Norfolk Southern Corporation $NSC Stock: Fifth Third Bancorp Lowers Holdings

Fifth Third Bancorp lessened its holdings in Norfolk Southern Corporation (NYSE:NSC) by 2.5% during the third quarter, HoldingsChannel.com reports. The firm owned 150,193 shares of the railroad operator’s stock after selling 3,825 shares during the period. Fifth Third Bancorp’s holdings in Norfolk Southern were worth $46,410,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Maryland State Retirement & Pension System lifted its position in Norfolk Southern by 15.1% during the 3rd quarter. Maryland State Retirement & Pension System now owns 13,968 shares of the railroad operator’s stock worth $4,316,000 after buying an additional 1,828 shares in the last quarter. Ritholtz Wealth Management grew its holdings in shares of Norfolk Southern by 0.9% in the 3rd quarter. Ritholtz Wealth Management now owns 7,893 shares of the railroad operator’s stock valued at $2,439,000 after acquiring an additional 68 shares in the last quarter. UNIVEST FINANCIAL Corp grew its holdings in shares of Norfolk Southern by 1.0% in the 3rd quarter. UNIVEST FINANCIAL Corp now owns 4,681 shares of the railroad operator’s stock valued at $1,446,000 after acquiring an additional 48 shares in the last quarter. Joel Isaacson & Co. LLC increased its position in shares of Norfolk Southern by 1.7% in the third quarter. Joel Isaacson & Co. LLC now owns 6,086 shares of the railroad operator’s stock valued at $1,881,000 after acquiring an additional 99 shares during the last quarter. Finally, Jacobi Capital Management LLC increased its position in shares of Norfolk Southern by 1.0% in the third quarter. Jacobi Capital Management LLC now owns 8,492 shares of the railroad operator’s stock valued at $2,624,000 after acquiring an additional 88 shares during the last quarter. Institutional investors own 75.10% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently issued reports on NSC shares. Robert W. Baird upped their target price on Norfolk Southern from $360.00 to $377.00 and gave the stock a “neutral” rating in a report on Monday, July 27th. Wells Fargo & Company raised their price target on Norfolk Southern from $365.00 to $385.00 and gave the company an “overweight” rating in a research note on Friday, July 24th. TD Cowen boosted their price target on Norfolk Southern from $376.00 to $379.00 and gave the stock a “buy” rating in a research report on Friday, October 23rd. Royal Bank Of Canada upped their price objective on Norfolk Southern from $330.00 to $350.00 and gave the stock a “sector perform” rating in a research note on Friday, October 23rd. Finally, Benchmark reiterated a “hold” rating on shares of Norfolk Southern in a research note on Friday, July 24th. Seven investment analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $348.81.

Norfolk Southern Stock Up 0.8%

Norfolk Southern stock opened at $333.12 on Friday. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.90 and a quick ratio of 0.81. The company’s 50-day moving average is $324.11 and its 200-day moving average is $316.92. The firm has a market capitalization of $74.83 billion, a PE ratio of 27.92, a P/E/G ratio of 4.90 and a beta of 1.20. Norfolk Southern Corporation has a fifty-two week low of $277.80 and a fifty-two week high of $358.60.

Norfolk Southern (NYSE:NSC) last issued its earnings results on Thursday, October 22nd. The railroad operator reported $3.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.46 by $0.16. Norfolk Southern had a net margin of 20.70% and a return on equity of 18.22%. The business had revenue of $3.53 billion during the quarter, compared to the consensus estimate of $3.48 billion. During the same period last year, the business posted $3.30 EPS. Norfolk Southern’s revenue was up 13.6% on a year-over-year basis. Sell-side analysts anticipate that Norfolk Southern Corporation will post 12.90 earnings per share for the current year.

Norfolk Southern Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 20th. Shareholders of record on Friday, November 6th will be paid a $1.35 dividend. The ex-dividend date is Friday, November 6th. This represents a $5.40 annualized dividend and a yield of 1.6%. Norfolk Southern’s dividend payout ratio is currently 45.26%.

Norfolk Southern Company Profile

Norfolk Southern Corporation is a freight transportation company that operates a major railroad network across the eastern United States. Its rail services connect businesses, ports and communities, and link with other railroads to move goods across North America. The company transports a broad range of products, including coal, chemicals, agricultural goods, automotive vehicles and parts, metals, construction materials and consumer products. Its services include intermodal transportation, which combines rail with truck or container shipping, as well as rail freight and logistics solutions.