Independence Bank of Kentucky Sells 1,945 Shares of Norfolk Southern Corporation $NSC

Independence Bank of Kentucky lowered its position in Norfolk Southern Corporation (NYSE:NSC) by 31.0% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,329 shares of the railroad operator’s stock after selling 1,945 shares during the period. Independence Bank of Kentucky’s holdings in Norfolk Southern were worth $1,300,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. U.S. Capital Wealth Advisors LLC lifted its position in Norfolk Southern by 1.8% in the 3rd quarter. U.S. Capital Wealth Advisors LLC now owns 2,042 shares of the railroad operator’s stock valued at $613,000 after acquiring an additional 37 shares in the last quarter. Dynamic Advisor Solutions LLC raised its position in Norfolk Southern by 4.2% in the 3rd quarter. Dynamic Advisor Solutions LLC now owns 2,976 shares of the railroad operator’s stock valued at $894,000 after buying an additional 120 shares during the last quarter. Wedmont Private Capital lifted its stake in Norfolk Southern by 5.6% in the 3rd quarter. Wedmont Private Capital now owns 3,888 shares of the railroad operator’s stock valued at $1,150,000 after acquiring an additional 205 shares in the last quarter. Czech National Bank boosted its position in Norfolk Southern by 3.4% during the 3rd quarter. Czech National Bank now owns 56,982 shares of the railroad operator’s stock worth $17,118,000 after acquiring an additional 1,876 shares during the last quarter. Finally, Chesley Taft & Associates LLC acquired a new position in Norfolk Southern during the 3rd quarter worth approximately $212,000. 75.10% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on NSC shares. JPMorgan Chase & Co. lifted their price objective on shares of Norfolk Southern from $288.00 to $303.00 and gave the company a “neutral” rating in a report on Wednesday, October 8th. Weiss Ratings downgraded shares of Norfolk Southern from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Saturday, October 25th. Susquehanna lifted their price target on shares of Norfolk Southern from $284.00 to $295.00 and gave the company a “neutral” rating in a research note on Thursday, September 25th. Sanford C. Bernstein reduced their price objective on shares of Norfolk Southern from $347.00 to $333.00 and set an “outperform” rating for the company in a research note on Tuesday, November 11th. Finally, TD Cowen decreased their price objective on Norfolk Southern from $320.00 to $314.00 and set a “buy” rating for the company in a report on Friday, October 24th. Seven analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $299.40.

Insider Activity at Norfolk Southern

In related news, EVP Anil Bhatt sold 900 shares of the company’s stock in a transaction dated Wednesday, November 19th. The shares were sold at an average price of $281.60, for a total value of $253,440.00. Following the transaction, the executive vice president owned 1,413 shares in the company, valued at approximately $397,900.80. This represents a 38.91% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Richard H. Anderson acquired 2,600 shares of the business’s stock in a transaction on Monday, October 27th. The shares were bought at an average price of $281.86 per share, with a total value of $732,836.00. Following the completion of the transaction, the director directly owned 7,000 shares of the company’s stock, valued at approximately $1,973,020. The trade was a 59.09% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last 90 days, insiders acquired 4,454 shares of company stock worth $1,259,874. 0.06% of the stock is currently owned by corporate insiders.

Norfolk Southern Trading Down 0.2%

Norfolk Southern stock opened at $291.39 on Friday. The stock has a 50-day simple moving average of $287.84 and a 200 day simple moving average of $278.71. The stock has a market capitalization of $65.39 billion, a P/E ratio of 22.23, a PEG ratio of 5.39 and a beta of 1.32. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.78 and a current ratio of 0.86. Norfolk Southern Corporation has a 52 week low of $201.63 and a 52 week high of $302.24.

Norfolk Southern (NYSE:NSC) last issued its earnings results on Thursday, October 23rd. The railroad operator reported $3.30 EPS for the quarter, missing the consensus estimate of $3.31 by ($0.01). Norfolk Southern had a return on equity of 18.93% and a net margin of 24.22%.The business had revenue of $3.10 billion for the quarter, compared to the consensus estimate of $3.11 billion. During the same quarter in the prior year, the firm posted $3.25 earnings per share. The business’s revenue was up .0% compared to the same quarter last year. Analysts expect that Norfolk Southern Corporation will post 13 earnings per share for the current year.

Norfolk Southern Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, November 20th. Stockholders of record on Friday, November 7th were paid 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 was Friday, November 7th. Norfolk Southern’s dividend payout ratio (DPR) is currently 41.19%.

About Norfolk Southern

Norfolk Southern Corporation is a major U.S. freight railroad company that provides rail transportation and related logistics services. As a Class I carrier, the company operates an extensive network across the eastern United States and offers scheduled freight service for a broad range of industries. Its core operations include long-haul and regional rail freight transportation, intermodal services that move containers and trailers between rail and other modes, and terminal and switching services that support efficient rail shipments for industrial and port customers.

The company transports a variety of commodities, serving sectors such as coal and energy, automotive and automotive parts, chemicals, agriculture, metals and construction materials, and consumer goods.