Commerce Bank Sells 1,071 Shares of Norfolk Southern Corporation (NYSE:NSC)

Key Points

• Commerce Bank reduced its holdings in Norfolk Southern Corporation by 2.8%, owning 37,033 shares valued at $8.77 million after selling 1,071 shares in the first quarter.
• Analysts have raised their price targets for Norfolk Southern, with estimates ranging from $288.00 to $305.00, and the stock currently holds an average rating of "Hold".
• The company recently announced a quarterly dividend of $1.35 per share, reflecting an annualized dividend yield of 2.0% with a payout ratio of 36.49%.

Commerce Bank cut its position in Norfolk Southern Corporation (NYSE:NSC - Free Report) by 2.8% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 37,033 shares of the railroad operator's stock after selling 1,071 shares during the quarter. Commerce Bank's holdings in Norfolk Southern were worth $8,771,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in NSC. Fourth Dimension Wealth LLC bought a new position in Norfolk Southern in the 4th quarter valued at approximately $28,000. Putney Financial Group LLC bought a new position in Norfolk Southern in the 4th quarter valued at approximately $30,000. Greenline Partners LLC acquired a new position in Norfolk Southern in the 4th quarter valued at approximately $31,000. HWG Holdings LP bought a new position in shares of Norfolk Southern during the first quarter valued at $35,000. Finally, Physician Wealth Advisors Inc. raised its stake in shares of Norfolk Southern by 129.2% during the first quarter. Physician Wealth Advisors Inc. now owns 149 shares of the railroad operator's stock valued at $35,000 after acquiring an additional 84 shares during the last quarter. 75.10% of the stock is currently owned by institutional investors and hedge funds.

Norfolk Southern Stock Down 0.2%

Shares of Norfolk Southern stock traded down $0.54 during trading hours on Thursday, reaching $282.41. The company's stock had a trading volume of 217,914 shares, compared to its average volume of 1,545,000. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.71 and a current ratio of 0.79. The stock's fifty day simple moving average is $262.25 and its two-hundred day simple moving average is $245.44. Norfolk Southern Corporation has a one year low of $201.63 and a one year high of $288.11. The company has a market capitalization of $63.44 billion, a P/E ratio of 19.10, a P/E/G ratio of 2.48 and a beta of 1.31.

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

Norfolk Southern Announces Dividend

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 given a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend is Friday, August 1st. Norfolk Southern's dividend payout ratio (DPR) is presently 36.49%.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on NSC shares. UBS Group raised their price target on shares of Norfolk Southern from $275.00 to $279.00 and gave the company a "buy" rating in a research note on Friday, May 30th. Bank of America raised their price target on shares of Norfolk Southern from $290.00 to $305.00 and gave the company a "buy" rating in a research note on Thursday, July 17th. Benchmark cut shares of Norfolk Southern from a "buy" rating to a "hold" rating in a research report on Wednesday, July 30th. The Goldman Sachs Group reiterated a "neutral" rating and set a $278.00 price objective on shares of Norfolk Southern in a research report on Monday, June 2nd. Finally, Jefferies Financial Group reiterated a "hold" rating and set a $300.00 price objective on shares of Norfolk Southern in a research report on Friday, July 25th. Fourteen research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, Norfolk Southern presently has a consensus rating of "Hold" and a consensus target price of $285.15.

About Norfolk Southern

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.