Wesbanco Bank Inc. Has $1.10 Million Holdings in Covenant Logistics Group, Inc. $CVLG

Wesbanco Bank Inc. increased its position in Covenant Logistics Group, Inc. (NYSE:CVLG) by 88.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 40,500 shares of the company’s stock after acquiring an additional 19,000 shares during the quarter. Wesbanco Bank Inc. owned about 0.16% of Covenant Logistics Group worth $1,100,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Polaris Capital Management LLC lifted its position in shares of Covenant Logistics Group by 1,061.0% during the 4th quarter. Polaris Capital Management LLC now owns 56,682 shares of the company’s stock worth $1,249,000 after purchasing an additional 51,800 shares during the last quarter. Prescott Group Capital Management L.L.C. bought a new stake in Covenant Logistics Group during the 4th quarter valued at approximately $353,000. Royce & Associates LP grew its holdings in Covenant Logistics Group by 8.4% in the 3rd quarter. Royce & Associates LP now owns 298,648 shares of the company’s stock valued at $6,469,000 after buying an additional 23,060 shares during the last quarter. Penn Capital Management Company LLC grew its holdings in Covenant Logistics Group by 14.2% in the 4th quarter. Penn Capital Management Company LLC now owns 27,871 shares of the company’s stock valued at $614,000 after buying an additional 3,464 shares during the last quarter. Finally, LSV Asset Management increased its position in Covenant Logistics Group by 0.3% in the 4th quarter. LSV Asset Management now owns 453,604 shares of the company’s stock worth $9,997,000 after buying an additional 1,314 shares during the period. Institutional investors and hedge funds own 83.72% of the company’s stock.

Insider Activity

In related news, Director Joey B. Hogan sold 12,800 shares of Covenant Logistics Group stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $39.18, for a total transaction of $501,504.00. Following the completion of the transaction, the director directly owned 91,294 shares of the company’s stock, valued at $3,576,898.92. This trade represents a 12.30% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Joey Ballard sold 4,000 shares of Covenant Logistics Group stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $40.15, for a total transaction of $160,600.00. Following the transaction, the executive vice president directly owned 13,149 shares of the company’s stock, valued at $527,932.35. This represents a 23.32% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 42,150 shares of company stock worth $1,566,515. Corporate insiders own 36.70% of the company’s stock.

Covenant Logistics Group Trading Down 0.7%

Shares of CVLG opened at $44.69 on Monday. The company has a current ratio of 1.04, a quick ratio of 1.01 and a debt-to-equity ratio of 0.50. The stock has a market cap of $1.12 billion, a PE ratio of 297.93 and a beta of 1.30. Covenant Logistics Group, Inc. has a 1 year low of $18.00 and a 1 year high of $47.08. The stock has a 50 day simple moving average of $38.03 and a 200-day simple moving average of $30.39.

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

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Wall Street Zen lowered Covenant Logistics Group from a “buy” rating to a “hold” rating in a report on Sunday, March 8th. Weiss Ratings upgraded 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 increased 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, Zacks Research upgraded shares of Covenant Logistics Group from a “strong sell” rating to a “hold” rating in a report on Friday, April 3rd. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $35.00.

Covenant Logistics Group Company Profile

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.