Covenant Logistics Group, Inc. (NASDAQ:CVLG) Stock Position Reduced by Vestcor Inc

Vestcor Inc cut its stake in shares of Covenant Logistics Group, Inc. (NASDAQ:CVLG) by 2.0% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 29,422 shares of the company’s stock after selling 589 shares during the period. Vestcor Inc owned about 0.11% of Covenant Logistics Group worth $1,604,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Huntington National Bank purchased a new position in Covenant Logistics Group during the third quarter valued at approximately $27,000. Quantbot Technologies LP purchased a new position in Covenant Logistics Group during the third quarter valued at approximately $64,000. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Covenant Logistics Group by 110.3% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,872 shares of the company’s stock valued at $205,000 after purchasing an additional 2,031 shares in the last quarter. GSA Capital Partners LLP purchased a new position in Covenant Logistics Group during the third quarter valued at approximately $215,000. Finally, Private Advisor Group LLC grew its position in Covenant Logistics Group by 11.8% in the fourth quarter. Private Advisor Group LLC now owns 4,567 shares of the company’s stock worth $249,000 after acquiring an additional 481 shares in the last quarter. 83.72% of the stock is owned by hedge funds and other institutional investors.

Covenant Logistics Group Stock Performance

CVLG stock opened at $22.72 on Friday. The company has a quick ratio of 1.07, a current ratio of 1.10 and a debt-to-equity ratio of 0.46. The company has a market capitalization of $603.08 million, a price-to-earnings ratio of 17.54 and a beta of 1.45. Covenant Logistics Group, Inc. has a 12 month low of $21.52 and a 12 month high of $30.77. The firm has a 50 day moving average of $26.44 and a two-hundred day moving average of $27.10.

Covenant Logistics Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be issued a dividend of $0.07 per share. This is an increase from Covenant Logistics Group’s previous quarterly dividend of $0.06. This represents a $0.28 annualized dividend and a dividend yield of 1.23%. The ex-dividend date is Friday, March 7th. Covenant Logistics Group’s dividend payout ratio is currently 21.71%.

Analyst Upgrades and Downgrades

Separately, Stephens reissued an “overweight” rating and issued a $36.00 target price on shares of Covenant Logistics Group in a research report on Friday, January 24th.

Insider Buying and Selling

In related news, CAO Matisse Long sold 2,114 shares of the company’s stock in a transaction on Tuesday, January 28th. The shares were sold at an average price of $28.95, for a total transaction of $61,200.30. Following the completion of the sale, the chief accounting officer now directly owns 15,434 shares of the company’s stock, valued at approximately $446,814.30. This represents a 12.05 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 36.50% of the stock is owned by 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.