Wesbanco Bank Inc. Acquires New Shares in Covenant Logistics Group, Inc. $CVLG

Wesbanco Bank Inc. acquired a new stake in Covenant Logistics Group, Inc. (NYSE:CVLG) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 21,500 shares of the company’s stock, valued at approximately $474,000. Wesbanco Bank Inc. owned approximately 0.09% of Covenant Logistics Group at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Polaris Capital Management LLC raised its holdings in shares of Covenant Logistics Group by 1,061.0% in the fourth quarter. Polaris Capital Management LLC now owns 56,682 shares of the company’s stock valued at $1,249,000 after acquiring an additional 51,800 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH raised its holdings in shares of Covenant Logistics Group by 2.7% in the fourth quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 80,350 shares of the company’s stock valued at $1,771,000 after acquiring an additional 2,143 shares in the last quarter. State of Alaska Department of Revenue raised its holdings in shares of Covenant Logistics Group by 204.6% in the fourth quarter. State of Alaska Department of Revenue now owns 3,515 shares of the company’s stock valued at $77,000 after acquiring an additional 2,361 shares in the last quarter. Daytona Street Capital LLC bought a new stake in shares of Covenant Logistics Group in the fourth quarter valued at about $220,000. Finally, SG Americas Securities LLC raised its holdings in shares of Covenant Logistics Group by 4.2% in the fourth quarter. SG Americas Securities LLC now owns 11,926 shares of the company’s stock valued at $263,000 after acquiring an additional 478 shares in the last quarter. 83.72% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Covenant Logistics Group news, Director Joey B. Hogan sold 14,700 shares of the business’s stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $34.76, for a total value of $510,972.00. Following the completion of the transaction, the director directly owned 104,094 shares in the company, valued at approximately $3,618,307.44. The trade was a 12.37% 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. Also, Director D Michael Kramer sold 2,650 shares of the business’s stock in a transaction dated Wednesday, April 29th. The stock was sold at an average price of $34.72, for a total value of $92,008.00. Following the sale, the director owned 22,086 shares in the company, valued at $766,825.92. The trade was a 10.71% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 400,150 shares of company stock worth $11,824,768. 36.70% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

CVLG has been the subject of several recent research reports. TD Cowen lifted their price objective on Covenant Logistics Group from $30.00 to $35.00 and gave the company a “buy” rating in a report on Monday, April 27th. Zacks Research upgraded Covenant Logistics Group from a “strong sell” rating to a “hold” rating in a report on Friday, April 3rd. Finally, Wall Street Zen downgraded Covenant Logistics Group from a “buy” rating to a “hold” rating in a report on Sunday, March 8th. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, Covenant Logistics Group has an average rating of “Hold” and a consensus target price of $35.00.

Covenant Logistics Group Stock Performance

Shares of Covenant Logistics Group stock opened at $33.28 on Monday. The company has a market capitalization of $834.66 million, a PE ratio of 221.87 and a beta of 1.28. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.01 and a current ratio of 1.04. The company has a 50-day simple moving average of $28.83 and a two-hundred day simple moving average of $25.29. Covenant Logistics Group, Inc. has a one year low of $18.00 and a one year high of $35.91.

Covenant Logistics Group (NYSE:CVLG) last announced its earnings results on Thursday, April 23rd. The company reported $0.26 EPS for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.09). The firm had revenue of $307.16 million during the quarter. Covenant Logistics Group had a return on equity of 9.41% and a net margin of 0.42%. Research analysts expect that Covenant Logistics Group, Inc. will post 1.6 EPS for the current fiscal year.

About Covenant Logistics Group

Covenant Logistics Group provides a comprehensive suite of transportation and logistics services across North America. The company’s core offerings include less?than?truckload (LTL) and full truckload hauling, temperature?controlled freight, intermodal transportation and freight brokerage. Covenant also delivers specialized solutions such as expedited “hot?shot” deliveries, cross?border shipping to Canada and Mexico, and dedicated contract carriage for time?sensitive or high?value shipments.

With a network of service centers, terminals and partner carriers strategically located throughout the United States, Covenant supports diverse industries including food and beverage, automotive, retail, energy and manufacturing.