Covenant Logistics Group, Inc. (NASDAQ:CVLG) Stake Increased by Bank of America Corp DE

Bank of America Corp DE grew its position in Covenant Logistics Group, Inc. (NASDAQ:CVLG - Free Report) by 132.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 28,484 shares of the company's stock after buying an additional 16,205 shares during the quarter. Bank of America Corp DE owned 0.11% of Covenant Logistics Group worth $1,553,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. raised its stake in Covenant Logistics Group by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 464,371 shares of the company's stock valued at $25,313,000 after purchasing an additional 1,216 shares during the last quarter. Foundry Partners LLC raised its holdings in shares of Covenant Logistics Group by 10.1% in the 4th quarter. Foundry Partners LLC now owns 216,080 shares of the company's stock worth $11,779,000 after purchasing an additional 19,777 shares during the period. American Century Companies Inc. grew its stake in Covenant Logistics Group by 21.7% during the fourth quarter. American Century Companies Inc. now owns 210,350 shares of the company's stock worth $11,466,000 after buying an additional 37,501 shares during the period. Empowered Funds LLC increased its position in shares of Covenant Logistics Group by 110.2% in the fourth quarter. Empowered Funds LLC now owns 188,916 shares of the company's stock worth $10,298,000 after acquiring an additional 99,026 shares in the last quarter. Finally, T. Rowe Price Investment Management Inc. purchased a new position in shares of Covenant Logistics Group in the 4th quarter valued at $8,878,000. Institutional investors and hedge funds own 83.72% of the company's stock.

Covenant Logistics Group Stock Down 0.2%

Shares of CVLG stock traded down $0.05 during trading hours on Friday, reaching $22.83. The company had a trading volume of 160,920 shares, compared to its average volume of 111,886. The stock's fifty day simple moving average is $21.02 and its 200 day simple moving average is $24.91. The company has a market capitalization of $606.19 million, a P/E ratio of 17.63 and a beta of 1.45. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.07 and a current ratio of 1.10. Covenant Logistics Group, Inc. has a twelve month low of $17.46 and a twelve month high of $30.77.

Covenant Logistics Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be paid a dividend of $0.07 per share. The ex-dividend date is Friday, June 6th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.23%. Covenant Logistics Group's dividend payout ratio is currently 20.14%.

Insider Transactions at Covenant Logistics Group

In related news, Director D Michael Kramer sold 2,200 shares of Covenant Logistics Group stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $22.80, for a total transaction of $50,160.00. Following the sale, the director now owns 24,736 shares of the company's stock, valued at $563,980.80. The trade was a 8.17% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 35.10% of the company's stock.

Wall Street Analyst Weigh In

Separately, TD Cowen decreased their price target on shares of Covenant Logistics Group from $31.00 to $30.00 and set a "buy" rating for the company in a research report on Friday, April 25th.

Covenant Logistics Group Profile

Covenant Logistics Group, Inc, together with its subsidiaries, provides transportation and logistics services in the United States. It operates through four segments: Expedited, Dedicated, Managed Freight, and Warehousing. The Expedited segment primarily provides truckload services with high service freight and delivery standards, such as 1,000 miles in 22 hours or 15-minute delivery windows.