Wesbanco Bank Inc. Acquires 19,000 Shares of Covenant Logistics Group, Inc. $CVLG

Wesbanco Bank Inc. grew its holdings in Covenant Logistics Group, Inc. (NYSE:CVLG) by 88.4% during the first quarter, Holdings Channel.com reports. The firm owned 40,500 shares of the company’s stock after acquiring an additional 19,000 shares during the period. Wesbanco Bank Inc.’s holdings in Covenant Logistics Group were worth $1,100,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in CVLG. Quarry LP acquired a new stake in shares of Covenant Logistics Group in the third quarter valued at $33,000. BNP Paribas Financial Markets lifted its position in Covenant Logistics Group by 45.3% during the 2nd quarter. BNP Paribas Financial Markets now owns 1,562 shares of the company’s stock worth $38,000 after buying an additional 487 shares in the last quarter. Raymond James Financial Inc. acquired a new position in Covenant Logistics Group during the 2nd quarter worth about $39,000. Tower Research Capital LLC TRC grew its holdings in Covenant Logistics Group by 127.1% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,971 shares of the company’s stock worth $48,000 after acquiring an additional 1,103 shares during the last quarter. Finally, State of Alaska Department of Revenue grew its holdings in Covenant Logistics Group by 204.6% during the 4th quarter. State of Alaska Department of Revenue now owns 3,515 shares of the company’s stock worth $77,000 after acquiring an additional 2,361 shares during the last quarter. Institutional investors own 83.72% of the company’s stock.

Covenant Logistics Group Price Performance

Covenant Logistics Group stock opened at $44.69 on Monday. The business’s 50-day simple moving average is $38.03 and its 200 day simple moving average is $30.39. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.50. The stock has a market cap of $1.12 billion, a price-to-earnings ratio of 297.93 and a beta of 1.30. Covenant Logistics Group, Inc. has a 12-month low of $18.00 and a 12-month high of $47.08.

Covenant Logistics Group (NYSE:CVLG) last announced its quarterly earnings data on Thursday, April 23rd. The company reported $0.26 earnings per share for the quarter, missing the consensus estimate of $0.35 by ($0.09). The firm had revenue of $307.16 million for the quarter. Covenant Logistics Group had a return on equity of 9.41% and a net margin of 0.42%. As a group, research analysts anticipate that Covenant Logistics Group, Inc. will post 1.6 earnings per share for the current year.

Insider Activity at Covenant Logistics Group

In other Covenant Logistics Group news, Director Joey B. Hogan sold 14,700 shares of the company’s stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $34.76, for a total transaction of $510,972.00. Following the completion of the sale, the director owned 104,094 shares in the company, valued at approximately $3,618,307.44. The trade was a 12.37% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director D Michael Kramer sold 2,650 shares of Covenant Logistics Group stock in a transaction on 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 directly owned 22,086 shares of the company’s stock, valued at approximately $766,825.92. This trade represents a 10.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 42,150 shares of company stock worth $1,566,515 over the last ninety days. Company insiders own 36.70% of the company’s stock.

Wall Street Analysts Forecast Growth

CVLG has been the subject of a number of research analyst reports. Zacks Research raised shares of Covenant Logistics Group from a “strong sell” rating to a “hold” rating in a research note on Friday, April 3rd. Weiss Ratings raised shares of Covenant Logistics Group from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, June 18th. TD Cowen raised their price target on shares of Covenant Logistics Group from $30.00 to $35.00 and gave the company a “buy” rating in a report on Monday, April 27th. Finally, Wall Street Zen cut shares of Covenant Logistics Group from a “buy” rating to a “hold” rating in a research report on Sunday, March 8th. One research analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $35.00.

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.