Exchange Bank cut its position in shares of Norfolk Southern Co. (NYSE:NSC – Free Report) by 2.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,906 shares of the railroad operator’s stock after selling 150 shares during the period. Norfolk Southern accounts for 1.2% of Exchange Bank’s portfolio, making the stock its 27th largest holding. Exchange Bank’s holdings in Norfolk Southern were worth $1,468,000 at the end of the most recent reporting period.
Other hedge funds have also bought and sold shares of the company. Voisard Asset Management Group Inc. bought a new position in Norfolk Southern during the fourth quarter worth $45,000. V Square Quantitative Management LLC boosted its holdings in shares of Norfolk Southern by 40.5% during the 4th quarter. V Square Quantitative Management LLC now owns 3,461 shares of the railroad operator’s stock worth $818,000 after buying an additional 997 shares during the period. Raleigh Capital Management Inc. grew its stake in Norfolk Southern by 4.4% in the 4th quarter. Raleigh Capital Management Inc. now owns 956 shares of the railroad operator’s stock valued at $226,000 after buying an additional 40 shares during the last quarter. Syon Capital LLC raised its holdings in Norfolk Southern by 18.8% in the 4th quarter. Syon Capital LLC now owns 2,012 shares of the railroad operator’s stock valued at $476,000 after acquiring an additional 319 shares during the period. Finally, EP Wealth Advisors LLC lifted its position in Norfolk Southern by 15.3% during the fourth quarter. EP Wealth Advisors LLC now owns 5,549 shares of the railroad operator’s stock worth $1,312,000 after acquiring an additional 737 shares during the last quarter. 75.10% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
Several equities analysts have recently commented on NSC shares. Sanford C. Bernstein upped their target price on Norfolk Southern from $285.00 to $286.00 and gave the company an “outperform” rating in a research report on Wednesday. Wells Fargo & Company lifted their target price on Norfolk Southern from $260.00 to $270.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. Citigroup assumed coverage on shares of Norfolk Southern in a research note on Wednesday. They issued a “buy” rating and a $294.00 price target on the stock. TD Cowen boosted their price objective on shares of Norfolk Southern from $251.00 to $253.00 and gave the company a “hold” rating in a report on Friday, July 26th. Finally, Morgan Stanley reaffirmed an “underweight” rating and set a $175.00 target price on shares of Norfolk Southern in a report on Monday, July 8th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $266.17.
Norfolk Southern Price Performance
NSC stock opened at $250.17 on Friday. The stock has a market cap of $56.52 billion, a price-to-earnings ratio of 40.29, a P/E/G ratio of 2.33 and a beta of 1.31. The company has a debt-to-equity ratio of 1.30, a current ratio of 0.63 and a quick ratio of 0.54. The company has a 50 day simple moving average of $246.64 and a 200 day simple moving average of $236.77. Norfolk Southern Co. has a 1 year low of $183.09 and a 1 year high of $263.66.
Norfolk Southern (NYSE:NSC – Get Free Report) last announced its quarterly earnings results on Thursday, July 25th. The railroad operator reported $3.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.86 by $0.20. Norfolk Southern had a net margin of 14.85% and a return on equity of 19.64%. The company had revenue of $3.04 billion during the quarter, compared to the consensus estimate of $3.04 billion. During the same period in the prior year, the business earned $2.95 earnings per share. The company’s revenue for the quarter was up 2.1% compared to the same quarter last year. Research analysts anticipate that Norfolk Southern Co. will post 11.79 EPS for the current fiscal year.
Norfolk Southern Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Tuesday, August 20th. Shareholders of record on Friday, August 2nd were given a $1.35 dividend. The ex-dividend date was Friday, August 2nd. This represents a $5.40 annualized dividend and a yield of 2.16%. Norfolk Southern’s dividend payout ratio is presently 86.96%.
Insider Activity
In related news, CEO Alan H. Shaw sold 51,325 shares of the firm’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $255.98, for a total value of $13,138,173.50. Following the completion of the transaction, the chief executive officer now owns 35,045 shares in the company, valued at $8,970,819.10. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Sameh Fahmy purchased 700 shares of Norfolk Southern stock in a transaction on Thursday, August 1st. The shares were purchased at an average price of $245.15 per share, for a total transaction of $171,605.00. Following the transaction, the director now owns 7,700 shares of the company’s stock, valued at approximately $1,887,655. This represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Alan H. Shaw sold 51,325 shares of the firm’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $255.98, for a total value of $13,138,173.50. Following the transaction, the chief executive officer now owns 35,045 shares of the company’s stock, valued at $8,970,819.10. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.19% of the company’s stock.
About Norfolk Southern
Norfolk Southern Corporation, together with its subsidiaries, engages in the rail transportation of raw materials, intermediate products, and finished goods in the United States. The company transports agriculture, forest, and consumer products comprising soybeans, wheat, corn, fertilizers, livestock and poultry feed, food products, food oils, flour, sweeteners, ethanol, lumber and wood products, pulp board and paper products, wood fibers, wood pulp, beverages, and canned goods; chemicals consist of sulfur and related chemicals, petroleum products comprising crude oil, chlorine and bleaching compounds, plastics, rubber, industrial chemicals, chemical wastes, sand, and natural gas liquids; metals and construction materials, such as steel, aluminum products, machinery, scrap metals, cement, aggregates, minerals, clay, transportation equipment, and military-related products; and automotive, including finished motor vehicles and automotive parts, as well as coal.
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