Wedmont Private Capital Acquires 4,017 Shares of Norfolk Southern Corporation $NSC

Wedmont Private Capital lifted its holdings in shares of Norfolk Southern Corporation (NYSE:NSC) by 93.9% during the 3rd quarter, Holdings Channel reports. The firm owned 8,296 shares of the railroad operator’s stock after purchasing an additional 4,017 shares during the period. Wedmont Private Capital’s holdings in Norfolk Southern were worth $2,630,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also made changes to their positions in NSC. Edmond DE Rothschild Holding S.A. acquired a new position in Norfolk Southern in the 2nd quarter valued at $26,000. Meeder Asset Management Inc. acquired a new stake in shares of Norfolk Southern during the 2nd quarter worth $27,000. Elevation Wealth Partners LLC increased its position in shares of Norfolk Southern by 2,125.0% in the third quarter. Elevation Wealth Partners LLC now owns 89 shares of the railroad operator’s stock worth $28,000 after purchasing an additional 85 shares during the period. North Point Portfolio Managers Corp OH bought a new position in shares of Norfolk Southern in the third quarter worth $28,000. Finally, Comprehensive Financial Planning Inc. PA acquired a new position in Norfolk Southern in the second quarter valued at about $31,000. 75.10% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on NSC shares. Evercore upped their price objective on shares of Norfolk Southern from $358.00 to $360.00 in a research report on Wednesday, September 30th. TD Cowen increased their price target on shares of Norfolk Southern from $337.00 to $376.00 and gave the stock a “buy” rating in a research report on Friday, July 24th. Susquehanna reduced their price target on shares of Norfolk Southern from $386.00 to $350.00 and set a “neutral” rating on the stock in a research report on Friday, October 2nd. Benchmark reaffirmed a “hold” rating on shares of Norfolk Southern in a report on Friday, July 24th. Finally, Robert W. Baird lifted their price target on Norfolk Southern from $360.00 to $377.00 and gave the company a “neutral” rating in a research note on Monday, July 27th. Seven analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Norfolk Southern currently has a consensus rating of “Hold” and an average price target of $346.94.

Norfolk Southern Stock Performance

Shares of NSC stock opened at $317.69 on Friday. The firm has a market capitalization of $71.36 billion, a price-to-earnings ratio of 27.11, a PEG ratio of 4.75 and a beta of 1.29. The company has a current ratio of 0.83, a quick ratio of 0.73 and a debt-to-equity ratio of 0.98. The business’s 50-day moving average price is $328.76 and its 200-day moving average price is $317.79. Norfolk Southern Corporation has a 12 month low of $277.80 and a 12 month high of $358.60.

Norfolk Southern (NYSE:NSC) last released its quarterly earnings data on Thursday, July 23rd. The railroad operator reported $3.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.32 by $0.20. The company had revenue of $3.46 billion during the quarter, compared to the consensus estimate of $3.38 billion. Norfolk Southern had a return on equity of 18.21% and a net margin of 21.02%. The firm’s revenue was up 12.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $3.29 earnings per share. Equities research analysts forecast that Norfolk Southern Corporation will post 12.74 EPS for the current year.

Norfolk Southern Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 20th. Shareholders of record on Friday, August 7th were given a $1.35 dividend. This represents a $5.40 annualized dividend and a yield of 1.7%. The ex-dividend date was Friday, August 7th. Norfolk Southern’s dividend payout ratio is 46.08%.

About Norfolk Southern

Norfolk Southern Corporation (NYSE: NSC) is a transportation company that operates one of the largest rail networks in the eastern United States. Through its principal subsidiary, Norfolk Southern Railway, the company provides freight rail transportation and related services for industrial, agricultural and consumer markets.

Norfolk Southern’s network serves 22 states and the District of Columbia, connecting major ports, manufacturing centers and distribution hubs across the East Coast and the Midwest.