PNC Financial Services Group Inc. Cuts Position in Norfolk Southern Corporation $NSC

PNC Financial Services Group Inc. decreased its stake in Norfolk Southern Corporation (NYSE:NSC) by 2.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 352,998 shares of the railroad operator’s stock after selling 8,910 shares during the period. PNC Financial Services Group Inc.’s holdings in Norfolk Southern were worth $101,310,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Louisiana State Employees Retirement System acquired a new position in Norfolk Southern during the first quarter worth $3,272,000. O Shaughnessy Asset Management LLC grew its holdings in Norfolk Southern by 9.8% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 43,408 shares of the railroad operator’s stock valued at $12,533,000 after purchasing an additional 3,887 shares during the last quarter. GABELLI & Co INVESTMENT ADVISERS INC. grew its holdings in Norfolk Southern by 49.3% in the fourth quarter. GABELLI & Co INVESTMENT ADVISERS INC. now owns 50,620 shares of the railroad operator’s stock valued at $14,615,000 after purchasing an additional 16,720 shares during the last quarter. Robeco Institutional Asset Management B.V. increased its position in shares of Norfolk Southern by 8.6% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 138,194 shares of the railroad operator’s stock valued at $39,899,000 after buying an additional 10,910 shares in the last quarter. Finally, Gabelli Funds LLC raised its stake in shares of Norfolk Southern by 54.4% during the 4th quarter. Gabelli Funds LLC now owns 51,112 shares of the railroad operator’s stock worth $14,757,000 after buying an additional 18,012 shares during the last quarter. Hedge funds and other institutional investors own 75.10% of the company’s stock.

Norfolk Southern Trading Up 0.1%

Shares of NSC opened at $331.52 on Thursday. The stock has a fifty day moving average of $316.07 and a two-hundred day moving average of $305.42. Norfolk Southern Corporation has a fifty-two week low of $268.23 and a fifty-two week high of $342.53. The company has a market capitalization of $74.46 billion, a PE ratio of 27.93, a price-to-earnings-growth ratio of 6.06 and a beta of 1.27. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.81 and a current ratio of 0.91.

Norfolk Southern (NYSE:NSC) last announced its quarterly earnings results on Friday, April 24th. The railroad operator reported $2.65 earnings per share for the quarter, beating analysts’ consensus estimates of $2.49 by $0.16. The company had revenue of $3 billion for the quarter, compared to analyst estimates of $3.13 billion. Norfolk Southern had a net margin of 21.91% and a return on equity of 18.30%. Norfolk Southern’s revenue for the quarter was up .2% on a year-over-year basis. During the same quarter last year, the business earned $2.69 EPS. As a group, analysts forecast that Norfolk Southern Corporation will post 12.24 EPS for the current year.

Norfolk Southern Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 20th. Shareholders of record on Friday, August 7th will be given a $1.35 dividend. The ex-dividend date of this dividend is Friday, August 7th. This represents a $5.40 annualized dividend and a yield of 1.6%. Norfolk Southern’s dividend payout ratio (DPR) is 45.49%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. JPMorgan Chase & Co. lowered their price objective on shares of Norfolk Southern from $331.00 to $316.00 and set a “neutral” rating on the stock in a research note on Friday, July 10th. Susquehanna lifted their target price on shares of Norfolk Southern from $337.00 to $360.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 14th. Robert W. Baird increased their price target on shares of Norfolk Southern from $330.00 to $360.00 and gave the company a “neutral” rating in a research report on Friday, July 10th. Wells Fargo & Company raised their price objective on shares of Norfolk Southern from $350.00 to $365.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 8th. Finally, Royal Bank Of Canada lowered their target price on Norfolk Southern from $360.00 to $320.00 and set a “sector perform” rating on the stock in a report on Wednesday, June 24th. Six investment analysts have rated the stock with a Buy rating and seventeen have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $329.35.

Norfolk Southern Profile

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.