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

Covenant Logistics Group, Inc. (NASDAQ:CVLG) announced a quarterly dividend on Tuesday, November 26th,Wall Street Journal reports. Investors of record on Friday, December 6th will be given a dividend of 0.11 per share on Friday, December 27th. This represents a $0.44 annualized dividend and a dividend yield of 0.75%. The ex-dividend date is Friday, December 6th.

Covenant Logistics Group Stock Performance

Shares of NASDAQ:CVLG traded up $0.58 during trading on Tuesday, hitting $58.80. 31,205 shares of the stock were exchanged, compared to its average volume of 61,469. The company has a market capitalization of $774.98 million, a price-to-earnings ratio of 19.15 and a beta of 1.35. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.07 and a current ratio of 1.10. Covenant Logistics Group has a 1-year low of $41.38 and a 1-year high of $61.54. The company’s fifty day simple moving average is $53.86 and its 200-day simple moving average is $51.34.

Covenant Logistics Group (NASDAQ:CVLG) last posted its quarterly earnings results on Wednesday, October 23rd. The company reported $1.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.08 by $0.01. The firm had revenue of $287.89 million during the quarter. Covenant Logistics Group had a net margin of 3.72% and a return on equity of 13.43%. During the same period last year, the company earned $1.13 EPS. Sell-side analysts expect that Covenant Logistics Group will post 4 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Bradley A. Moline sold 7,000 shares of the business’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $59.64, for a total value of $417,480.00. Following the sale, the director now owns 46,992 shares of the company’s stock, valued at $2,802,602.88. The trade was a 12.96 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 36.50% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Separately, TD Cowen cut their price target on Covenant Logistics Group from $70.00 to $69.00 and set a “buy” rating for the company in a report on Friday, October 25th.

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.