Chemical Bank boosted its holdings in shares of Norfolk Southern Corp. (NYSE:NSC) by 45.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 6,598 shares of the railroad operator’s stock after acquiring an additional 2,050 shares during the period. Chemical Bank’s holdings in Norfolk Southern were worth $1,191,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds have also bought and sold shares of the company. Kaizen Advisory LLC increased its position in shares of Norfolk Southern by 138.0% in the second quarter. Kaizen Advisory LLC now owns 664 shares of the railroad operator’s stock valued at $100,000 after acquiring an additional 385 shares during the last quarter. Marshall & Sullivan Inc. WA acquired a new stake in shares of Norfolk Southern in the second quarter valued at about $102,000. Zions Bancorporation acquired a new stake in shares of Norfolk Southern in the third quarter valued at about $114,000. Sun Life Financial INC increased its position in shares of Norfolk Southern by 336.4% in the second quarter. Sun Life Financial INC now owns 768 shares of the railroad operator’s stock valued at $116,000 after acquiring an additional 592 shares during the last quarter. Finally, Bay Colony Advisory Group Inc d b a Bay Colony Advisors acquired a new stake in shares of Norfolk Southern in the second quarter valued at about $117,000. Hedge funds and other institutional investors own 74.38% of the company’s stock.
A number of analysts recently issued reports on NSC shares. Credit Suisse Group lowered their target price on Norfolk Southern from $188.00 to $187.00 and set an “outperform” rating on the stock in a research report on Thursday, October 25th. Scotiabank set a $175.00 target price on Norfolk Southern and gave the company a “buy” rating in a research report on Wednesday, July 25th. Edward Jones downgraded Norfolk Southern from a “buy” rating to a “hold” rating in a research report on Friday, September 28th. Loop Capital raised Norfolk Southern from a “hold” rating to a “buy” rating and lifted their target price for the company from $179.00 to $190.00 in a research report on Wednesday, October 24th. Finally, Royal Bank of Canada reaffirmed a “hold” rating and issued a $158.00 target price on shares of Norfolk Southern in a research report on Friday, July 13th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $174.40.
Norfolk Southern (NYSE:NSC) last announced its quarterly earnings data on Wednesday, October 24th. The railroad operator reported $2.52 EPS for the quarter, beating the consensus estimate of $2.44 by $0.08. The business had revenue of $2.95 billion during the quarter, compared to the consensus estimate of $2.90 billion. Norfolk Southern had a net margin of 52.82% and a return on equity of 15.12%. The company’s revenue was up 10.4% on a year-over-year basis. During the same period in the previous year, the business earned $1.75 earnings per share. As a group, analysts predict that Norfolk Southern Corp. will post 9.24 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, December 10th. Stockholders of record on Friday, November 2nd will be issued a dividend of $0.80 per share. The ex-dividend date of this dividend is Thursday, November 1st. This represents a $3.20 annualized dividend and a dividend yield of 1.86%. Norfolk Southern’s dividend payout ratio (DPR) is presently 48.41%.
In other news, VP Cynthia C. Earhart sold 2,370 shares of the company’s stock in a transaction on Wednesday, August 29th. The shares were sold at an average price of $175.09, for a total transaction of $414,963.30. Following the completion of the transaction, the vice president now directly owns 2,370 shares in the company, valued at $414,963.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman James A. Squires sold 34,077 shares of the company’s stock in a transaction on Monday, August 13th. The stock was sold at an average price of $171.73, for a total transaction of $5,852,043.21. Following the transaction, the chairman now owns 63,958 shares of the company’s stock, valued at $10,983,507.34. The disclosure for this sale can be found here. Insiders have sold 37,248 shares of company stock valued at $6,405,219 over the last quarter. Company insiders own 0.36% of the company’s stock.
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About Norfolk Southern
Norfolk Southern Corporation, together with its subsidiaries, engages in the rail transportation of raw materials, intermediate products, and finished goods. It also transports overseas freight through various Atlantic and Gulf Coast ports, as well as coal, automotive, and industrial products; and provides commuter passenger services.
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