Alliancebernstein L.P. Sells 710 Shares of Covenant Logistics Group, Inc. (NASDAQ:CVLG)

Alliancebernstein L.P. cut its stake in shares of Covenant Logistics Group, Inc. (NASDAQ:CVLG) by 11.7% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 5,346 shares of the company’s stock after selling 710 shares during the quarter. Alliancebernstein L.P.’s holdings in Covenant Logistics Group were worth $291,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in CVLG. JPMorgan Chase & Co. grew its position in Covenant Logistics Group by 51.0% during the 4th quarter. JPMorgan Chase & Co. now owns 48,038 shares of the company’s stock worth $2,619,000 after acquiring an additional 16,233 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Covenant Logistics Group by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 464,371 shares of the company’s stock valued at $25,313,000 after buying an additional 1,216 shares in the last quarter. KLP Kapitalforvaltning AS bought a new position in shares of Covenant Logistics Group in the fourth quarter valued at about $71,000. American Century Companies Inc. lifted its position in Covenant Logistics Group by 21.7% during the 4th quarter. American Century Companies Inc. now owns 210,350 shares of the company’s stock worth $11,466,000 after buying an additional 37,501 shares in the last quarter. Finally, Delphi Management Inc. MA increased its position in Covenant Logistics Group by 387.3% in the 4th quarter. Delphi Management Inc. MA now owns 6,920 shares of the company’s stock valued at $377,000 after acquiring an additional 5,500 shares in the last quarter. Institutional investors own 83.72% of the company’s stock.

Insider Buying and Selling

In other 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 position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 36.50% of the stock is currently owned by insiders.

Covenant Logistics Group Trading Down 0.7 %

Shares of CVLG opened at $18.30 on Tuesday. The stock’s fifty day simple moving average is $22.66 and its 200-day simple moving average is $26.08. 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 firm has a market capitalization of $485.87 million, a PE ratio of 14.13 and a beta of 1.36. Covenant Logistics Group, Inc. has a 12-month low of $17.46 and a 12-month high of $30.77.

Covenant Logistics Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 7th were given a dividend of $0.07 per share. This is a boost from Covenant Logistics Group’s previous quarterly dividend of $0.06. The ex-dividend date was Friday, March 7th. This represents a $0.28 annualized dividend and a dividend yield of 1.53%. Covenant Logistics Group’s payout ratio is currently 21.71%.

Wall Street Analyst Weigh In

Separately, Stephens reissued an “overweight” rating and set a $36.00 price target 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.