Norfolk Southern Corporation $NSC Shares Sold by ZWJ Investment Counsel Inc.

by · The Markets Daily

ZWJ Investment Counsel Inc. reduced its position in shares of Norfolk Southern Corporation (NYSE:NSC – Free Report) by 23.0% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,671 shares of the railroad operator’s stock after selling 1,992 shares during the period. ZWJ Investment Counsel Inc.’s holdings in Norfolk Southern were worth $2,061,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in NSC. Edmond DE Rothschild Holding S.A. acquired a new position in Norfolk Southern in the 2nd quarter valued at approximately $26,000. Meeder Asset Management Inc. acquired a new position in shares of Norfolk Southern during the second quarter worth $27,000. North Point Portfolio Managers Corp OH acquired a new position in shares of Norfolk Southern during the third quarter worth $28,000. Elevation Wealth Partners LLC lifted its holdings in shares of Norfolk Southern by 2,125.0% during the third quarter. Elevation Wealth Partners LLC now owns 89 shares of the railroad operator’s stock worth $28,000 after purchasing an additional 85 shares during the period. Finally, Comprehensive Financial Planning Inc. PA bought a new stake in shares of Norfolk Southern in the second quarter worth $31,000. Institutional investors and hedge funds own 75.10% of the company’s stock.

Norfolk Southern Trading Up 0.8%

Shares of NSC stock opened at $323.69 on Thursday. Norfolk Southern Corporation has a fifty-two week low of $277.80 and a fifty-two week high of $358.60. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.73 and a current ratio of 0.83. The stock has a 50 day simple moving average of $327.65 and a two-hundred day simple moving average of $318.83. The company has a market cap of $72.70 billion, a P/E ratio of 27.62, a PEG ratio of 4.77 and a beta of 1.29.

Norfolk Southern (NYSE:NSC – Get Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The railroad operator reported $3.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.32 by $0.20. The firm had revenue of $3.46 billion for the quarter, compared to analysts’ expectations of $3.38 billion. Norfolk Southern had a return on equity of 18.21% and a net margin of 21.02%. The company’s revenue for the quarter was up 12.5% compared to the same quarter last year. During the same period in the prior year, the business earned $3.29 EPS. Research analysts forecast that Norfolk Southern Corporation will post 12.85 earnings per share for the current year.

Norfolk Southern Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 20th. Investors of record on Friday, August 7th were paid a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend was Friday, August 7th. Norfolk Southern’s dividend payout ratio is 46.08%.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on NSC shares. Barclays increased their price objective on Norfolk Southern from $360.00 to $400.00 and gave the company an “overweight” rating in a report on Friday, July 24th. Weiss Ratings raised Norfolk Southern from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, October 9th. Wells Fargo & Company increased 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. Robert W. Baird increased their price target on Norfolk Southern from $360.00 to $377.00 and gave the company a “neutral” rating in a research note on Monday, July 27th. Finally, Citigroup restated a “cautious” rating on shares of Norfolk Southern in a research report on Wednesday, October 7th. Seven analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $346.94.

View Our Latest Stock Analysis on Norfolk Southern

Norfolk Southern Profile

(Free Report)

Norfolk Southern Corporation (NYSE: NSC) is a transportation company that operates one of the largest rail networks in the eastern United States. Through its principal subsidiary, Norfolk Southern Railway, the company provides freight rail transportation and related services for industrial, agricultural and consumer markets.

Norfolk Southern’s network serves 22 states and the District of Columbia, connecting major ports, manufacturing centers and distribution hubs across the East Coast and the Midwest.

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