Vestcor Inc Has $1.60 Million Holdings in Covenant Logistics Group, Inc. (NASDAQ:CVLG)

Vestcor Inc reduced its stake in shares of Covenant Logistics Group, Inc. (NASDAQ:CVLG) by 2.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 29,422 shares of the company’s stock after selling 589 shares during the quarter. Vestcor Inc’s holdings in Covenant Logistics Group were worth $1,604,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of CVLG. FMR LLC raised its stake in shares of Covenant Logistics Group by 3,423.0% in the 3rd quarter. FMR LLC now owns 46,151 shares of the company’s stock valued at $2,439,000 after buying an additional 44,841 shares in the last quarter. Victory Capital Management Inc. raised its stake in shares of Covenant Logistics Group by 74.9% in the 3rd quarter. Victory Capital Management Inc. now owns 35,314 shares of the company’s stock valued at $1,866,000 after buying an additional 15,128 shares in the last quarter. Private Advisor Group LLC raised its stake in shares of Covenant Logistics Group by 11.8% in the 4th quarter. Private Advisor Group LLC now owns 4,567 shares of the company’s stock valued at $249,000 after buying an additional 481 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Covenant Logistics Group by 24.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 109,639 shares of the company’s stock valued at $5,793,000 after buying an additional 21,401 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Covenant Logistics Group in the 3rd quarter valued at $477,000. 83.72% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Covenant Logistics Group news, CAO Matisse Long sold 2,114 shares of the stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $28.95, for a total transaction of $61,200.30. Following the sale, the chief accounting officer now owns 15,434 shares of the company’s stock, valued at $446,814.30. This represents a 12.05 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 36.50% of the stock is currently owned by corporate insiders.

Covenant Logistics Group Trading Down 1.0 %

Shares of Covenant Logistics Group stock opened at $22.72 on Friday. The stock has a market capitalization of $603.08 million, a P/E ratio of 17.54 and a beta of 1.45. 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 50-day simple moving average of $26.44 and a 200 day simple moving average of $27.10. Covenant Logistics Group, Inc. has a 12-month low of $21.52 and a 12-month high of $30.77.

Covenant Logistics Group Increases Dividend

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

Wall Street Analysts Forecast Growth

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

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.