Covenant Logistics Group, Inc. (NYSE:CVLG) Shares Bought 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 increased its holdings in shares of Covenant Logistics Group, Inc. (NYSE:CVLG - Free Report) by 95.7% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 135,250 shares of the company's stock after acquiring an additional 66,135 shares during the period. Bank of New York Mellon Corp owned approximately 0.51% of Covenant Logistics Group worth $3,003,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Rhumbline Advisers lifted its position in shares of Covenant Logistics Group by 97.7% during the 1st quarter. Rhumbline Advisers now owns 26,177 shares of the company's stock worth $581,000 after purchasing an additional 12,937 shares during the last quarter. GAMMA Investing LLC increased its stake in shares of Covenant Logistics Group by 1,289.4% during the first quarter. GAMMA Investing LLC now owns 1,709 shares of the company's stock worth $38,000 after acquiring an additional 1,586 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Covenant Logistics Group by 10.8% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 12,605 shares of the company's stock worth $687,000 after acquiring an additional 1,231 shares during the period. JPMorgan Chase & Co. grew its position in Covenant Logistics Group by 51.0% during the fourth quarter. JPMorgan Chase & Co. now owns 48,038 shares of the company's stock worth $2,619,000 after buying an additional 16,233 shares during the period. Finally, Bank of America Corp DE grew its position in shares of Covenant Logistics Group by 132.0% in the fourth quarter. Bank of America Corp DE now owns 28,484 shares of the company's stock valued at $1,553,000 after purchasing an additional 16,205 shares during the last quarter. 83.72% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

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

Analysts Set New Price Targets

Several brokerages have weighed in on CVLG. Wall Street Zen raised shares of Covenant Logistics Group from a "hold" rating to a "buy" rating in a report on Wednesday. TD Cowen dropped 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 report on Friday, April 25th.

Covenant Logistics Group Price Performance

CVLG traded down $0.18 during trading on Thursday, reaching $24.18. The stock had a trading volume of 13,253 shares, compared to its average volume of 126,288. The company has a current ratio of 1.09, a quick ratio of 1.06 and a debt-to-equity ratio of 0.42. The company has a market cap of $641.98 million, a price-to-earnings ratio of 18.46 and a beta of 1.44. Covenant Logistics Group, Inc. has a one year low of $17.46 and a one year high of $30.77.

Covenant Logistics Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 6th were issued a dividend of $0.07 per share. The ex-dividend date was Friday, June 6th. This represents a $0.28 annualized dividend and a dividend yield of 1.16%. Covenant Logistics Group's dividend payout ratio (DPR) is 21.37%.

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.