Independence Bank of Kentucky Boosts Stock Holdings in Norfolk Southern Co. (NYSE:NSC)

Independence Bank of Kentucky boosted its position in Norfolk Southern Co. (NYSE:NSC) by 82.4% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 6,440 shares of the railroad operator’s stock after purchasing an additional 2,910 shares during the quarter. Independence Bank of Kentucky’s holdings in Norfolk Southern were worth $1,641,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Exchange Traded Concepts LLC lifted its position in Norfolk Southern by 662.5% during the fourth quarter. Exchange Traded Concepts LLC now owns 122 shares of the railroad operator’s stock worth $29,000 after buying an additional 106 shares in the last quarter. Operose Advisors LLC acquired a new stake in Norfolk Southern in the 3rd quarter valued at approximately $32,000. Orion Capital Management LLC purchased a new stake in Norfolk Southern in the third quarter valued at approximately $32,000. Turtle Creek Wealth Advisors LLC acquired a new position in Norfolk Southern during the fourth quarter worth $32,000. Finally, Financial Connections Group Inc. acquired a new stake in shares of Norfolk Southern in the fourth quarter valued at $34,000. Hedge funds and other institutional investors own 75.10% of the company’s stock.

Insider Activity at Norfolk Southern

In other Norfolk Southern news, CMO Claude E. Elkins sold 8,329 shares of the stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $228.43, for a total transaction of $1,902,593.47. The transaction was disclosed in a filing with the SEC, which is available at this link. In other news, CMO Claude E. Elkins sold 8,329 shares of Norfolk Southern stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $228.43, for a total transaction of $1,902,593.47. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Sameh Fahmy bought 2,000 shares of the firm’s stock in a transaction dated Friday, June 14th. The stock was purchased at an average price of $219.25 per share, with a total value of $438,500.00. Following the completion of the purchase, the director now directly owns 7,000 shares of the company’s stock, valued at approximately $1,534,750. The disclosure for this purchase can be found here. Insiders own 0.19% of the company’s stock.

Norfolk Southern Price Performance

Shares of NYSE:NSC traded up $4.79 during midday trading on Friday, hitting $214.69. 1,584,755 shares of the stock were exchanged, compared to its average volume of 1,129,521. The stock has a market cap of $48.50 billion, a P/E ratio of 34.57, a PEG ratio of 1.98 and a beta of 1.31. Norfolk Southern Co. has a twelve month low of $183.09 and a twelve month high of $263.66. The company has a 50 day moving average price of $227.10 and a 200-day moving average price of $238.82. The company has a current ratio of 0.68, a quick ratio of 0.61 and a debt-to-equity ratio of 1.37.

Norfolk Southern (NYSE:NSC) last released its quarterly earnings results on Wednesday, April 24th. The railroad operator reported $2.49 earnings per share for the quarter, missing analysts’ consensus estimates of $2.58 by ($0.09). The company had revenue of $3 billion during the quarter, compared to analyst estimates of $3.05 billion. Norfolk Southern had a return on equity of 19.61% and a net margin of 11.76%. The business’s revenue was down 4.1% compared to the same quarter last year. During the same period last year, the firm earned $3.32 earnings per share. On average, research analysts forecast that Norfolk Southern Co. will post 11.88 earnings per share for the current year.

Norfolk Southern Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, May 20th. Shareholders of record on Friday, May 3rd were paid a $1.35 dividend. The ex-dividend date was Thursday, May 2nd. This represents a $5.40 annualized dividend and a yield of 2.52%. Norfolk Southern’s payout ratio is currently 86.96%.

Wall Street Analysts Forecast Growth

NSC has been the subject of several research reports. Benchmark reaffirmed a “buy” rating and issued a $277.00 target price on shares of Norfolk Southern in a research report on Thursday, April 25th. TD Cowen upped their price objective on Norfolk Southern from $236.00 to $253.00 and gave the stock a “market perform” rating in a research report on Thursday, March 21st. Susquehanna cut their price target on Norfolk Southern from $265.00 to $245.00 and set a “neutral” rating on the stock in a report on Tuesday. Wells Fargo & Company lowered their price objective on Norfolk Southern from $270.00 to $260.00 and set an “overweight” rating for the company in a research report on Tuesday. Finally, UBS Group decreased their price target on Norfolk Southern from $302.00 to $294.00 and set a “buy” rating for the company in a report on Thursday, April 25th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $262.89.

Norfolk Southern Company Profile

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.