Park National Corp OH Reduces Holdings in Norfolk Southern Corp. (NSC)
Park National Corp OH trimmed its holdings in shares of Norfolk Southern Corp. (NYSE:NSC) by 4.0% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 12,676 shares of the railroad operator’s stock after selling 527 shares during the period. Park National Corp OH’s holdings in Norfolk Southern were worth $2,369,000 as of its most recent SEC filing.
Other large investors have also modified their holdings of the company. Bruderman Asset Management LLC acquired a new stake in shares of Norfolk Southern during the fourth quarter worth $26,000. Intercontinental Wealth Advisors LLC acquired a new stake in shares of Norfolk Southern during the fourth quarter worth $27,000. Moody National Bank Trust Division acquired a new stake in shares of Norfolk Southern during the fourth quarter worth $31,000. Pinnacle Bank acquired a new stake in shares of Norfolk Southern during the fourth quarter worth $33,000. Finally, PRW Wealth Management LLC acquired a new stake in shares of Norfolk Southern during the fourth quarter worth $36,000. 74.39% of the stock is currently owned by institutional investors.
In related news, VP Jason Andrew Zampi sold 519 shares of the stock in a transaction dated Thursday, February 14th. The shares were sold at an average price of $181.34, for a total value of $94,115.46. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Michael Joseph Wheeler sold 4,761 shares of the stock in a transaction dated Tuesday, February 12th. The shares were sold at an average price of $180.23, for a total transaction of $858,075.03. Following the completion of the transaction, the chief operating officer now owns 19,724 shares of the company’s stock, valued at approximately $3,554,856.52. The disclosure for this sale can be found here. Corporate insiders own 0.23% of the company’s stock.
Norfolk Southern (NYSE:NSC) last announced its earnings results on Thursday, January 24th. The railroad operator reported $2.57 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.30 by $0.27. The firm had revenue of $2.90 billion during the quarter, compared to analyst estimates of $2.85 billion. Norfolk Southern had a net margin of 23.27% and a return on equity of 16.71%. Norfolk Southern’s revenue was up 8.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.69 EPS. Equities research analysts expect that Norfolk Southern Corp. will post 10.42 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Monday, March 11th. Investors of record on Monday, February 4th were given a $0.86 dividend. This represents a $3.44 dividend on an annualized basis and a yield of 1.78%. The ex-dividend date of this dividend was Friday, February 1st. This is a positive change from Norfolk Southern’s previous quarterly dividend of $0.80. Norfolk Southern’s dividend payout ratio is currently 36.17%.
A number of analysts recently weighed in on the stock. Zacks Investment Research raised shares of Norfolk Southern from a “hold” rating to a “buy” rating and set a $169.00 price objective on the stock in a report on Monday, December 17th. Bank of America raised shares of Norfolk Southern from a “neutral” rating to a “buy” rating and set a $205.00 price objective on the stock in a report on Monday. ValuEngine raised shares of Norfolk Southern from a “hold” rating to a “buy” rating in a report on Tuesday, February 12th. Loop Capital increased their price objective on shares of Norfolk Southern to $210.00 and gave the stock a “buy” rating in a report on Monday, February 11th. Finally, Credit Suisse Group increased their price objective on shares of Norfolk Southern from $181.00 to $195.00 and gave the stock an “outperform” rating in a report on Tuesday, February 12th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and twelve have issued a buy rating to the stock. Norfolk Southern has an average rating of “Hold” and an average price target of $186.58.
Norfolk Southern Company Profile
Norfolk Southern Corporation, together with its subsidiaries, engages in the rail transportation of raw materials, intermediate products, and finished goods. The company transports industrial products, including chemicals, agriculture, and metals and construction materials; and coal, automobiles, and automotive parts.
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