Corrections Corporation Of America's Quarterly Cash Dividend Offers 6.5% Yield

Corrections Corporation of America

revealed Friday that its Board of Directors declared a quarterly dividend of $0.54 per share to its shareholders. The dividend provided a yield of 6.5 percent. The dividend worked out to $2.16 a share on an annualized basis. Corrections Corporation of America said that the dividend would be paid on July 15, 2016 to all its shareholders. The company fixed the record date of July 1 for determining the eligible shareholders to get the dividend. America's largest owner of partnership correctional, detention, and reentry facilities' current dividend indicated a payout ratio of more than 100 percent. On Friday, the stock traded 0.24 percent down.