United Bank acquired a new position in Norfolk Southern Corporation (NYSE:NSC – Free Report) during the 2nd quarter, HoldingsChannel.com reports. The fund acquired 4,264 shares of the railroad operator’s stock, valued at approximately $1,341,000.
Other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in shares of Norfolk Southern by 1.3% during the 4th quarter. Vanguard Group Inc. now owns 20,825,837 shares of the railroad operator’s stock worth $6,012,836,000 after purchasing an additional 272,651 shares during the period. BlackRock Inc. bought a new position in Norfolk Southern during the second quarter valued at about $5,033,549,000. State Street Corp grew its position in Norfolk Southern by 4.1% during the fourth quarter. State Street Corp now owns 9,710,549 shares of the railroad operator’s stock valued at $2,803,630,000 after buying an additional 379,819 shares during the period. Geode Capital Management LLC increased its holdings in Norfolk Southern by 0.7% during the fourth quarter. Geode Capital Management LLC now owns 4,878,029 shares of the railroad operator’s stock worth $1,401,797,000 after buying an additional 36,205 shares during the last quarter. Finally, Norges Bank purchased a new stake in Norfolk Southern during the fourth quarter worth about $1,084,701,000. 75.10% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
A number of research analysts have weighed in on the stock. Wells Fargo & Company boosted their target price on shares of Norfolk Southern from $365.00 to $385.00 and gave the company an “overweight” rating in a research note on Friday, July 24th. Robert W. Baird raised their price target on shares of Norfolk Southern from $360.00 to $377.00 and gave the stock a “neutral” rating in a research note on Monday, July 27th. JPMorgan Chase & Co. lifted their price target on shares of Norfolk Southern from $316.00 to $338.00 and gave the stock a “neutral” rating in a report on Friday, July 24th. Stephens upgraded Norfolk Southern to a “hold” rating in a research note on Wednesday, July 8th. Finally, Wall Street Zen raised Norfolk Southern from a “sell” rating to a “hold” rating in a report on Saturday, May 2nd. Seven investment analysts have rated the stock with a Buy rating and fifteen have issued a Hold rating to the company. Based on data from MarketBeat, Norfolk Southern has an average rating of “Hold” and an average target price of $348.00.
Norfolk Southern Price Performance
NYSE NSC opened at $345.56 on Thursday. The company has a market cap of $77.62 billion, a PE ratio of 29.48, a price-to-earnings-growth ratio of 6.00 and a beta of 1.27. Norfolk Southern Corporation has a 52 week low of $268.23 and a 52 week high of $358.60. The company has a quick ratio of 0.73, a current ratio of 0.83 and a debt-to-equity ratio of 0.98. The firm’s 50-day simple moving average is $326.76 and its two-hundred day simple moving average is $312.66.
Norfolk Southern (NYSE:NSC – Get Free Report) last issued its earnings results on Thursday, July 23rd. The railroad operator reported $3.52 earnings per share for the quarter, topping analysts’ consensus estimates of $3.32 by $0.20. The firm had revenue of $3.46 billion during the quarter, compared to analyst estimates of $3.38 billion. Norfolk Southern had a net margin of 21.02% and a return on equity of 18.21%. The company’s quarterly revenue was up 12.5% on a year-over-year basis. During the same quarter last year, the business earned $3.29 earnings per share. Research analysts predict that Norfolk Southern Corporation will post 12.66 earnings per share for the current year.
Norfolk Southern Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 20th. Investors of record on Friday, August 7th will be paid a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date is Friday, August 7th. Norfolk Southern’s dividend payout ratio is presently 46.08%.
About Norfolk Southern
Norfolk Southern Corporation is a major U.S. freight railroad company that provides rail transportation and related logistics services. As a Class I carrier, the company operates an extensive network across the eastern United States and offers scheduled freight service for a broad range of industries. Its core operations include long-haul and regional rail freight transportation, intermodal services that move containers and trailers between rail and other modes, and terminal and switching services that support efficient rail shipments for industrial and port customers.
The company transports a variety of commodities, serving sectors such as coal and energy, automotive and automotive parts, chemicals, agriculture, metals and construction materials, and consumer goods.
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