Essex Savings Bank lowered its holdings in Norfolk Southern Corp. (NYSE:NSC) by 3.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,949 shares of the railroad operator’s stock after selling 131 shares during the period. Essex Savings Bank’s holdings in Norfolk Southern were worth $693,000 as of its most recent SEC filing.
Several other institutional investors have also added to or reduced their stakes in the company. Quadrant Capital Group LLC boosted its stake in shares of Norfolk Southern by 114.8% in the fourth quarter. Quadrant Capital Group LLC now owns 956 shares of the railroad operator’s stock valued at $168,000 after purchasing an additional 511 shares during the period. Verus Capital Partners LLC purchased a new position in shares of Norfolk Southern in the fourth quarter valued at $43,000. Thomasville National Bank boosted its stake in shares of Norfolk Southern by 2.7% in the first quarter. Thomasville National Bank now owns 3,803 shares of the railroad operator’s stock valued at $683,000 after purchasing an additional 100 shares during the period. Triangle Securities Wealth Management boosted its stake in shares of Norfolk Southern by 12.8% in the first quarter. Triangle Securities Wealth Management now owns 2,162 shares of the railroad operator’s stock valued at $316,000 after purchasing an additional 245 shares during the period. Finally, State of Alaska Department of Revenue boosted its stake in shares of Norfolk Southern by 6.8% in the first quarter. State of Alaska Department of Revenue now owns 75,329 shares of the railroad operator’s stock valued at $10,997,000 after purchasing an additional 4,800 shares during the period. 67.67% of the stock is owned by institutional investors.
Shares of NYSE:NSC traded up $3.34 on Friday, reaching $192.21. 1,746,247 shares of the company’s stock were exchanged, compared to its average volume of 1,422,300. The firm has a market capitalization of $52.02 billion, a price-to-earnings ratio of 23.91, a PEG ratio of 3.32 and a beta of 1.37. Norfolk Southern Corp. has a fifty-two week low of $112.62 and a fifty-two week high of $219.88. The business’s 50-day moving average is $178.04 and its two-hundred day moving average is $177.16. The company has a quick ratio of 0.78, a current ratio of 1.21 and a debt-to-equity ratio of 0.85.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Friday, August 7th will be issued a $0.94 dividend. The ex-dividend date of this dividend is Thursday, August 6th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.96%. Norfolk Southern’s dividend payout ratio (DPR) is presently 36.36%.
In related news, COO Michael Joseph Wheeler sold 10,080 shares of the stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $182.96, for a total value of $1,844,236.80. Following the sale, the chief operating officer now owns 31,844 shares of the company’s stock, valued at approximately $5,826,178.24. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO James A. Squires sold 50,797 shares of the stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $191.48, for a total transaction of $9,726,609.56. The disclosure for this sale can be found here. In the last ninety days, insiders sold 71,388 shares of company stock worth $13,616,926. Corporate insiders own 0.32% of the company’s stock.
NSC has been the subject of several analyst reports. Deutsche Bank upped their target price on shares of Norfolk Southern from $176.00 to $190.00 and gave the company a “hold” rating in a research note on Thursday. Susquehanna Bancshares reduced their price objective on shares of Norfolk Southern from $247.00 to $189.00 and set a “positive” rating on the stock in a research note on Wednesday, April 8th. Cowen reduced their price objective on shares of Norfolk Southern from $200.00 to $197.00 and set an “outperform” rating on the stock in a research note on Thursday, April 30th. Wells Fargo & Co increased their price objective on shares of Norfolk Southern from $201.00 to $213.00 and gave the company an “overweight” rating in a research note on Thursday. Finally, Credit Suisse Group increased their price objective on shares of Norfolk Southern from $199.00 to $216.00 and gave the company an “outperform” rating in a research note on Thursday. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating and eleven have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $193.29.
About Norfolk Southern
Norfolk Southern Corporation, together with its subsidiaries, engages in the rail transportation of raw materials, intermediate products, and finished goods. The company transports industrial products, including chemicals, agriculture, and metals and construction materials; and coal, automobiles, and automotive parts.
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