CoreCivic, formerly Corrections Corporation of America (CXW), will raise its quarterly dividend by 2.4 percent to $0.43 per share in the first quarter of 2018.

The new annualized dividend rate of $1.72 translates into a yield of approximately 8.1%. Its the first dividend increase by CXW since its December 2016 dividend cut.

On October 28, 2016, Corrections Corporation of America announced the rebranding of its corporate enterprise as CoreCivic. Under the CoreCivic brand, the Company will provide three distinct business offerings: CoreCivic Safety, a national leader in high quality corrections and detention management; CoreCivic Properties, a wide range of innovative, cost-saving government real estate solutions; and CoreCivic Community, a growing network of residential reentry centers to help tackle America’s recidivism crisis.