Westpac Banking Corp Has $1 Million Stock Holdings in Norfolk Southern Corporation (NYSE:NSC)

Key Points

• Westpac Banking Corp has reduced its stake in Norfolk Southern Corporation by 43.5%, now holding shares valued at $1 million after selling 3,254 shares in the first quarter.
• Norfolk Southern recently announced a quarterly dividend of $1.35, with an annualized yield of 1.9% based on a payout ratio of 36.49%.
• The company's performance includes a report of $3.29 EPS for the last quarter, surpassing analyst expectations, and a revenue of $3.11 billion.

Westpac Banking Corp cut its position in shares of Norfolk Southern Corporation (NYSE:NSC - Free Report) by 43.5% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 4,222 shares of the railroad operator's stock after selling 3,254 shares during the quarter. Westpac Banking Corp's holdings in Norfolk Southern were worth $1,000,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Golden State Wealth Management LLC grew its holdings in shares of Norfolk Southern by 883.3% during the first quarter. Golden State Wealth Management LLC now owns 177 shares of the railroad operator's stock worth $42,000 after buying an additional 159 shares in the last quarter. Dynamic Advisor Solutions LLC grew its holdings in shares of Norfolk Southern by 1.9% during the first quarter. Dynamic Advisor Solutions LLC now owns 3,571 shares of the railroad operator's stock worth $846,000 after buying an additional 65 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in Norfolk Southern by 4.1% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 71,463 shares of the railroad operator's stock valued at $16,925,000 after purchasing an additional 2,782 shares in the last quarter. GAMMA Investing LLC grew its stake in Norfolk Southern by 8.3% in the first quarter. GAMMA Investing LLC now owns 4,179 shares of the railroad operator's stock valued at $990,000 after purchasing an additional 321 shares in the last quarter. Finally, Brevan Howard Capital Management LP grew its stake in Norfolk Southern by 472.3% in the fourth quarter. Brevan Howard Capital Management LP now owns 43,054 shares of the railroad operator's stock valued at $10,105,000 after purchasing an additional 35,531 shares in the last quarter. 75.10% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Evercore ISI restated an "in-line" rating and issued a $289.00 price target (up from $279.00) on shares of Norfolk Southern in a research note on Wednesday, July 30th. Susquehanna reiterated a "neutral" rating and set a $260.00 target price (up from $250.00) on shares of Norfolk Southern in a research note on Tuesday, June 24th. Robert W. Baird lifted their target price on Norfolk Southern from $255.00 to $300.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 22nd. Benchmark downgraded Norfolk Southern from a "buy" rating to a "hold" rating in a research note on Wednesday, July 30th. Finally, Barclays lifted their target price on Norfolk Southern from $290.00 to $300.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 30th. Fourteen equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Norfolk Southern currently has an average rating of "Hold" and an average price target of $285.15.

Norfolk Southern Stock Performance

NYSE:NSC traded down $1.64 during mid-day trading on Friday, hitting $280.86. 1,939,854 shares of the stock were exchanged, compared to its average volume of 3,210,820. The stock has a market capitalization of $63.09 billion, a price-to-earnings ratio of 18.98, a price-to-earnings-growth ratio of 2.51 and a beta of 1.31. The firm's 50-day simple moving average is $266.84 and its 200 day simple moving average is $246.75. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.71 and a current ratio of 0.79. Norfolk Southern Corporation has a fifty-two week low of $201.63 and a fifty-two week high of $288.11.

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, topping the consensus estimate of $3.24 by $0.05. The business 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, equities analysts anticipate that Norfolk Southern Corporation will post 13 EPS for the current fiscal year.

Norfolk Southern Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 20th. Shareholders of record on Friday, August 1st will be issued a $1.35 dividend. The ex-dividend date of this dividend is Friday, August 1st. This represents a $5.40 annualized dividend and a yield of 1.9%. Norfolk Southern's payout ratio is currently 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.