US Bancorp DE Sells 13,136 Shares of Norfolk Southern Corporation (NYSE:NSC)

Key Points

• US Bancorp DE reduced its stake in Norfolk Southern Corporation by 6.6%, now holding approximately 0.08% of the company, valued at $43.70 million.
• Norfolk Southern reported earnings of $3.29 per share, exceeding analyst expectations, with revenue of $3.11 billion for the last quarter.
• The company announced a quarterly dividend of $1.35 per share, resulting in an annualized yield of 2.0%, to be paid on August 20.

US Bancorp DE lowered its stake in shares of Norfolk Southern Corporation (NYSE:NSC - Free Report) by 6.6% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 184,497 shares of the railroad operator's stock after selling 13,136 shares during the period. US Bancorp DE owned about 0.08% of Norfolk Southern worth $43,698,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of NSC. Strategic Investment Solutions Inc. IL raised its holdings in Norfolk Southern by 16.9% during the 4th quarter. Strategic Investment Solutions Inc. IL now owns 304 shares of the railroad operator's stock worth $71,000 after purchasing an additional 44 shares during the last quarter. CoreCap Advisors LLC grew its position in shares of Norfolk Southern by 1.5% during the 4th quarter. CoreCap Advisors LLC now owns 3,097 shares of the railroad operator's stock worth $727,000 after buying an additional 45 shares during the period. Canandaigua National Trust Co of Florida raised its stake in shares of Norfolk Southern by 4.9% during the first quarter. Canandaigua National Trust Co of Florida now owns 956 shares of the railroad operator's stock worth $226,000 after buying an additional 45 shares during the last quarter. Capital Investment Advisory Services LLC lifted its holdings in Norfolk Southern by 1.8% in the first quarter. Capital Investment Advisory Services LLC now owns 2,556 shares of the railroad operator's stock valued at $605,000 after buying an additional 45 shares during the period. Finally, Malaga Cove Capital LLC lifted its holdings in Norfolk Southern by 2.1% in the fourth quarter. Malaga Cove Capital LLC now owns 2,451 shares of the railroad operator's stock valued at $575,000 after buying an additional 50 shares during the period. 75.10% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Susquehanna reaffirmed a "neutral" rating and set a $260.00 target price (up previously from $250.00) on shares of Norfolk Southern in a report on Tuesday, June 24th. Citigroup lifted their price objective on Norfolk Southern from $288.00 to $305.00 and gave the stock a "neutral" rating in a research note on Wednesday. Bank of America increased their target price on Norfolk Southern from $290.00 to $305.00 and gave the company a "buy" rating in a research note on Thursday, July 17th. Robert W. Baird raised their target price on Norfolk Southern from $255.00 to $300.00 and gave the stock a "neutral" rating in a report on Tuesday, July 22nd. Finally, BMO Capital Markets restated a "market perform" rating and set a $255.00 target price on shares of Norfolk Southern in a research report on Thursday, April 24th. Fourteen research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $285.15.

Norfolk Southern Stock Down 1.2%

Shares of NYSE:NSC traded down $3.43 during midday trading on Friday, reaching $274.57. 2,727,424 shares of the company were exchanged, compared to its average volume of 2,988,673. The firm has a market cap of $61.67 billion, a PE ratio of 18.55, a P/E/G ratio of 2.44 and a beta of 1.31. Norfolk Southern Corporation has a fifty-two week low of $201.63 and a fifty-two week high of $288.11. The stock has a fifty day simple moving average of $259.97 and a two-hundred day simple moving average of $244.71. The company has a quick ratio of 0.71, a current ratio of 0.79 and a debt-to-equity ratio of 1.11.

Norfolk Southern (NYSE:NSC - Get Free Report) last released its 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 firm had revenue of $3.11 billion during the quarter, compared to analysts' expectations of $3.10 billion. Norfolk Southern had a return on equity of 19.35% and a net margin of 27.51%. As a group, sell-side analysts forecast that Norfolk Southern Corporation will post 13 earnings per share for the current year.

Norfolk Southern Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, August 20th. Shareholders of record on Friday, August 1st will be given 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 yield of 2.0%. Norfolk Southern's dividend payout ratio is 36.49%.

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.