Covenant Logistics Group, Inc. (CVLG) to Issue Quarterly Dividend of $0.11 on June 28th

Covenant Logistics Group, Inc. (NASDAQ:CVLG) declared a quarterly dividend on Thursday, May 16th, Zacks reports. Investors of record on Friday, June 7th will be paid a dividend of 0.11 per share on Friday, June 28th. This represents a $0.44 annualized dividend and a yield of 0.95%. The ex-dividend date is Friday, June 7th.

Covenant Logistics Group has a payout ratio of 8.5% indicating that its dividend is sufficiently covered by earnings. Analysts expect Covenant Logistics Group to earn $5.17 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 8.5%.

Covenant Logistics Group Price Performance

Shares of NASDAQ CVLG traded down $0.20 during mid-day trading on Wednesday, hitting $46.39. 1,469 shares of the company’s stock traded hands, compared to its average volume of 69,978. The company’s 50-day moving average is $45.91 and its two-hundred day moving average is $46.36. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.04 and a quick ratio of 1.01. The company has a market capitalization of $606.32 million, a P/E ratio of 14.93 and a beta of 1.33. Covenant Logistics Group has a 1 year low of $38.25 and a 1 year high of $57.57.

Covenant Logistics Group (NASDAQ:CVLG) last issued its quarterly earnings results on Wednesday, April 24th. The company reported $0.84 EPS for the quarter, beating the consensus estimate of $0.81 by $0.03. The company had revenue of $278.76 million for the quarter. Covenant Logistics Group had a net margin of 3.82% and a return on equity of 14.16%. On average, equities analysts anticipate that Covenant Logistics Group will post 4.12 EPS for the current fiscal year.

Insider Activity

In related news, Director D Michael Kramer sold 3,725 shares of the stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $46.64, for a total transaction of $173,734.00. Following the completion of the sale, the director now owns 11,285 shares of the company’s stock, valued at $526,332.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 36.50% 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.