3,520 Norfolk Southern Corporation $NSC Shares Bought by First Citizens Bank & Trust Co.

Key Points

• First Citizens Bank & Trust Co. increased its Norfolk Southern stake by 26.9% in the third quarter, purchasing 3,520 additional shares and bringing its holdings to 16,627 shares valued at approximately $5.14 million.
• Institutional investors own 75.1% of Norfolk Southern’s stock, while analysts maintain a consensus “Hold” rating with an average price target of $346.94.
• Norfolk Southern exceeded quarterly earnings and revenue estimates, reporting $3.52 EPS and $3.46 billion in revenue, and pays a $1.35 quarterly dividend, equivalent to a 1.7% yield.

First Citizens Bank & Trust Co. raised its stake in shares of Norfolk Southern Corporation (NYSE:NSC - Free Report) by 26.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 16,627 shares of the railroad operator's stock after acquiring an additional 3,520 shares during the quarter. First Citizens Bank & Trust Co.'s holdings in Norfolk Southern were worth $5,138,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in NSC. BlackRock Inc. bought a new position in shares of Norfolk Southern during the 2nd quarter worth approximately $5,033,549,000. Bank of America Corp DE purchased a new position in Norfolk Southern during the 2nd quarter worth $978,977,000. Dimensional Fund Advisors LP grew its stake in Norfolk Southern by 2.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,259,558 shares of the railroad operator's stock worth $648,429,000 after buying an additional 46,127 shares during the last quarter. Amundi increased its position in Norfolk Southern by 24.2% during the 1st quarter. Amundi now owns 2,226,885 shares of the railroad operator's stock valued at $639,116,000 after buying an additional 434,074 shares in the last quarter. Finally, HBK Investments L P raised its stake in Norfolk Southern by 0.8% in the second quarter. HBK Investments L P now owns 1,750,000 shares of the railroad operator's stock valued at $550,532,000 after buying an additional 13,644 shares during the last quarter. 75.10% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the stock. Susquehanna lowered their target price on shares of Norfolk Southern from $386.00 to $350.00 and set a "neutral" rating for the company in a research note on Friday, October 2nd. Barclays upped their price target on shares of Norfolk Southern from $360.00 to $400.00 and gave the company an "overweight" rating in a research note on Friday, July 24th. UBS Group reaffirmed a "neutral" rating and issued a $363.00 price target on shares of Norfolk Southern in a report on Friday, July 24th. Weiss Ratings upgraded shares of Norfolk Southern from a "buy (b-)" rating to a "buy (b)" rating in a research note on Friday, October 9th. Finally, Wells Fargo & Company boosted their price objective on shares of Norfolk Southern from $365.00 to $385.00 and gave the company an "overweight" rating in a report on Friday, July 24th. Seven research analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $346.94.

Norfolk Southern Trading Up 0.8%

Shares of NYSE:NSC opened at $323.69 on Thursday. Norfolk Southern Corporation has a 12-month low of $277.80 and a 12-month high of $358.60. The company has a market capitalization of $72.70 billion, a PE ratio of 27.62, a PEG ratio of 4.77 and a beta of 1.29. The business has a 50 day moving average of $327.65 and a two-hundred day moving average of $318.83. 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 (NYSE:NSC - Get Free Report) last announced 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 the consensus estimate of $3.38 billion. Norfolk Southern had a net margin of 21.02% and a return on equity of 18.21%. The firm's quarterly revenue was up 12.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $3.29 earnings per share. As a group, analysts forecast that Norfolk Southern Corporation will post 12.85 EPS for the current year.

Norfolk Southern Announces Dividend

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

Norfolk Southern Company Profile

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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