Victory Capital Management Inc. Acquires 34,753 Shares of Covenant Logistics Group, Inc. (NYSE:CVLG)

Victory Capital Management Inc. boosted its position in Covenant Logistics Group, Inc. (NYSE:CVLG - Free Report) by 97.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 70,271 shares of the company's stock after buying an additional 34,753 shares during the quarter. Victory Capital Management Inc. owned approximately 0.26% of Covenant Logistics Group worth $1,560,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of CVLG. GAMMA Investing LLC lifted its holdings in shares of Covenant Logistics Group by 1,289.4% during the 1st quarter. GAMMA Investing LLC now owns 1,709 shares of the company's stock worth $38,000 after acquiring an additional 1,586 shares during the period. Huntington National Bank lifted its holdings in shares of Covenant Logistics Group by 91.5% during the 4th quarter. Huntington National Bank now owns 963 shares of the company's stock worth $52,000 after acquiring an additional 460 shares during the period. Copeland Capital Management LLC bought a new position in shares of Covenant Logistics Group during the 1st quarter worth about $52,000. KLP Kapitalforvaltning AS bought a new position in Covenant Logistics Group during the 4th quarter valued at about $71,000. Finally, Summit Investment Advisors Inc. lifted its holdings in Covenant Logistics Group by 100.0% during the 4th quarter. Summit Investment Advisors Inc. now owns 1,406 shares of the company's stock valued at $77,000 after purchasing an additional 703 shares during the last quarter. 83.72% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CVLG has been the topic of several research analyst reports. TD Cowen decreased their price target on shares of Covenant Logistics Group from $31.00 to $30.00 and set a "buy" rating on the stock in a research note on Friday, April 25th. Wall Street Zen raised shares of Covenant Logistics Group from a "hold" rating to a "buy" rating in a research note on Wednesday.

Insider Transactions at Covenant Logistics Group

In related news, Director D Michael Kramer sold 2,200 shares of the business's stock in a transaction that occurred 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 completion of the transaction, the director owned 24,736 shares in the company, valued at approximately $563,980.80. The trade was a 8.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 35.10% of the company's stock.

Covenant Logistics Group Trading Down 3.9%

Shares of NYSE:CVLG traded down $0.95 during trading on Friday, hitting $23.20. 91,073 shares of the company's stock were exchanged, compared to its average volume of 110,335. Covenant Logistics Group, Inc. has a 1-year low of $17.46 and a 1-year high of $30.77. The firm has a 50-day moving average price of $23.97 and a two-hundred day moving average price of $23.64. 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 firm has a market cap of $615.96 million, a P/E ratio of 17.71 and a beta of 1.41.

Covenant Logistics Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Friday, June 6th were issued a dividend of $0.07 per share. The ex-dividend date was Friday, June 6th. This represents a $0.28 dividend on an annualized basis and a 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.