Charles Schwab Investment Management Inc. Sells 20,854 Shares of Covenant Logistics Group, Inc. (NASDAQ:CVLG)

Charles Schwab Investment Management Inc. reduced its position in Covenant Logistics Group, Inc. (NASDAQ:CVLG - Free Report) by 19.0% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 88,785 shares of the company's stock after selling 20,854 shares during the period. Charles Schwab Investment Management Inc. owned 0.34% of Covenant Logistics Group worth $4,840,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Quantbot Technologies LP purchased a new position in shares of Covenant Logistics Group in the third quarter worth about $64,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Covenant Logistics Group by 110.3% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,872 shares of the company's stock valued at $205,000 after buying an additional 2,031 shares in the last quarter. Private Advisor Group LLC grew its stake in 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. SG Americas Securities LLC raised its holdings in Covenant Logistics Group by 34.0% during the 4th quarter. SG Americas Securities LLC now owns 4,715 shares of the company's stock valued at $257,000 after acquiring an additional 1,196 shares during the period. Finally, Townsquare Capital LLC lifted its position in shares of Covenant Logistics Group by 7.8% during the third quarter. Townsquare Capital LLC now owns 4,921 shares of the company's stock worth $260,000 after acquiring an additional 357 shares in the last quarter. 83.72% of the stock is owned by hedge funds and other institutional investors.

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Insider Activity

In related news, CAO Matisse Long sold 2,114 shares of the stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $28.95, for a total value of $61,200.30. Following the transaction, 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 36.50% of the company's stock.

Covenant Logistics Group Price Performance

Shares of CVLG stock traded down $0.71 during trading hours on Friday, reaching $22.20. The stock had a trading volume of 54,576 shares, compared to its average volume of 107,434. The stock's fifty day simple moving average is $25.56 and its 200 day simple moving average is $26.89. The firm has a market capitalization of $589.44 million, a PE ratio of 17.14 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 company has a current ratio of 1.10, a quick ratio of 1.07 and a debt-to-equity ratio of 0.46.

Covenant Logistics Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 7th were paid a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a yield of 1.26%. The ex-dividend date of this dividend was Friday, March 7th. This is a boost from Covenant Logistics Group's previous quarterly dividend of $0.06. Covenant Logistics Group's payout ratio is currently 21.71%.

Wall Street Analyst Weigh In

Separately, Stephens reiterated an "overweight" rating and set a $36.00 price objective on shares of Covenant Logistics Group in a research note on Friday, January 24th.

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.