Covenant Logistics Group, Inc. $CVLG Position Boosted by Charles Schwab Investment Management Inc.

Key Points

• Charles Schwab Investment Management Inc. increased its stake in Covenant Logistics Group by 90.3%, owning 168,936 shares valued at approximately $3.75 million after acquiring an additional 80,151 shares in the first quarter.
• Vanguard Group Inc. also significantly raised its position by 106.6%, now holding 959,196 shares valued at about $21.29 million, indicating strong institutional interest in the company.
• Covenant Logistics Group announced a quarterly dividend of $0.07 per share, reflecting an annualized dividend yield of 1.2%, with a payout ratio of 21.37%.

Charles Schwab Investment Management Inc. grew its holdings in shares of Covenant Logistics Group, Inc. (NYSE:CVLG - Free Report) by 90.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 168,936 shares of the company's stock after buying an additional 80,151 shares during the quarter. Charles Schwab Investment Management Inc. owned 0.64% of Covenant Logistics Group worth $3,750,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Rhumbline Advisers lifted its holdings 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 valued at $581,000 after acquiring an additional 12,937 shares in the last quarter. GAMMA Investing LLC lifted 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 purchasing an additional 1,586 shares in the last quarter. New York State Common Retirement Fund grew its stake in shares of Covenant Logistics Group by 59.1% in the first quarter. New York State Common Retirement Fund now owns 5,840 shares of the company's stock valued at $130,000 after buying an additional 2,170 shares in the last quarter. Vanguard Group Inc. boosted its holdings in Covenant Logistics Group by 106.6% in the 1st quarter. Vanguard Group Inc. now owns 959,196 shares of the company's stock worth $21,294,000 after acquiring an additional 494,825 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Covenant Logistics Group by 10.8% in 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 valued at $687,000 after acquiring an additional 1,231 shares in the last quarter. Hedge funds and other institutional investors own 83.72% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen cut shares of Covenant Logistics Group from a "buy" rating to a "hold" rating in a research report on Saturday, August 30th. Two investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus target price of $33.00.

Covenant Logistics Group Stock Up 1.4%

NYSE CVLG traded up $0.33 during mid-day trading on Thursday, reaching $24.13. 73,442 shares of the company's stock traded hands, compared to its average volume of 67,639. The company has a current ratio of 1.09, a quick ratio of 1.06 and a debt-to-equity ratio of 0.52. Covenant Logistics Group, Inc. has a 1-year low of $17.46 and a 1-year high of $30.77. The company has a fifty day simple moving average of $24.41 and a 200-day simple moving average of $23.02. The company has a market cap of $603.73 million, a price-to-earnings ratio of 18.42 and a beta of 1.42.

Covenant Logistics Group Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 5th will be given a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.2%. Covenant Logistics Group's payout ratio is currently 21.37%.

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.