Norfolk Southern Corporation $NSC Stock: ZWJ Investment Counsel Inc. Lowers Holdings

ZWJ Investment Counsel Inc. trimmed its holdings in Norfolk Southern Corporation (NYSE:NSC) by 23.0% during the third quarter, Holdings Channel reports. The institutional investor owned 6,671 shares of the railroad operator’s stock after selling 1,992 shares during the quarter. ZWJ Investment Counsel Inc.’s holdings in Norfolk Southern were worth $2,061,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the business. Edmond DE Rothschild Holding S.A. bought a new position in Norfolk Southern in the 2nd quarter valued at about $26,000. Meeder Asset Management Inc. acquired a new position in Norfolk Southern during the 2nd quarter valued at about $27,000. Elevation Wealth Partners LLC boosted its stake in Norfolk Southern by 2,125.0% during the 3rd quarter. Elevation Wealth Partners LLC now owns 89 shares of the railroad operator’s stock valued at $28,000 after purchasing an additional 85 shares during the last quarter. North Point Portfolio Managers Corp OH bought a new stake in Norfolk Southern during the 3rd quarter worth approximately $28,000. Finally, Comprehensive Financial Planning Inc. PA bought a new stake in Norfolk Southern during the 2nd quarter worth approximately $31,000. 75.10% of the stock is owned by institutional investors.

Norfolk Southern Stock Up 0.8%

Norfolk Southern stock opened at $323.69 on Thursday. Norfolk Southern Corporation has a fifty-two week low of $277.80 and a fifty-two week high of $358.60. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.73 and a current ratio of 0.83. The firm’s 50-day simple moving average is $327.65 and its 200 day simple moving average is $318.83. The stock has a market cap of $72.70 billion, a PE ratio of 27.62, a price-to-earnings-growth ratio of 4.77 and a beta of 1.29.

Norfolk Southern (NYSE:NSC) last posted its quarterly earnings data on Thursday, July 23rd. The railroad operator reported $3.52 EPS for the quarter, beating the consensus estimate of $3.32 by $0.20. The firm had revenue of $3.46 billion during the quarter, compared to analyst estimates of $3.38 billion. Norfolk Southern had a net margin of 21.02% and a return on equity of 18.21%. The company’s revenue for the quarter was up 12.5% on a year-over-year basis. During the same quarter last year, the business posted $3.29 EPS. Research analysts predict that Norfolk Southern Corporation will post 12.85 EPS for the current fiscal year.

Norfolk Southern Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 20th. Stockholders of record on Friday, August 7th were paid a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date was Friday, August 7th. Norfolk Southern’s payout ratio is presently 46.08%.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. Wells Fargo & Company increased their price objective on Norfolk Southern from $365.00 to $385.00 and gave the stock an “overweight” rating in a research note on Friday, July 24th. Benchmark reaffirmed a “hold” rating on shares of Norfolk Southern in a research report on Friday, July 24th. UBS Group reaffirmed a “neutral” rating and set a $363.00 target price on shares of Norfolk Southern in a research report on Friday, July 24th. BMO Capital Markets upped their price target on Norfolk Southern from $310.00 to $355.00 and gave the stock a “market perform” rating in a report on Monday, July 27th. Finally, TD Cowen increased their price target on Norfolk Southern from $337.00 to $376.00 and gave the company a “buy” rating in a research report on Friday, July 24th. Seven investment analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $346.94.

Norfolk Southern Profile

Norfolk Southern Corporation (NYSE: NSC) is a transportation company that operates one of the largest rail networks in the eastern United States. Through its principal subsidiary, Norfolk Southern Railway, the company provides freight rail transportation and related services for industrial, agricultural and consumer markets.

Norfolk Southern’s network serves 22 states and the District of Columbia, connecting major ports, manufacturing centers and distribution hubs across the East Coast and the Midwest.