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America's two main private prison companies have seen their stocks surge 100% since the election as President Trump vows to crack down on crime and illegal immigration. PLN managing editor Alex Friedmann, who owns a small amount of CCA and GEO stock as an activist investor, which allows him to attend the companies’ annual shareholder meetings and file shareholder resolutions, requested and obtained a copy of GEO’s shareholder list at the company’s last annual meeting on April 29, 2015. All times are ET. CCA stock, once nearly $150 a share, falls to 19 cents. JPMorgan Chase, the nation’s largest bank, announced that it would stop financing the industry profiting from immigrant detention in March, following similar moves by Wells Fargo and U.S. Bank. Related: Wow. Investors were thrilled, sending Geo and CoreCivic stocks even higher Friday. Banks bow to pressure to stop profiting from Trump’s immigration policy, but Big Tech remains defiant. Guthrie to Trump: You're the President, you're not some crazy uncle! Factset: FactSet Research Systems Inc.2018. Vanguard said in a statement to CNN Business that the prison stocks make up a "very modest" portion of the company's portfolios, adding that it would be impractical to eliminate all controversial stocks from funds. Both stocks are held mainly in passive funds that mimic indexes that include the companies, such as the S&P Mid Cap 400, Russell 2000 and the benchmark real estate MSCI US REIT Index, as opposed to funds where managers choose to buy them. CoreCivic and GEO Group have already started to see interest from smaller regional banks that could fill in the gap or they could work with private equity, said Reed Valutas, lead analyst at Moody’s Investors Service. All rights reserved. What do Google, banks and chicken salad have in common? Despite the uncertain financial forecasts for GEO Group and CoreCivic, activist protests have not appeared to hit the prison companies’ bottom lines. Activists, while hopeful that the loss of financing could hamper the prison companies’ growth and viability, say they have no doubt that the companies will find a way to stay afloat. Warren's campaign told CNN they were unfazed by the stock drop. BlackRock/iShares did not respond to a comment about whether it would look to exclude CoreCivic and GEO from index mutual funds and ETFs. By signing up you agree to our Terms of Use and Privacy Policy, Reporter covering white-collar crime and Wall Street, Reporter covering the intersection of race and the economy. It was only a few months ago that private prisons looked like they were on their way out. GEO Group is expected to reopen a private prison in Baldwin, Mich., in the coming days to incarcerate noncitizens as part of a 10-year contract with the Federal Bureau of Prisons, according to a recent news report. Both companies donated heavily to Republicans during the 2016 election, according to OpenSecrets. Pelosi: House will pass Senate version of border aid bill, First-time jobless claims drop to 787,000, The future of renewable energy could look very different under Biden, Watch the country's first firefighting robot in action, Here's what you need to know about the iPhone 12, US sues Google in landmark antitrust case, How this former QAnon believer escaped the virtual cult. But who owns private prison stock as individual shareholders? Company executives, too, have publicly acknowledged potential hurdles even as they sought to reassure shareholders. "We see a gale force tailwind of demand coming from immigration policy and border security enforcement changes," says Tobey Sommer, a stock analyst at SunTrust Robinson Humphrey. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. Morningstar: © 2019 Morningstar, Inc. All Rights Reserved. Nor have the banks’ withdrawals from financing detention center companies in the future affected CoreCivic’s day-to-day operations, said Amanda Gilchrist, spokeswoman for the company. The Problem With Private Prisons . As a result, GEO Group’s shareholder list cannot be distributed without violating Florida law and incurring civil penalties. “All this stuff is very much associated with Trump in the public imagination, but the trends were set during the Obama administration,” said Alan Zibel, a research director at Public Citizen who wrote a recent report on the federal contracts. More than half a dozen major banks have either divested or are in the process of divesting from the private detention sector. Factset: FactSet Research Systems Inc.2019. CCA board member Thurgood Marshall, Jr., son of the late U.S. Supreme Court justice (and FBI informant), owned 42,391 shares as of March 30, 2015, and CCA executive vice president Harley G. Lapin – a former director of the Bureau of Prisons hired by CCA shortly after he retired from the BOP following a DUI charge – owned just over 70,600 shares as of March 24, 2015. The company’s market cap is $1.88 billion and it owns and operates private prisons and detention centers. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. The outlook changed dramatically after Trump's historic win. Shares of Geo now trade at an all-time high. But the controversy surrounding the migrant crisis is having a broad impact on the financial services industry. “We do maintain a commitment to lending to companies that conduct their business in a socially responsible manner,” he said in a statement. First published February 24, 2017: 10:20 AM ET, These are your 3 financial advisors near you, This site finds and compares 3 financial advisors in your area, Check this off your list before retirement: talk to an advisor, Answer these questions to find the right financial advisor for you, An Insane Card Offering 0% Interest Until Nearly 2020, Transferring Your Balance to a 14-Month 0% APR is Ingenious, The Top 7 Balance Transfer Credit Cards On The Market Today, Get $300 Back With This Outrageous New Credit Card. In a few years, when the companies need to secure new loans, the big banks that recently said they wouldn’t work with private detention centers in the future may have a different perspective, he said. Private-prison companies have an incentive to push for tough laws like jail for nonviolent offenses or mandatory minimums. The Nashville-based REIT has close to … But David M. Garfinkle, CoreCivic’s chief financial officer, said during the same call that “the price of our debt and equity have been affected” by the headlines. Immediately after this review was announced, the stock prices of private prison company giants CoreCivic—formerly the Corrections Corporation … The company’s “fiscal health has been unaffected by these bank announcements,” she said, “and we have seen a positive response from many other banks that are interested in working with us.”. Lee Underwood, a Synovus spokesman, said the bank does not comment on plans with its customers. CCA’s ten largest institutional investors owned approximately 67.7 million shares in the company, or almost 58% of the company’s total issued stock. As a digital subscriber to Prison Legal News, you can access full text and downloads for this and other premium content. Private prison giants CoreCivic and GEO Group have been abandoned by Wall Street and seen their stock prices plummet. Business. Banks that are heavily invested in CCA include the Bank of New York Mellon Corp. with 2.46 million shares, and Wells Fargo & Company with 1.24 million shares. “Not having access to [these] stable sources of financing contributed to our negative outlook,” Foguel said in an interview this week. But it remains far from a death knell. BlackRock and Vanguard are the biggest investors in private prisons. Shares in the two largest private prison stocks jumped sharply the morning after Donald J. Trump was elected president. The largest owner of CCA stock was Vanguard Group, Inc., with 16.79 million shares valued at $578.9 million, followed by Vanguard’s Specialized-REIT Index Fund, a mutual fund, with 8.8 million shares. During the first half of 2019, CoreCivic’s profits increased 27 percent, to $98 million, compared with the same period last year, and the Nashville-based company said it would bring in more profits than it initially expected this year. Since CCA has around 117 million shares of outstanding stock, an investor would have to own about 5.85 million shares (currently valued at over $200 million) before they could obtain a copy of the company’s shareholder list. That is, do federal, state or local lawmakers, or corrections officials, or judges, or other public employee stakeholders in our criminal justice system own shares of CCA or GEO Group? 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