Covenant Logistics Group, Inc. $CVLG Shares Acquired by T. Rowe Price Investment Management Inc.

Key Points

• T. Rowe Price Investment Management Inc. significantly increased its stake in Covenant Logistics Group by 137.9%, acquiring an additional 224,617 shares, bringing its total holdings to 387,481 shares valued at approximately $8.6 million.
• The company announced a quarterly dividend of $0.07 per share, representing an annualized yield of 1.1%, scheduled for payment on September 26th to shareholders of record as of September 5th.
• Analysts have upgraded Covenant Logistics’ rating from "hold" to "buy", with a consensus price target of $33.00 from two equity research analysts.

T. Rowe Price Investment Management Inc. increased its position in shares of Covenant Logistics Group, Inc. (NYSE:CVLG - Free Report) by 137.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 387,481 shares of the company's stock after acquiring an additional 224,617 shares during the period. T. Rowe Price Investment Management Inc. owned approximately 1.46% of Covenant Logistics Group worth $8,603,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in CVLG. GAMMA Investing LLC boosted its position in Covenant Logistics Group by 1,289.4% during the 1st quarter. GAMMA Investing LLC now owns 1,709 shares of the company's stock valued at $38,000 after buying an additional 1,586 shares during the period. Copeland Capital Management LLC bought a new position in shares of Covenant Logistics Group in the 1st quarter worth about $52,000. KLP Kapitalforvaltning AS increased its stake in Covenant Logistics Group by 100.0% during the 1st quarter. KLP Kapitalforvaltning AS now owns 2,600 shares of the company's stock valued at $58,000 after purchasing an additional 1,300 shares in the last quarter. US Bancorp DE increased its stake in Covenant Logistics Group by 6,352.3% during the 1st quarter. US Bancorp DE now owns 2,839 shares of the company's stock valued at $63,000 after purchasing an additional 2,795 shares in the last quarter. Finally, Wells Fargo & Company MN grew its stake in shares of Covenant Logistics Group by 28.1% in the fourth quarter. Wells Fargo & Company MN now owns 4,921 shares of the company's stock worth $268,000 after acquiring an additional 1,079 shares during the period. Institutional investors own 83.72% of the company's stock.

Wall Street Analysts Forecast Growth

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

Covenant Logistics Group Trading Down 0.5%

CVLG traded down $0.13 during midday trading on Friday, hitting $24.02. The company's stock had a trading volume of 13,820 shares, compared to its average volume of 120,194. The company has a current ratio of 1.09, a quick ratio of 1.06 and a debt-to-equity ratio of 0.52. The firm has a market cap of $600.98 million, a P/E ratio of 18.34 and a beta of 1.41. The firm has a 50-day moving average price of $24.36 and a two-hundred day moving average price of $23.12. Covenant Logistics Group, Inc. has a 52-week low of $17.46 and a 52-week high of $30.77.

Covenant Logistics Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 5th will be issued 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%.

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.