GEO Group cuts dividend by 96%

The GEO Group (GEO) will this time cut its quarterly dividend by another 96 percent to 1 cent per share. Earlier this year the dividend was already cut by 26.5 percent to 25 cents per share. This comes after a cut of 29.2 percent to 34 cents per share in 2020 by the correctional facilities REIT.

The next quarterly cash dividend will be paid on April 9, 2021 to shareholders of record as of the close of business on March 26, 2021. The new dividend yield for GEO is 13% if the company will maintain its new $0.04 per share annualized dividend rate.

The GEO Group, Inc. is a fully integrated equity real estate investment trust specialized in the design, financing, development, and operation of correctional, detention, and community reentry facilities. GEO has operations in the United States, Australia, South Africa, and the United Kingdom. GEO’s worldwide operations include the ownership and/or management of 125 facilities totaling approximately 93,000 beds, including projects under development, with a workforce of approximately 23,000 professionals. The company has paid a dividend to shareholders every year since 2012.