First Financial Bank Trust Division Reduces Position in Norfolk Souther Corporation (NSC)
First Financial Bank Trust Division cut its position in shares of Norfolk Souther Corporation (NYSE:NSC) by 0.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,364 shares of the railroad operator’s stock after selling 12 shares during the period. First Financial Bank Trust Division’s holdings in Norfolk Souther Corporation were worth $653,000 as of its most recent SEC filing.
Several other hedge funds have also recently modified their holdings of the stock. BlackRock Inc. raised its stake in Norfolk Souther Corporation by 3,039.1% in the first quarter. BlackRock Inc. now owns 19,551,432 shares of the railroad operator’s stock valued at $2,189,172,000 after buying an additional 18,928,598 shares during the last quarter. Alliancebernstein L.P. raised its stake in Norfolk Souther Corporation by 936.1% in the first quarter. Alliancebernstein L.P. now owns 5,378,457 shares of the railroad operator’s stock valued at $602,226,000 after buying an additional 4,859,355 shares during the last quarter. JPMorgan Chase & Co. raised its stake in Norfolk Souther Corporation by 31.8% in the first quarter. JPMorgan Chase & Co. now owns 4,209,269 shares of the railroad operator’s stock valued at $471,313,000 after buying an additional 1,016,319 shares during the last quarter. Investec Asset Management LTD bought a new stake in Norfolk Souther Corporation during the first quarter valued at about $92,710,000. Finally, Ameriprise Financial Inc. raised its stake in Norfolk Souther Corporation by 36.0% in the first quarter. Ameriprise Financial Inc. now owns 1,863,015 shares of the railroad operator’s stock valued at $208,626,000 after buying an additional 492,922 shares during the last quarter. Institutional investors own 70.51% of the company’s stock.
Shares of Norfolk Souther Corporation (NYSE NSC) traded up 1.10% on Tuesday, hitting $118.96. The stock had a trading volume of 510,441 shares. Norfolk Souther Corporation has a 1-year low of $89.92 and a 1-year high of $125.31. The company has a market capitalization of $34.28 billion, a PE ratio of 19.33 and a beta of 1.33. The firm has a 50-day moving average of $118.61 and a 200 day moving average of $118.12.
Norfolk Souther Corporation (NYSE:NSC) last announced its quarterly earnings results on Wednesday, July 26th. The railroad operator reported $1.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.65 by $0.06. Norfolk Souther Corporation had a net margin of 17.66% and a return on equity of 14.45%. The company had revenue of $2.64 billion for the quarter, compared to analysts’ expectations of $2.64 billion. During the same quarter in the previous year, the company earned $1.36 earnings per share. Norfolk Souther Corporation’s quarterly revenue was up 7.5% on a year-over-year basis. On average, equities analysts anticipate that Norfolk Souther Corporation will post $6.32 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 11th. Shareholders of record on Monday, August 7th will be issued a $0.61 dividend. This represents a $2.44 dividend on an annualized basis and a yield of 2.07%. The ex-dividend date of this dividend is Thursday, August 3rd. Norfolk Souther Corporation’s dividend payout ratio (DPR) is presently 39.61%.
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A number of brokerages have weighed in on NSC. Zacks Investment Research raised Norfolk Souther Corporation from a “hold” rating to a “buy” rating and set a $132.00 price target on the stock in a research report on Wednesday, May 3rd. Deutsche Bank AG boosted their price target on Norfolk Souther Corporation from $126.00 to $132.00 and gave the stock a “buy” rating in a research report on Friday, April 28th. Stifel Nicolaus boosted their price target on Norfolk Souther Corporation from $114.00 to $122.00 and gave the stock a “hold” rating in a research report on Monday, May 1st. TD Securities reissued a “hold” rating on shares of Norfolk Souther Corporation in a research report on Thursday, April 27th. Finally, ValuEngine raised Norfolk Souther Corporation from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. Four investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and nine have given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $112.35.
In other Norfolk Souther Corporation news, Chairman James A. Squires sold 24,407 shares of the company’s stock in a transaction dated Tuesday, August 15th. The shares were sold at an average price of $119.95, for a total value of $2,927,619.65. Following the sale, the chairman now owns 76,481 shares in the company, valued at $9,173,895.95. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Thomas E. Hurlbut sold 802 shares of the company’s stock in a transaction dated Thursday, May 25th. The stock was sold at an average price of $116.54, for a total transaction of $93,465.08. Following the completion of the sale, the vice president now owns 4,300 shares in the company, valued at approximately $501,122. The disclosure for this sale can be found here. 0.36% of the stock is currently owned by corporate insiders.
Norfolk Souther Corporation Company Profile
Norfolk Southern Corporation is a holding company engaged in the rail transportation business. As of December 31, 2016, the Company operated approximately 19,500 miles of road primarily in the East and Midwest. The Company is engaged in the rail transportation of raw materials, intermediate products and finished goods primarily in the Southeast, East and Midwest.
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