Northeast Financial Consultants Inc Grows Stock Position in Covenant Logistics Group, Inc. $CVLG

Key Points

• Northeast Financial Consultants Inc increased its stake in Covenant Logistics Group by 100% in Q1, acquiring an additional 20,000 shares to hold a total of 40,000 shares valued at $888,000.
• Several institutional investors also significantly boosted their holdings, with Vanguard Group Inc increasing its stake by 106.6% to 959,196 shares worth approximately $21.3 million.
• Covenant Logistics Group declared a quarterly dividend of $0.07, with a payout ratio of 21.37%, representing an annualized dividend yield of 1.2% for investors of record on September 5th.

Northeast Financial Consultants Inc boosted its position in shares of Covenant Logistics Group, Inc. (NYSE:CVLG - Free Report) by 100.0% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 40,000 shares of the company's stock after purchasing an additional 20,000 shares during the quarter. Northeast Financial Consultants Inc owned approximately 0.15% of Covenant Logistics Group worth $888,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the company. Price T Rowe Associates Inc. MD boosted its position in Covenant Logistics Group by 7.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 7,164 shares of the company's stock worth $391,000 after purchasing an additional 467 shares in the last quarter. MAI Capital Management lifted its position in shares of Covenant Logistics Group by 100.0% in the first quarter. MAI Capital Management now owns 1,500 shares of the company's stock valued at $33,000 after acquiring an additional 750 shares in the last quarter. Lazard Asset Management LLC lifted its position in shares of Covenant Logistics Group by 5.8% in the fourth quarter. Lazard Asset Management LLC now owns 19,032 shares of the company's stock valued at $1,036,000 after acquiring an additional 1,049 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Covenant Logistics Group by 10.8% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 12,605 shares of the company's stock valued at $687,000 after acquiring an additional 1,231 shares in the last quarter. Finally, KLP Kapitalforvaltning AS lifted its position in shares of Covenant Logistics Group by 100.0% in the first quarter. KLP Kapitalforvaltning AS now owns 2,600 shares of the company's stock valued at $58,000 after acquiring an additional 1,300 shares in the last quarter. 83.72% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, Wall Street Zen downgraded Covenant Logistics Group from a "buy" rating to a "hold" rating in a research report on Saturday, August 30th. Two research analysts have rated the stock with a Buy rating, According to MarketBeat, Covenant Logistics Group presently has a consensus rating of "Buy" and an average price target of $33.00.

Covenant Logistics Group Trading Down 2.8%

NYSE CVLG traded down $0.67 during trading hours on Friday, hitting $23.02. 43,561 shares of the company's stock were exchanged, compared to its average volume of 66,925. The business's 50 day moving average is $24.22 and its 200-day moving average is $22.90. Covenant Logistics Group, Inc. has a 12-month low of $17.46 and a 12-month high of $30.77. The firm has a market capitalization of $575.96 million, a P/E ratio of 17.57 and a beta of 1.42. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.06 and a current ratio of 1.09.

Covenant Logistics Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, September 5th will be given a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a yield of 1.2%. Covenant Logistics Group's dividend payout ratio (DPR) is presently 21.37%.

Covenant Logistics Group 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.