Atlantic Union Bankshares Corp Sells 81 Shares of Norfolk Southern Co. (NYSE:NSC)

Atlantic Union Bankshares Corp trimmed its position in Norfolk Southern Co. (NYSE:NSC) by 0.9% in the first quarter, Holdings Channel.com reports. The firm owned 8,860 shares of the railroad operator’s stock after selling 81 shares during the period. Atlantic Union Bankshares Corp’s holdings in Norfolk Southern were worth $2,258,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Lazard Asset Management LLC increased its position in Norfolk Southern by 3.2% in the third quarter. Lazard Asset Management LLC now owns 8,629,330 shares of the railroad operator’s stock worth $1,699,371,000 after purchasing an additional 264,031 shares during the period. American Century Companies Inc. increased its position in Norfolk Southern by 69.0% in the third quarter. American Century Companies Inc. now owns 2,723,398 shares of the railroad operator’s stock worth $536,319,000 after purchasing an additional 1,112,261 shares during the period. Morgan Stanley increased its position in Norfolk Southern by 3.2% in the third quarter. Morgan Stanley now owns 2,385,434 shares of the railroad operator’s stock worth $469,764,000 after purchasing an additional 73,149 shares during the period. Norges Bank acquired a new stake in Norfolk Southern in the fourth quarter worth about $556,797,000. Finally, London Co. of Virginia increased its position in Norfolk Southern by 41.2% in the third quarter. London Co. of Virginia now owns 1,976,871 shares of the railroad operator’s stock worth $389,305,000 after purchasing an additional 577,171 shares during the period. 75.10% of the stock is currently owned by institutional investors and hedge funds.

Norfolk Southern Trading Up 2.3 %

NYSE NSC opened at $214.69 on Friday. The stock has a market capitalization of $48.50 billion, a price-to-earnings ratio of 34.57, a PEG ratio of 1.98 and a beta of 1.31. The stock’s 50 day moving average price is $227.10 and its two-hundred day moving average price is $238.82. The company has a debt-to-equity ratio of 1.37, a quick ratio of 0.61 and a current ratio of 0.68. Norfolk Southern Co. has a 52 week low of $183.09 and a 52 week high of $263.66.

Norfolk Southern (NYSE:NSC) last released its earnings results on Wednesday, April 24th. The railroad operator reported $2.49 EPS for the quarter, missing the consensus estimate of $2.58 by ($0.09). The firm had revenue of $3 billion during the quarter, compared to the consensus estimate of $3.05 billion. Norfolk Southern had a net margin of 11.76% and a return on equity of 19.61%. The company’s revenue was down 4.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.32 EPS. As a group, analysts anticipate that Norfolk Southern Co. will post 11.88 earnings per share for the current fiscal year.

Norfolk Southern Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, May 20th. Stockholders of record on Friday, May 3rd were paid a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.52%. The ex-dividend date was Thursday, May 2nd. Norfolk Southern’s dividend payout ratio is currently 86.96%.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. Susquehanna lowered their price objective on Norfolk Southern from $265.00 to $245.00 and set a “neutral” rating for the company in a research report on Tuesday. Wells Fargo & Company decreased their target price on Norfolk Southern from $270.00 to $260.00 and set an “overweight” rating for the company in a research report on Tuesday. Jefferies Financial Group began coverage on Norfolk Southern in a research report on Monday, April 8th. They set a “buy” rating and a $300.00 target price for the company. TD Cowen boosted their target price on Norfolk Southern from $236.00 to $253.00 and gave the stock a “market perform” rating in a research report on Thursday, March 21st. Finally, The Goldman Sachs Group boosted their target price on Norfolk Southern from $252.00 to $283.00 and gave the stock a “buy” rating in a research report on Thursday, March 21st. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, Norfolk Southern has an average rating of “Moderate Buy” and a consensus price target of $262.89.

Insider Transactions at Norfolk Southern

In related news, Director Sameh Fahmy acquired 2,000 shares of the company’s stock in a transaction dated Friday, June 14th. The shares were bought at an average price of $219.25 per share, for a total transaction of $438,500.00. Following the purchase, the director now directly owns 7,000 shares in the company, valued at approximately $1,534,750. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Norfolk Southern news, Director Claude Mongeau bought 5,650 shares of the firm’s stock in a transaction that occurred on Wednesday, May 29th. The shares were acquired at an average cost of $221.00 per share, with a total value of $1,248,650.00. Following the acquisition, the director now owns 20,000 shares of the company’s stock, valued at $4,420,000. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Sameh Fahmy bought 2,000 shares of the firm’s stock in a transaction that occurred on Friday, June 14th. The shares were acquired at an average cost of $219.25 per share, for a total transaction of $438,500.00. Following the completion of the acquisition, the director now directly owns 7,000 shares in the company, valued at approximately $1,534,750. The disclosure for this purchase can be found here. Company insiders own 0.19% of the company’s stock.

Norfolk Southern Company Profile

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.