Covenant Logistics Group, Inc. (NASDAQ:CVLG) Stock Holdings Raised by Bank of America Corp DE

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

A number of other hedge funds also recently made changes to their positions in CVLG. T. Rowe Price Investment Management Inc. acquired a new position in shares of Covenant Logistics Group in the 4th quarter valued at $8,878,000. Empowered Funds LLC boosted its holdings in shares of Covenant Logistics Group by 110.2% in the 4th quarter. Empowered Funds LLC now owns 188,916 shares of the company's stock valued at $10,298,000 after purchasing an additional 99,026 shares during the last quarter. American Century Companies Inc. boosted its holdings in shares of Covenant Logistics Group by 21.7% in the 4th quarter. American Century Companies Inc. now owns 210,350 shares of the company's stock valued at $11,466,000 after purchasing an additional 37,501 shares during the last quarter. Royce & Associates LP boosted its holdings in shares of Covenant Logistics Group by 43.8% in the 4th quarter. Royce & Associates LP now owns 121,544 shares of the company's stock valued at $6,625,000 after purchasing an additional 37,008 shares during the last quarter. Finally, Foundry Partners LLC boosted 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 valued at $11,779,000 after purchasing an additional 19,777 shares during the last quarter. Institutional investors and hedge funds own 83.72% of the company's stock.

Insider Activity

In other news, Director D Michael Kramer sold 2,200 shares of the firm's stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $22.80, for a total value of $50,160.00. Following the transaction, the director now owns 24,736 shares of the company's stock, valued at approximately $563,980.80. This trade represents a 8.17% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 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 on the stock in a report on Friday, April 25th.

Covenant Logistics Group Trading Down 0.2%

Shares of CVLG stock traded down $0.05 during mid-day trading on Friday, reaching $22.83. The company's stock had a trading volume of 160,920 shares, compared to its average volume of 111,760. The company's 50 day simple moving average is $21.03 and its 200-day simple moving average is $24.82. Covenant Logistics Group, Inc. has a 12-month low of $17.46 and a 12-month high of $30.77. The company has a quick ratio of 1.07, a current ratio of 1.10 and a debt-to-equity ratio of 0.46. The firm has a market capitalization of $606.19 million, a PE ratio of 17.63 and a beta of 1.45.

Covenant Logistics Group Dividend Announcement

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

Covenant Logistics Group Company 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.