Covenant Logistics Group, Inc. (NASDAQ:CVLG) Shares Acquired by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon Corp increased its stake in Covenant Logistics Group by 95.7%, owning 135,250 shares valued at approximately $3 million.
• A significant percentage of Covenant Logistics Group's shares, around 83.72%, are owned by institutional investors and hedge funds, highlighting strong institutional interest in the company.
• Covenant Logistics Group recently announced a quarterly dividend of $0.07 per share, with an annualized yield of 1.07% and a payout ratio of 21.37%.

Bank of New York Mellon Corp lifted its holdings in Covenant Logistics Group, Inc. (NASDAQ:CVLG - Free Report) by 95.7% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 135,250 shares of the company's stock after buying an additional 66,135 shares during the period. Bank of New York Mellon Corp owned about 0.51% of Covenant Logistics Group worth $3,003,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Huntington National Bank grew its stake in Covenant Logistics Group by 91.5% in the 4th quarter. Huntington National Bank now owns 963 shares of the company's stock worth $52,000 after acquiring an additional 460 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in Covenant Logistics Group by 7.0% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,164 shares of the company's stock worth $391,000 after purchasing an additional 467 shares during the period. Summit Investment Advisors Inc. raised its position in Covenant Logistics Group by 100.0% during the 4th quarter. Summit Investment Advisors Inc. now owns 1,406 shares of the company's stock valued at $77,000 after purchasing an additional 703 shares in the last quarter. Townsquare Capital LLC lifted its holdings in shares of Covenant Logistics Group by 18.5% in the 4th quarter. Townsquare Capital LLC now owns 5,831 shares of the company's stock worth $318,000 after buying an additional 910 shares during the period. Finally, Lazard Asset Management LLC grew its position in shares of Covenant Logistics Group by 5.8% during the 4th quarter. Lazard Asset Management LLC now owns 19,032 shares of the company's stock worth $1,036,000 after buying an additional 1,049 shares in the last quarter. Hedge funds and other institutional investors own 83.72% of the company's stock.

Insider Buying and Selling

In other news, Director D Michael Kramer sold 2,200 shares of the company's stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $22.80, for a total value of $50,160.00. Following the sale, the director owned 24,736 shares in the company, valued at $563,980.80. This represents a 8.17% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 35.10% of the company's stock.

Covenant Logistics Group Stock Performance

Shares of NASDAQ:CVLG traded down $0.16 on Monday, hitting $26.05. 120,658 shares of the company were exchanged, compared to its average volume of 127,577. The firm has a market capitalization of $691.71 million, a P/E ratio of 20.12 and a beta of 1.44. The company has a current ratio of 1.10, a quick ratio of 1.07 and a debt-to-equity ratio of 0.46. Covenant Logistics Group, Inc. has a 1-year low of $17.46 and a 1-year high of $30.77. The stock's 50 day moving average price is $23.84 and its 200 day moving average price is $23.67.

Covenant Logistics Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Friday, June 6th were issued a $0.07 dividend. The ex-dividend date was Friday, June 6th. This represents a $0.28 annualized dividend and a yield of 1.07%. Covenant Logistics Group's dividend payout ratio (DPR) is presently 21.37%.

Analysts Set New Price Targets

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

About Covenant Logistics Group

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.