1ST Source Bank Makes New $7.99 Million Investment in Norfolk Southern Corporation $NSC

Key Points

• 1ST Source Bank purchased 25,389 shares of Norfolk Southern during the second quarter, establishing a position valued at approximately $7.99 million. Institutional investors collectively own 75.1% of the company.
• Norfolk Southern exceeded quarterly expectations, reporting $3.52 in EPS and $3.46 billion in revenue, with revenue up 12.5% year over year.
• The company declared a quarterly dividend of $1.35 per share, equivalent to $5.40 annually and a 1.6% yield. Analysts maintain a consensus “Hold” rating with an average price target of $348.

1ST Source Bank purchased a new position in shares of Norfolk Southern Corporation (NYSE:NSC - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 25,389 shares of the railroad operator's stock, valued at approximately $7,987,000.

A number of other institutional investors have also made changes to their positions in NSC. JPL Wealth Management LLC acquired a new position in Norfolk Southern during the 3rd quarter worth $25,000. BNP Paribas acquired a new position in shares of Norfolk Southern during the second quarter worth approximately $26,000. Meeder Asset Management Inc. boosted its position in shares of Norfolk Southern by 239.3% in the fourth quarter. Meeder Asset Management Inc. now owns 95 shares of the railroad operator's stock valued at $27,000 after acquiring an additional 67 shares during the period. Financial Life Planners acquired a new stake in shares of Norfolk Southern in the first quarter worth $33,000. Finally, Bayban acquired a new stake in shares of Norfolk Southern in the fourth quarter worth $34,000. 75.10% of the stock is owned by institutional investors.

Norfolk Southern Price Performance

Shares of Norfolk Southern stock opened at $334.69 on Monday. The stock has a market capitalization of $75.17 billion, a price-to-earnings ratio of 28.56, a P/E/G ratio of 5.92 and a beta of 1.27. The company has a current ratio of 0.83, a quick ratio of 0.73 and a debt-to-equity ratio of 0.98. Norfolk Southern Corporation has a 1-year low of $268.23 and a 1-year high of $358.60. The firm's 50-day moving average price is $324.87 and its two-hundred day moving average price is $311.52.

Norfolk Southern (NYSE:NSC - Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The railroad operator reported $3.52 earnings per share for the quarter, beating analysts' consensus estimates of $3.32 by $0.20. Norfolk Southern had a return on equity of 18.21% and a net margin of 21.02%.The firm had revenue of $3.46 billion during the quarter, compared to analysts' expectations of $3.38 billion. During the same period last year, the firm posted $3.29 EPS. The business's revenue was up 12.5% on a year-over-year basis. On average, equities analysts predict that Norfolk Southern Corporation will post 12.66 earnings per share for the current fiscal year.

Norfolk Southern Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 20th. Shareholders of record on Friday, August 7th will be issued a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a yield of 1.6%. The ex-dividend date of this dividend is Friday, August 7th. Norfolk Southern's payout ratio is currently 46.08%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. UBS Group reissued a "neutral" rating and issued a $363.00 price target on shares of Norfolk Southern in a report on Friday, July 24th. JPMorgan Chase & Co. boosted their price target on Norfolk Southern from $316.00 to $338.00 and gave the company a "neutral" rating in a research note on Friday, July 24th. Susquehanna upped their price target on Norfolk Southern from $337.00 to $360.00 and gave the company a "neutral" rating in a report on Tuesday, July 14th. Barclays raised their price objective on Norfolk Southern from $360.00 to $400.00 and gave the stock an "overweight" rating in a research report on Friday, July 24th. Finally, Benchmark reissued a "hold" rating on shares of Norfolk Southern in a report on Friday, July 24th. Seven research analysts have rated the stock with a Buy rating and fifteen have given a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $348.00.

Norfolk Southern Company 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.

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