United Bank Sells 379 Shares of Norfolk Southern Corp. (NYSE:NSC)

United Bank reduced its position in Norfolk Southern Corp. (NYSE:NSC) by 4.1% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 8,909 shares of the railroad operator’s stock after selling 379 shares during the period. United Bank’s holdings in Norfolk Southern were worth $1,776,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in NSC. ARP Americas LP purchased a new position in Norfolk Southern during the 1st quarter valued at about $299,000. Family Firm Inc. purchased a new position in Norfolk Southern during the 1st quarter valued at about $218,000. BB&T Corp grew its holdings in Norfolk Southern by 6.0% during the 1st quarter. BB&T Corp now owns 81,679 shares of the railroad operator’s stock valued at $15,265,000 after buying an additional 4,639 shares in the last quarter. Haverford Trust Co. grew its holdings in Norfolk Southern by 20.3% during the 1st quarter. Haverford Trust Co. now owns 17,375 shares of the railroad operator’s stock valued at $3,247,000 after buying an additional 2,935 shares in the last quarter. Finally, Jennison Associates LLC purchased a new position in Norfolk Southern during the 1st quarter valued at about $5,635,000. Institutional investors and hedge funds own 72.59% of the company’s stock.

NYSE:NSC traded down $5.08 during mid-day trading on Thursday, reaching $186.04. The stock had a trading volume of 2,030,751 shares, compared to its average volume of 1,825,661. The company has a 50 day moving average price of $196.73. The company has a market capitalization of $50.08 billion, a PE ratio of 19.56, a P/E/G ratio of 1.55 and a beta of 1.32. Norfolk Southern Corp. has a one year low of $138.65 and a one year high of $211.46. The company has a quick ratio of 0.68, a current ratio of 0.78 and a debt-to-equity ratio of 0.72.

Norfolk Southern (NYSE:NSC) last released its earnings results on Wednesday, July 24th. The railroad operator reported $2.70 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.77 by ($0.07). The firm had revenue of $2.93 billion during the quarter, compared to the consensus estimate of $2.95 billion. Norfolk Southern had a return on equity of 18.24% and a net margin of 24.15%. The business’s quarterly revenue was up .9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.50 EPS. Equities research analysts anticipate that Norfolk Southern Corp. will post 10.67 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 10th. Investors of record on Monday, August 5th will be given a $0.94 dividend. This is an increase from Norfolk Southern’s previous quarterly dividend of $0.86. The ex-dividend date is Friday, August 2nd. This represents a $3.76 dividend on an annualized basis and a yield of 2.02%. Norfolk Southern’s payout ratio is presently 36.17%.

In other Norfolk Southern news, COO Michael Joseph Wheeler sold 2,500 shares of the business’s stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $204.57, for a total value of $511,425.00. Following the completion of the sale, the chief operating officer now owns 12,919 shares in the company, valued at $2,642,839.83. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jennifer F. Scanlon acquired 525 shares of the stock in a transaction on Monday, July 29th. The stock was bought at an average price of $191.52 per share, with a total value of $100,548.00. Following the transaction, the director now directly owns 525 shares of the company’s stock, valued at approximately $100,548. The disclosure for this purchase can be found here. Insiders own 0.19% of the company’s stock.

A number of research firms have weighed in on NSC. Cowen reaffirmed an “outperform” rating and set a $230.00 target price (up previously from $200.00) on shares of Norfolk Southern in a report on Wednesday, April 24th. Deutsche Bank cut their price objective on Norfolk Southern from $198.00 to $196.00 and set a “hold” rating for the company in a report on Wednesday, June 12th. Argus boosted their price objective on Norfolk Southern from $210.00 to $220.00 and gave the stock a “buy” rating in a report on Tuesday, May 7th. Zacks Investment Research raised Norfolk Southern from a “hold” rating to a “buy” rating and set a $226.00 price objective for the company in a report on Thursday, May 9th. Finally, TD Securities cut their price objective on Norfolk Southern from $225.00 to $220.00 and set a “buy” rating for the company in a report on Thursday, July 25th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and twelve have issued a buy rating to the stock. Norfolk Southern presently has a consensus rating of “Hold” and a consensus target price of $205.83.

Norfolk Southern Company Profile

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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Institutional Ownership by Quarter for Norfolk Southern (NYSE:NSC)

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