has been driven by the daily pursuit of operational excellence across all our diversified service lines. We recognize that achieving excellence on a consistent basis requires frequent introspection and a commitment to taking steps to promote continuous improvement. "The publication of our first-ever Human Rights and ESG report is another important step in our company’s commitment to continuous improvement. We recognize the interest from our stakeholders in learning more about our company, and we welcome the opportunity to engage constructively with them, as we further refine our Human Rights and ESG reporting in the future,” Zoley added. https://finance.yahoo.com/news/geo-group-publishes-first-ever-123000649.html
LOS ANGELES, Oct 9 (Reuters) - America's largest state prison system is moving to quit the practice of farming out inmates to lockups run under contract by private companies, following a nationwide decline in the for-profit incarceration business. California Governor Gavin Newsom is expected to sign legislation this week designed to effectively ban private, for-profit corporations from running prisons or immigration detention facilities. Sponsors of the measure say it will end a brief but hapless experiment in privately outsourced incarceration begun as a means to ease overcrowding - an endeavor Newsom branded an outrage when he took office in January. Bill supporters say private prisons, driven to maximize shareholder profits, lack proper oversight or incentives to rehabilitate inmates, and have contributed to a culture of mass incarceration by making it cheaper to lock up people. They point to research cited in a 2016 U.S. Justice Department Office of Inspector General report that found private prisons spend less on personnel, and are less safe, than public institutions. https://finance.yahoo.com/news/california-set-end-private-prisons-120000545.html
The GEO Group Reports Third Quarter 2019 Results Business Wire•November 5, 2019 BOCA RATON, Fla.--(BUSINESS WIRE)-- 3Q19 Net Income Attributable to GEO of $0.39 per diluted share 3Q19 Adjusted Net Income of $0.44 per diluted share 3Q19 AFFO of $0.72 per diluted share Updated FY19 guidance for Net Income Attributable to GEO of $1.45-$1.47 per diluted share and Adjusted Net Income of $1.60 to $1.62 per diluted share Updated FY19 AFFO guidance of $2.75-$2.77 per diluted share Repurchased $34 million of senior unsecured notes due 2022 and closed on $44 million, 15-year real estate loan bearing interest at 4.22% annually https://finance.yahoo.com/news/geo-group-reports-third-quarter-115500847.html
Geo Group CEO acknowledges 'volatility' from negative media coverage The Geo Group has strong relationships with dozens of lenders, despite several high-profile institutions announcing plans to sever ties with the private prison company, company executives said. During the company's third quarter earnings call, CEO George Zoley said banks that plan to end their relationship with the company represent only 25% of its total borrowing capacity. The institutions that have decided to jump ship, including JPMorgan Chase, Bank of America and Wells Fargo, are contractually obligated to honor their financing arrangements with the company until 2024, he added. "The handful of bank announcements have not impacted our operations or financial flexibility," Zoley said. He said the company is having conversations with new institutions "who have expressed interest in establishing a lending relationship with us." Zoley acknowledged negative media reports about private prison companies led to some "volatility." While share prices for the company have dropped nearly 32% over the past year, falling from $21.99 to $15.04 a share as of Thursday, that hasn't translated into lower earnings. Boca Raton-based Geo Group's (NYSE: GEO) net income was $45.9 million in the third quarter of 2019, an increase from $39.3 million a year ago. Revenue reached $631.6 million, up from $583.5 million. Zoley said Geo Group continues to grow its market and the company experienced significant start-up activity in the third quarter that will drive future cash flow. That includes the reactivation of 4,600 beds in previously idle facilities. The company opened a 1,000-bed U.S. Immigration and Custom Enforcement (ICE) processing center in Louisiana, an 1,800-bed correctional facility in Louisiana and an 1,800-bed Texas detention complex during the third quarter, Zoley said. Geo Group is also in the process of finalizing two expansion projects in Australia and was recently awarded a 10-year contract for secure prisoner transportation in the United Kingdom. Geo Group, Tennessee-based CoreCivic and Utah-based Management & Training Corporation recently banded together to launch the Day 1 Alliance. The trade group is designed to push back against critics of the private prison industry. It will emphasize those companies do not run detention facilities for immigrant children separated from their parents. Private prison companies have come under scrutiny after reports emerged hundreds of migrants, including children, were being held in overcrowded and unsanitary facilities near the southern border. In July, the U.S House Committee on Oversight and Reform asked Geo Group to account for the hundreds of millions of dollars in federal government contracts it has received to operate U.S. Immigration and Custom Enforcement (ICE) detention facilities. In August, a class-action lawsuit filed in the U.S. District Court for the Central District of California alleged Geo Group failed to ensure immigrant detainees were held in humane conditions at it's ICE detention centers. https://www.bizjournals.com/southfl...ges-volatility-from.html?ana=yahoo&yptr=yahoo
The GEO Group (NYSE:GEO) ("GEO") announced today that GEO Secure Services has signed a new managed-only contract with the U.S. Marshals Service for the government-owned, 512-bed El Centro Service Processing Center in California. The contract will have a term of 8 years and 9 months, inclusive of option periods, effective December 23, 2019. The contract is expected to generate approximately $29 million in annualized revenues for GEO and create more than 240 full-time jobs. "We’re pleased to have been able to build on our long-standing partnership with the U.S. Marshals Service to help the agency meet its need for bed space and quality management services in California," said George C. Zoley, GEO’s Chairman and Chief Executive Officer. GEO has had a long-standing private-public partnership with the federal government that dates back to the 1980s. GEO’s facilities are highly rated and provide high-quality, culturally responsive services in safe and humane residential environments. https://finance.yahoo.com/news/geo-group-announces-signing-contract-115500649.html
The GEO Group, Inc. (NYSE: GEO) ("GEO") announced that on February 3, 2020, its Board of Directors declared a quarterly cash dividend of $0.48 per share. The quarterly cash dividend will be paid on February 21, 2020 to shareholders of record as of the close of business on February 14, 2020. https://finance.yahoo.com/news/geo-group-declares-quarterly-cash-114500802.html
The GEO Group Inc. (NYSE:GEO) Chairman and CEO George C. Zoley bought 515,063 shares during the past week at an average price of $16.58. https://finance.yahoo.com/news/weekly-ceo-buys-highlight-151806686.html
Those following along with The GEO Group, Inc. (NYSE:GEO) will no doubt be intrigued by the recent purchase of shares by George Zoley, Founder of the company, who spent a stonking US$2.8m on stock at an average price of US$11.31. There's no denying a buy of that magnitude suggests conviction in a brighter future, although we do note that proportionally it only increased their holding by 7.9%. https://finance.yahoo.com/news/insider-buying-geo-group-inc-110424199.html
How mass incarceration became ‘a business opportunity’ in America Mass incarceration in the U.S. grew over decades as more politicians with tough-on-crime stances became elected to office and laws changed surrounding sentencing. In that environment, the private prison industry became a place to generate a lot of revenue. Illegal Tender podcast. “They saw the incarceration, the denial of freedom of our fellow Americans, people in our community as a business opportunity.”">“A lot of these criminal laws were changed with the political support of individuals who supported the private prison corporation because they saw a business opportunity,” Amy Fettig, executive director at The Sentencing Project, told Yahoo Finance’s Illegal Tender podcast. “They saw the incarceration, the denial of freedom of our fellow Americans, people in our community as a business opportunity.” “The for-profit prison industry is a multi-billion dollar corporate effort to run private prisons not only in the United States, but throughout the world,” Brandon Buskey, deputy director of Smart Litigation at the American Civil Liberties Union (ACLU), told Yahoo Finance. “And it depends for its survival on our dependence on mass incarceration.” https://finance.yahoo.com/news/mass-incarceration-business-america-170130832.html
Best Stocks to Buy According to Michael Burry 10. The GEO Group, Inc. (NYSE: GEO) Number of Hedge Fund Holders: 15 The GEO Group, Inc. (NYSE: GEO) is placed tenth on our list of 10 best stocks to buy according to Michael Burry. The firm operates as a real estate investment trust and is based in Florida. Latest filings reveal that Scion Asset Management owned 2.5 million shares in the company at the end of June 2021 that are worth $17.8 million. This represents 0.85% of the investment portfolio of the Burry-led firm. The GEO Group is a new addition to the portfolio compared to the previous quarter. On June 8, investment advisory Wedbush initiated coverage of The GEO Group, Inc. (NYSE: GEO) stock with a Neutral rating and a price target of $7. Henry Coffey, an analyst at the firm, issued the ratings update. At the end of the second quarter of 2021, 15 hedge funds in the database of Insider Monkey held stakes worth $74 million in The GEO Group, Inc. (NYSE: GEO), up from 13 in the previous quarter worth $72 million. Just like Facebook, Inc. (NASDAQ: FB), Alphabet Inc. (NASDAQ: GOOG), and Walmart Inc. (NYSE: WMT), The GEO Group, Inc. (NYSE: GEO) is one of the best stocks to buy according to Michael Burry. In its Q1 2021 investor letter, Miller Value Partners, an asset management firm, highlighted a few stocks and The GEO Group, Inc. (NYSE: GEO) was one of them. Here is what the fund said: “GEO Group (GEO) declined 9.8% during the period as President Biden’s Executive Order directing the Department of Justice not to renew contracts with private prisons at the Federal level offset solid Q4 results. GEO reported Q4 revenue of $578.1M, in-line with consensus while EBITDA of $107.9M topped estimates of $87.7M by 23%. Adjusted Funds from Operations (AFFO) of $0.62/share fell 6% Y/Y and provided coverage of 2.5x on the quarterly dividend of $0.25/share (13.5% annualized yield). The company exited the quarter with ample liquidity of $420M and remains committed to paying down $75M-$100M of debt annually. Management introduced 2021 guidance with revenue of $2.24Bn-$2.27Bn, EBITDA of $386M-$400M, and AFFO of $1.98-$2.08, all of which assumes Bureau of Prison contracts with optional expiration periods in 2021 will not be renewed. Additionally, GEO announced a $200M convertible notes offering due 2026 with net proceeds funding the redemption of the 5.875% unsecured notes due 2022.” https://finance.yahoo.com/news/10-best-stocks-buy-according-134049901.html
FUCK GEO GROUP and any scumbag who supports them. I have been in one of their facilities. Actually a couple since they also have contracts inside many jails/prisons now. FUCK GEO GROUP! Any dickhead who financially supports the US Prison System should have to spend a Week in their facility for every 100$ invested. Currently trading under 8$
I do have shares in GEO as i have in a lot of other companys, for me that is only business, but you can by happy because i have a loss of about 55% on these shares. I have never been in any correction facility and i do not pretend to know how the US Prison System works, so i am sorry if i offended you !
You dont offend me but I wish people would invest in companies that HELP our communities instead of destroying them. I dont like to hear anyone taking a loss. I just hope maybe in the future you wont invest in companies that incarcerate people. majority of which are non-violent drug-offenders as GEO offers Drug Treatment Facilities for Parolees and Drug Treatment classes in prisons required to make parole. GEO is super fucked up. I have made a point of only investing in companies that I believe in both economically and morally.
