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

A number of other large investors have also added to or reduced their stakes in CVLG. KLP Kapitalforvaltning AS acquired a new stake in Covenant Logistics Group during the 4th quarter valued at approximately $71,000. Vanguard Group Inc. increased its position in Covenant Logistics Group by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 464,371 shares of the company's stock valued at $25,313,000 after purchasing an additional 1,216 shares during the period. JPMorgan Chase & Co. increased its position in Covenant Logistics Group by 51.0% during 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. Huntington National Bank increased its position in Covenant Logistics Group by 91.5% during the 4th quarter. Huntington National Bank now owns 963 shares of the company's stock valued at $52,000 after purchasing an additional 460 shares during the period. Finally, Foundry Partners LLC increased its position in Covenant Logistics Group by 10.1% during the 4th quarter. Foundry Partners LLC now owns 216,080 shares of the company's stock valued at $11,779,000 after purchasing an additional 19,777 shares during the period. Institutional investors own 83.72% of the company's stock.

Insider Transactions at Covenant Logistics Group

In related 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 value of $50,160.00. Following the completion of the sale, the director owned 24,736 shares of the company's stock, valued at approximately $563,980.80. This trade represents a 8.17% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 35.10% of the company's stock.

Covenant Logistics Group Trading Down 3.9%

NYSE:CVLG opened at $23.20 on Friday. 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 stock has a market capitalization of $615.96 million, a price-to-earnings ratio of 17.71 and a beta of 1.41. The firm has a fifty day simple moving average of $23.97 and a two-hundred day simple moving average of $23.64. Covenant Logistics Group, Inc. has a 12 month low of $17.46 and a 12 month high of $30.77.

Covenant Logistics Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Friday, June 6th were given a $0.07 dividend. The ex-dividend date of this dividend was Friday, June 6th. This represents a $0.28 annualized dividend and a yield of 1.2%. Covenant Logistics Group's dividend payout ratio (DPR) is presently 21.37%.

Analyst Ratings Changes

Several analysts have recently commented on CVLG shares. Wall Street Zen raised shares of Covenant Logistics Group from a "hold" rating to a "buy" rating in a research report on Wednesday. TD Cowen reduced their price target on shares of Covenant Logistics Group from $31.00 to $30.00 and set a "buy" rating for the company in a report on Friday, April 25th.

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.

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