Vestcor Inc Has $1.25 Million Holdings in Covenant Logistics Group, Inc. (NYSE:CVLG)

Key Points

• Vestcor Inc significantly increased its stake in Covenant Logistics Group by 91.3%, acquiring an additional 26,869 shares and bringing its total holdings to 56,291 shares worth approximately $1.25 million.
• A newly declared quarterly dividend of $0.07 per share has been paid to investors, representing an annualized dividend yield of 1.2% and a payout ratio of 21.37%.
• Covenant Logistics Group's shares experienced a 3.9% decline, with the stock trading at $23.20 and a market capitalization of approximately $615.96 million.

Vestcor Inc boosted its stake in shares of Covenant Logistics Group, Inc. (NYSE:CVLG - Free Report) by 91.3% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 56,291 shares of the company's stock after buying an additional 26,869 shares during the period. Vestcor Inc owned approximately 0.21% of Covenant Logistics Group worth $1,250,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of CVLG. Rhumbline Advisers raised its position in Covenant Logistics Group by 97.7% during the first 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 raised its holdings in shares of Covenant Logistics Group by 1,289.4% in 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. New York State Common Retirement Fund grew its stake in Covenant Logistics Group by 59.1% during the 1st quarter. New York State Common Retirement Fund now owns 5,840 shares of the company's stock worth $130,000 after purchasing an additional 2,170 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Covenant Logistics Group by 10.8% in the 4th 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 during the last quarter. Finally, JPMorgan Chase & Co. boosted its position in shares of Covenant Logistics Group by 51.0% in the 4th quarter. JPMorgan Chase & Co. now owns 48,038 shares of the company's stock valued at $2,619,000 after purchasing an additional 16,233 shares during the period. Hedge funds and other institutional investors own 83.72% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the company. Wall Street Zen raised Covenant Logistics Group from a "hold" rating to a "buy" rating in a research note on Wednesday, July 30th. TD Cowen decreased their target price on Covenant Logistics Group from $31.00 to $30.00 and set a "buy" rating for the company in a research note on Friday, April 25th.

Covenant Logistics Group Price Performance

NYSE:CVLG traded down $0.06 during mid-day trading on Wednesday, hitting $23.77. The company's stock had a trading volume of 23,361 shares, compared to its average volume of 125,374. The company has a market capitalization of $631.09 million, a price-to-earnings ratio of 18.15 and a beta of 1.41. The stock has a fifty day moving average of $24.02 and a 200-day moving average of $23.55. The company has a current ratio of 1.09, a quick ratio of 1.06 and a debt-to-equity ratio of 0.42. Covenant Logistics Group, Inc. has a fifty-two week low of $17.46 and a fifty-two week high of $30.77.

Covenant Logistics Group Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 6th were 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%. The ex-dividend date of this dividend was Friday, June 6th. Covenant Logistics Group's dividend payout ratio (DPR) is currently 21.37%.

Insider Buying and Selling at Covenant Logistics Group

In other news, Director D Michael Kramer sold 2,200 shares of Covenant Logistics Group stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $22.80, for a total transaction of $50,160.00. Following the transaction, the director directly 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 SEC, which is available through this hyperlink. 35.10% of the stock is currently owned by corporate insiders.

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.