Covenant Logistics Group, Inc. (NASDAQ:CVLG) Declares $0.07 Quarterly Dividend

Covenant Logistics Group, Inc. (NASDAQ:CVLG) announced a quarterly dividend on Friday, May 16th, RTT News reports. Shareholders of record on Friday, June 6th will be given a dividend of 0.07 per share on Friday, June 27th. This represents a $0.28 dividend on an annualized basis and a yield of 1.20%.

Covenant Logistics Group Price Performance

NASDAQ:CVLG opened at $23.35 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 business’s 50-day simple moving average is $21.02 and its two-hundred day simple moving average is $25.40. The stock has a market cap of $620.02 million, a PE ratio of 18.03 and a beta of 1.53. Covenant Logistics Group has a 52 week low of $17.46 and a 52 week high of $30.77.

Analysts Set New Price Targets

Several research analysts recently commented on the company. Stephens reiterated an “overweight” rating and issued a $36.00 price target on shares of Covenant Logistics Group in a research report on Friday, January 24th. TD Cowen dropped their price target on Covenant Logistics Group from $31.00 to $30.00 and set a “buy” rating for the company in a research report on Friday, April 25th.

Institutional Trading of Covenant Logistics Group

Several institutional investors and hedge funds have recently modified their holdings of the stock. Goldman Sachs Group Inc. raised its stake in shares of Covenant Logistics Group by 161.8% during the first quarter. Goldman Sachs Group Inc. now owns 179,304 shares of the company’s stock valued at $3,981,000 after acquiring an additional 110,810 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Covenant Logistics Group by 108.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,586 shares of the company’s stock valued at $213,000 after acquiring an additional 4,985 shares in the last quarter. AQR Capital Management LLC raised its stake in Covenant Logistics Group by 97.5% in the first quarter. AQR Capital Management LLC now owns 88,761 shares of the company’s stock worth $1,970,000 after buying an additional 43,816 shares in the last quarter. Finally, Royal Bank of Canada raised its stake in Covenant Logistics Group by 90.5% in the first quarter. Royal Bank of Canada now owns 24,108 shares of the company’s stock worth $535,000 after buying an additional 11,454 shares in the last quarter. Institutional investors own 83.72% of the company’s stock.

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.