Eastern Bank Trims Stock Position in Norfolk Southern Corporation (NYSE:NSC)

Eastern Bank cut its stake in shares of Norfolk Southern Corporation (NYSE:NSC) by 22.1% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,971 shares of the railroad operator’s stock after selling 560 shares during the quarter. Eastern Bank’s holdings in Norfolk Southern were worth $467,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Golden State Wealth Management LLC increased its holdings in Norfolk Southern by 883.3% during the first quarter. Golden State Wealth Management LLC now owns 177 shares of the railroad operator’s stock valued at $42,000 after buying an additional 159 shares during the period. Dynamic Advisor Solutions LLC increased its holdings in Norfolk Southern by 1.9% during the first quarter. Dynamic Advisor Solutions LLC now owns 3,571 shares of the railroad operator’s stock valued at $846,000 after buying an additional 65 shares during the period. Wealth Enhancement Advisory Services LLC increased its holdings in Norfolk Southern by 4.1% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 71,463 shares of the railroad operator’s stock valued at $16,925,000 after buying an additional 2,782 shares during the period. GAMMA Investing LLC increased its holdings in Norfolk Southern by 8.3% during the first quarter. GAMMA Investing LLC now owns 4,179 shares of the railroad operator’s stock valued at $990,000 after buying an additional 321 shares during the period. Finally, Brevan Howard Capital Management LP increased its holdings in Norfolk Southern by 472.3% during the fourth quarter. Brevan Howard Capital Management LP now owns 43,054 shares of the railroad operator’s stock valued at $10,105,000 after buying an additional 35,531 shares during the period. 75.10% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts recently issued reports on NSC shares. Evercore ISI reissued an “in-line” rating and set a $289.00 price objective (up from $279.00) on shares of Norfolk Southern in a report on Wednesday. Robert W. Baird lifted their price objective on shares of Norfolk Southern from $255.00 to $300.00 and gave the company a “neutral” rating in a report on Tuesday, July 22nd. Barclays lifted their price objective on shares of Norfolk Southern from $290.00 to $300.00 and gave the company an “overweight” rating in a report on Wednesday. UBS Group raised their target price on shares of Norfolk Southern from $275.00 to $279.00 and gave the company a “buy” rating in a research note on Friday, May 30th. Finally, Baird R W upgraded shares of Norfolk Southern to a “hold” rating in a research note on Tuesday, July 1st. Thirteen analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, Norfolk Southern currently has an average rating of “Hold” and an average price target of $285.15.

Norfolk Southern Trading Down 0.3%

NYSE:NSC opened at $278.18 on Friday. Norfolk Southern Corporation has a 12 month low of $201.63 and a 12 month high of $288.11. The firm has a fifty day simple moving average of $259.28 and a 200-day simple moving average of $244.45. The company has a current ratio of 0.79, a quick ratio of 0.70 and a debt-to-equity ratio of 1.11. The company has a market capitalization of $62.49 billion, a P/E ratio of 18.80, a PEG ratio of 2.46 and a beta of 1.31.

Norfolk Southern (NYSE:NSC) last posted its quarterly earnings data on Tuesday, July 29th. The railroad operator reported $3.29 EPS for the quarter, topping the consensus estimate of $3.24 by $0.05. The business had revenue of $3.11 billion during the quarter, compared to the consensus estimate of $3.10 billion. Norfolk Southern had a net margin of 27.51% and a return on equity of 19.35%. On average, equities research analysts anticipate that Norfolk Southern Corporation will post 13 earnings per share for the current year.

Norfolk Southern Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 20th. Investors of record on Friday, August 1st will be given a dividend of $1.35 per share. The ex-dividend date is Friday, August 1st. This represents a $5.40 dividend on an annualized basis and a yield of 1.9%. Norfolk Southern’s payout ratio is currently 36.89%.

Norfolk Southern 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.