Bank of Nova Scotia Boosts Stake in Norfolk Southern Corporation (NYSE:NSC)

Bank of Nova Scotia increased its stake in Norfolk Southern Corporation (NYSE:NSC - Free Report) by 181.4% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 93,630 shares of the railroad operator's stock after purchasing an additional 60,353 shares during the quarter. Bank of Nova Scotia's holdings in Norfolk Southern were worth $22,176,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Brighton Jones LLC increased its stake in shares of Norfolk Southern by 4.9% in the fourth quarter. Brighton Jones LLC now owns 1,706 shares of the railroad operator's stock worth $400,000 after purchasing an additional 79 shares in the last quarter. Wellington Management Group LLP boosted its holdings in Norfolk Southern by 3.6% in the 4th quarter. Wellington Management Group LLP now owns 23,882 shares of the railroad operator's stock worth $5,605,000 after buying an additional 820 shares during the period. Arete Wealth Advisors LLC purchased a new stake in Norfolk Southern in the 4th quarter worth $339,000. Resona Asset Management Co. Ltd. bought a new stake in Norfolk Southern during the fourth quarter valued at about $15,274,000. Finally, KCM Investment Advisors LLC lifted its position in shares of Norfolk Southern by 21.8% in the fourth quarter. KCM Investment Advisors LLC now owns 1,665 shares of the railroad operator's stock valued at $391,000 after acquiring an additional 298 shares in the last quarter. 75.10% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. BMO Capital Markets reiterated a "market perform" rating and set a $255.00 target price on shares of Norfolk Southern in a research report on Thursday, April 24th. Benchmark downgraded Norfolk Southern from a "buy" rating to a "hold" rating in a research note on Wednesday, July 30th. JPMorgan Chase & Co. reaffirmed a "neutral" rating and set a $288.00 price objective (up from $282.00) on shares of Norfolk Southern in a report on Wednesday, July 30th. Susquehanna reiterated a "neutral" rating and set a $260.00 price objective (up previously from $250.00) on shares of Norfolk Southern in a research report on Tuesday, June 24th. Finally, TD Cowen upgraded shares of Norfolk Southern from a "hold" rating to a "buy" rating and upped their target price for the stock from $263.00 to $323.00 in a research report on Monday, July 21st. Fourteen research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $285.15.

Norfolk Southern Price Performance

NYSE:NSC opened at $274.57 on Monday. The firm has a market capitalization of $61.67 billion, a price-to-earnings ratio of 18.55, a PEG ratio of 2.44 and a beta of 1.31. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.79 and a quick ratio of 0.71. The business has a 50 day simple moving average of $259.97 and a 200-day simple moving average of $244.71. Norfolk Southern Corporation has a 1 year low of $201.63 and a 1 year high of $288.11.

Norfolk Southern (NYSE:NSC - Get Free Report) last issued its quarterly earnings results on Tuesday, July 29th. The railroad operator reported $3.29 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.24 by $0.05. The company had revenue of $3.11 billion during the quarter, compared to the consensus estimate of $3.10 billion. Norfolk Southern had a return on equity of 19.35% and a net margin of 27.51%. Equities analysts forecast that Norfolk Southern Corporation will post 13 EPS for the current year.

Norfolk Southern Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, August 20th. Investors of record on Friday, August 1st will be paid a dividend of $1.35 per share. The ex-dividend date of this dividend is Friday, August 1st. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.0%. Norfolk Southern's payout ratio is currently 36.49%.

Norfolk Southern Company 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.

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