JPMorgan Chase & Co. Purchases 16,233 Shares of Covenant Logistics Group, Inc. (NASDAQ:CVLG)

JPMorgan Chase & Co. grew its position in shares of Covenant Logistics Group, Inc. (NASDAQ:CVLG) by 51.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 48,038 shares of the company’s stock after purchasing an additional 16,233 shares during the period. JPMorgan Chase & Co. owned about 0.18% of Covenant Logistics Group worth $2,619,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. KLP Kapitalforvaltning AS bought a new stake in Covenant Logistics Group in the 4th quarter worth approximately $71,000. Private Advisor Group LLC raised its stake in shares of Covenant Logistics Group by 11.8% during 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. SG Americas Securities LLC lifted its holdings in shares of Covenant Logistics Group by 34.0% in the 4th quarter. SG Americas Securities LLC now owns 4,715 shares of the company’s stock worth $257,000 after acquiring an additional 1,196 shares during the last quarter. Delphi Management Inc. MA boosted its stake in shares of 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 purchasing an additional 5,500 shares in the last quarter. Finally, Shaker Investments LLC OH boosted its stake in shares of Covenant Logistics Group by 48.4% in the 4th quarter. Shaker Investments LLC OH now owns 15,187 shares of the company’s stock valued at $828,000 after purchasing an additional 4,955 shares in the last quarter. 83.72% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CAO Matisse Long sold 2,114 shares of the firm’s stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $28.95, for a total value of $61,200.30. Following the sale, the chief accounting officer now directly owns 15,434 shares of the company’s stock, valued at $446,814.30. This trade represents a 12.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 36.50% of the company’s stock.

Covenant Logistics Group Stock Performance

Shares of CVLG stock opened at $18.73 on Wednesday. The company has a market capitalization of $497.28 million, a P/E ratio of 14.46 and a beta of 1.36. Covenant Logistics Group, Inc. has a fifty-two week low of $17.46 and a fifty-two week high of $30.77. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.07 and a current ratio of 1.10. The stock has a 50 day moving average price of $22.50 and a two-hundred day moving average price of $26.03.

Covenant Logistics Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 7th were given a dividend of $0.07 per share. The ex-dividend date of this dividend was Friday, March 7th. This represents a $0.28 annualized dividend and a yield of 1.49%. This is a boost from Covenant Logistics Group’s previous quarterly dividend of $0.06. Covenant Logistics Group’s dividend payout ratio is presently 21.71%.

Wall Street Analysts Forecast Growth

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