Covenant Logistics Group, Inc. Plans Quarterly Dividend of $0.11 (NASDAQ:CVLG)

Covenant Logistics Group, Inc. (NASDAQ:CVLG) declared a quarterly dividend on Thursday, November 16th, Zacks reports. Stockholders of record on Friday, December 1st will be paid a dividend of 0.11 per share on Friday, December 29th. This represents a $0.44 annualized dividend and a dividend yield of 1.07%. The ex-dividend date of this dividend is Thursday, November 30th.

Covenant Logistics Group has a payout ratio of 10.1% indicating that its dividend is sufficiently covered by earnings. Analysts expect Covenant Logistics Group to earn $4.40 per share next year, which means the company should continue to be able to cover its $0.44 annual dividend with an expected future payout ratio of 10.0%.

Covenant Logistics Group Stock Performance

Shares of NASDAQ CVLG opened at $41.24 on Friday. The company has a current ratio of 1.18, a quick ratio of 1.15 and a debt-to-equity ratio of 0.40. The stock has a 50 day simple moving average of $42.84 and a 200-day simple moving average of $44.30. The company has a market cap of $534.06 million, a PE ratio of 10.55 and a beta of 1.50. Covenant Logistics Group has a 12-month low of $29.34 and a 12-month high of $57.57.

Covenant Logistics Group (NASDAQ:CVLG) last issued its quarterly earnings data on Wednesday, October 25th. The company reported $1.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.12 by $0.01. The business had revenue of $288.72 million during the quarter. Covenant Logistics Group had a return on equity of 16.35% and a net margin of 4.77%. On average, equities research analysts forecast that Covenant Logistics Group will post 4.18 EPS for the current year.

Analysts Set New Price Targets

Separately, Stephens boosted their target price on Covenant Logistics Group from $63.00 to $70.00 and gave the stock an “overweight” rating in a report on Friday, July 28th.

Institutional Investors Weigh In On Covenant Logistics Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CVLG. Tower Research Capital LLC TRC raised its holdings in Covenant Logistics Group by 299.5% during the second quarter. Tower Research Capital LLC TRC now owns 871 shares of the company’s stock worth $38,000 after purchasing an additional 653 shares in the last quarter. UBS Group AG raised its holdings in Covenant Logistics Group by 2,728.1% during the third quarter. UBS Group AG now owns 1,810 shares of the company’s stock worth $52,000 after purchasing an additional 1,746 shares in the last quarter. Citigroup Inc. increased its holdings in shares of Covenant Logistics Group by 586.8% in the second quarter. Citigroup Inc. now owns 2,747 shares of the company’s stock valued at $120,000 after buying an additional 2,347 shares in the last quarter. Legal & General Group Plc increased its holdings in shares of Covenant Logistics Group by 182.0% in the fourth quarter. Legal & General Group Plc now owns 3,891 shares of the company’s stock valued at $135,000 after buying an additional 2,511 shares in the last quarter. Finally, MetLife Investment Management LLC increased its holdings in shares of Covenant Logistics Group by 57.0% in the first quarter. MetLife Investment Management LLC now owns 6,924 shares of the company’s stock valued at $149,000 after buying an additional 2,514 shares in the last quarter. Institutional investors own 56.48% 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.