Norfolk Southern Corp. (NSC) Shares Sold by Fifth Third Bancorp

Fifth Third Bancorp lowered its stake in Norfolk Southern Corp. (NYSE:NSC) by 3.5% in the 3rd quarter, HoldingsChannel reports. The fund owned 279,381 shares of the railroad operator’s stock after selling 10,026 shares during the quarter. Fifth Third Bancorp’s holdings in Norfolk Southern were worth $50,428,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. United Bank grew its position in Norfolk Southern by 3.1% in the 2nd quarter. United Bank now owns 9,940 shares of the railroad operator’s stock valued at $1,500,000 after purchasing an additional 295 shares during the period. Tower Bridge Advisors grew its position in Norfolk Southern by 2.8% in the 2nd quarter. Tower Bridge Advisors now owns 10,996 shares of the railroad operator’s stock valued at $1,659,000 after purchasing an additional 300 shares during the period. Dynamic Technology Lab Private Ltd boosted its holdings in Norfolk Southern by 4.3% during the 2nd quarter. Dynamic Technology Lab Private Ltd now owns 7,300 shares of the railroad operator’s stock worth $1,102,000 after acquiring an additional 301 shares during the last quarter. Cadinha & Co. LLC boosted its holdings in Norfolk Southern by 19.0% during the 2nd quarter. Cadinha & Co. LLC now owns 2,000 shares of the railroad operator’s stock worth $302,000 after acquiring an additional 320 shares during the last quarter. Finally, Oakworth Capital Inc. boosted its holdings in Norfolk Southern by 15.2% during the 3rd quarter. Oakworth Capital Inc. now owns 2,497 shares of the railroad operator’s stock worth $451,000 after acquiring an additional 330 shares during the last quarter. Institutional investors own 72.97% of the company’s stock.

Shares of NYSE:NSC opened at $156.99 on Friday. The company has a current ratio of 0.86, a quick ratio of 0.75 and a debt-to-equity ratio of 0.69. The stock has a market capitalization of $44.17 billion, a P/E ratio of 23.75, a P/E/G ratio of 1.46 and a beta of 1.33. Norfolk Southern Corp. has a fifty-two week low of $127.79 and a fifty-two week high of $186.91.

Norfolk Southern (NYSE:NSC) last issued its quarterly earnings results on Wednesday, October 24th. The railroad operator reported $2.52 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.44 by $0.08. The company had revenue of $2.95 billion for the quarter, compared to the consensus estimate of $2.90 billion. Norfolk Southern had a net margin of 52.82% and a return on equity of 15.12%. The firm’s quarterly revenue was up 10.4% on a year-over-year basis. During the same period in the previous year, the firm earned $1.75 EPS. On average, analysts expect that Norfolk Southern Corp. will post 9.26 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Monday, December 10th. Investors of record on Friday, November 2nd will be issued a $0.80 dividend. This represents a $3.20 dividend on an annualized basis and a dividend yield of 2.04%. The ex-dividend date of this dividend is Thursday, November 1st. Norfolk Southern’s dividend payout ratio (DPR) is currently 48.41%.

A number of equities analysts have issued reports on NSC shares. Deutsche Bank raised shares of Norfolk Southern from a “hold” rating to a “buy” rating and set a $205.00 price objective on the stock in a report on Tuesday, August 14th. Loop Capital lifted their price objective on shares of Norfolk Southern to $179.00 and gave the stock a “hold” rating in a report on Thursday, August 16th. Barclays reaffirmed a “hold” rating and set a $190.00 price objective on shares of Norfolk Southern in a report on Wednesday, September 26th. Zacks Investment Research downgraded shares of Norfolk Southern from a “buy” rating to a “hold” rating in a report on Wednesday, September 26th. Finally, Edward Jones downgraded shares of Norfolk Southern from a “buy” rating to a “hold” rating in a report on Friday, September 28th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and eleven have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $176.11.

In related news, COO Michael Joseph Wheeler sold 801 shares of the business’s stock in a transaction dated Wednesday, November 7th. The shares were sold at an average price of $172.55, for a total value of $138,212.55. Following the transaction, the chief operating officer now directly owns 9,406 shares of the company’s stock, valued at approximately $1,623,005.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.36% of the stock is currently owned by insiders.

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About Norfolk Southern

Norfolk Southern Corporation, together with its subsidiaries, engages in the rail transportation of raw materials, intermediate products, and finished goods. It also transports overseas freight through various Atlantic and Gulf Coast ports, as well as coal, automotive, and industrial products; and provides commuter passenger services.

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Institutional Ownership by Quarter for Norfolk Southern (NYSE:NSC)

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