Bank of America Corp DE Reduces Holdings in Norfolk Southern Corporation $NSC

Bank of America Corp DE trimmed its holdings in shares of Norfolk Southern Corporation (NYSE:NSC) by 0.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,201,093 shares of the railroad operator’s stock after selling 27,625 shares during the quarter. Bank of America Corp DE owned approximately 1.43% of Norfolk Southern worth $918,714,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Moss Adams Wealth Advisors LLC lifted its position in Norfolk Southern by 4.6% during the fourth quarter. Moss Adams Wealth Advisors LLC now owns 791 shares of the railroad operator’s stock valued at $228,000 after purchasing an additional 35 shares in the last quarter. Confluence Wealth Services Inc. raised its stake in shares of Norfolk Southern by 1.1% in the fourth quarter. Confluence Wealth Services Inc. now owns 3,090 shares of the railroad operator’s stock worth $892,000 after buying an additional 35 shares during the period. Exencial Wealth Advisors LLC lifted its position in shares of Norfolk Southern by 1.1% during the 4th quarter. Exencial Wealth Advisors LLC now owns 3,216 shares of the railroad operator’s stock valued at $929,000 after buying an additional 35 shares in the last quarter. Sovereign Financial Group Inc. grew its stake in shares of Norfolk Southern by 3.3% during the 1st quarter. Sovereign Financial Group Inc. now owns 1,108 shares of the railroad operator’s stock valued at $318,000 after acquiring an additional 35 shares during the period. Finally, Bar Harbor Wealth Management increased its holdings in Norfolk Southern by 0.6% in the 1st quarter. Bar Harbor Wealth Management now owns 6,290 shares of the railroad operator’s stock worth $1,805,000 after acquiring an additional 36 shares in the last quarter. 75.10% of the stock is owned by hedge funds and other institutional investors.

Norfolk Southern Trading Up 0.6%

NSC stock opened at $335.89 on Friday. The firm has a fifty day moving average price of $319.64 and a 200 day moving average price of $307.90. Norfolk Southern Corporation has a fifty-two week low of $268.23 and a fifty-two week high of $358.60. The firm has a market cap of $75.45 billion, a PE ratio of 28.66, a price-to-earnings-growth ratio of 5.94 and a beta of 1.27. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.73 and a current ratio of 0.83.

Norfolk Southern (NYSE:NSC) last released its quarterly earnings results on Thursday, July 23rd. The railroad operator reported $3.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.32 by $0.20. Norfolk Southern had a net margin of 21.02% and a return on equity of 18.21%. The company had revenue of $3.46 billion for the quarter, compared to the consensus estimate of $3.38 billion. During the same quarter in the prior year, the firm earned $3.29 earnings per share. Norfolk Southern’s revenue was up 12.5% on a year-over-year basis. Sell-side analysts anticipate that Norfolk Southern Corporation will post 12.6 earnings per share for the current fiscal year.

Norfolk Southern Announces Dividend

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 issued a $1.35 dividend. The ex-dividend date of this dividend is Friday, August 7th. This represents a $5.40 dividend on an annualized basis and a dividend yield of 1.6%. Norfolk Southern’s dividend payout ratio (DPR) is presently 46.08%.

Analyst Ratings Changes

A number of research firms have weighed in on NSC. Royal Bank Of Canada upped their price target on shares of Norfolk Southern from $320.00 to $360.00 and gave the stock a “sector perform” rating in a research report on Friday, July 24th. TD Cowen upped their target price on shares of Norfolk Southern from $337.00 to $376.00 and gave the stock a “buy” rating in a report on Friday, July 24th. Evercore set a $358.00 target price on shares of Norfolk Southern in a report on Thursday, July 23rd. Stephens upgraded Norfolk Southern to a “hold” rating in a research note on Wednesday, July 8th. Finally, Wolfe Research raised their price target on Norfolk Southern from $350.00 to $355.00 and gave the company an “outperform” rating in a report on Tuesday, April 7th. Seven analysts have rated the stock with a Buy rating and fifteen have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $348.00.

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.