Swiss National Bank Acquires 15,700 Shares of Covenant Logistics Group, Inc. $CVLG

Key Points

• The Swiss National Bank has increased its investment in Covenant Logistics Group by 100%, owning approximately 31,400 shares valued at $697,000.
• Covenant Logistics Group has announced a quarterly dividend of $0.07 per share, translating to an annualized dividend yield of 1.1%.
• Analysts at Wall Street Zen recently upgraded Covenant Logistics Group from a "hold" to a "buy" rating, with a consensus target price of $33.00.

Swiss National Bank grew its holdings in Covenant Logistics Group, Inc. (NYSE:CVLG - Free Report) by 100.0% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 31,400 shares of the company's stock after buying an additional 15,700 shares during the quarter. Swiss National Bank owned approximately 0.12% of Covenant Logistics Group worth $697,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Vanguard Group Inc. increased its position in Covenant Logistics Group by 106.6% in the first quarter. Vanguard Group Inc. now owns 959,196 shares of the company's stock worth $21,294,000 after purchasing an additional 494,825 shares during the period. Patton Albertson Miller Group LLC increased its position in Covenant Logistics Group by 100.0% in the first quarter. Patton Albertson Miller Group LLC now owns 576,250 shares of the company's stock worth $12,793,000 after purchasing an additional 288,125 shares during the period. Foundry Partners LLC increased its position in Covenant Logistics Group by 100.9% in the first quarter. Foundry Partners LLC now owns 434,073 shares of the company's stock worth $9,636,000 after purchasing an additional 217,993 shares during the period. Royce & Associates LP increased its position in Covenant Logistics Group by 114.4% in the first quarter. Royce & Associates LP now owns 260,588 shares of the company's stock worth $5,785,000 after purchasing an additional 139,044 shares during the period. Finally, Bridgeway Capital Management LLC increased its position in Covenant Logistics Group by 56.5% in the fourth quarter. Bridgeway Capital Management LLC now owns 274,316 shares of the company's stock worth $14,953,000 after purchasing an additional 99,026 shares during the period. 83.72% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Separately, Wall Street Zen upgraded Covenant Logistics Group from a "hold" rating to a "buy" rating in a research report on Wednesday, July 30th. Two analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and an average target price of $33.00.

Covenant Logistics Group Trading Down 0.1%

Shares of Covenant Logistics Group stock traded down $0.03 during trading on Friday, hitting $24.12. 37,149 shares of the company were exchanged, compared to its average volume of 77,163. The firm has a market capitalization of $603.48 million, a P/E ratio of 13.38 and a beta of 1.41. Covenant Logistics Group, Inc. has a 1-year low of $17.46 and a 1-year high of $30.77. The firm's fifty day moving average price is $24.38 and its 200 day moving average price is $23.10. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.09 and a quick ratio of 1.06.

Covenant Logistics Group Announces Dividend

The business also recently announced 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 annualized dividend and a dividend yield of 1.2%. Covenant Logistics Group's payout ratio is currently 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.