Northeast Financial Consultants Inc Buys 20,000 Shares of 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 stake in Covenant Logistics Group, Inc. (NYSE:CVLG - Free Report) by 100.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 40,000 shares of the company's stock after acquiring an additional 20,000 shares during the period. Northeast Financial Consultants Inc owned 0.15% of Covenant Logistics Group worth $888,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in Covenant Logistics Group by 106.6% in the first quarter. Vanguard Group Inc. now owns 959,196 shares of the company's stock valued at $21,294,000 after acquiring an additional 494,825 shares during the last quarter. Patton Albertson Miller Group LLC boosted its holdings in Covenant Logistics Group by 100.0% in the first quarter. Patton Albertson Miller Group LLC now owns 576,250 shares of the company's stock valued at $12,793,000 after acquiring an additional 288,125 shares during the last quarter. American Century Companies Inc. boosted its holdings in Covenant Logistics Group by 128.5% in the first quarter. American Century Companies Inc. now owns 480,722 shares of the company's stock valued at $10,672,000 after acquiring an additional 270,372 shares during the last quarter. Foundry Partners LLC boosted its holdings in Covenant Logistics Group by 100.9% in the first quarter. Foundry Partners LLC now owns 434,073 shares of the company's stock valued at $9,636,000 after acquiring an additional 217,993 shares during the last quarter. Finally, T. Rowe Price Investment Management Inc. boosted its holdings in Covenant Logistics Group by 137.9% in the first quarter. T. Rowe Price Investment Management Inc. now owns 387,481 shares of the company's stock valued at $8,603,000 after acquiring an additional 224,617 shares during the last quarter. 83.72% of the stock is currently owned by institutional investors.

Covenant Logistics Group Stock Performance

Shares of CVLG stock opened at $23.91 on Tuesday. The company has a market cap of $598.23 million, a price-to-earnings ratio of 18.25 and a beta of 1.42. Covenant Logistics Group, Inc. has a 52 week low of $17.46 and a 52 week high of $30.77. The company has a quick ratio of 1.06, a current ratio of 1.09 and a debt-to-equity ratio of 0.52. The firm has a 50 day moving average of $24.40 and a 200-day moving average of $22.94.

Covenant Logistics Group Announces Dividend

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

Wall Street Analyst Weigh In

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

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.

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