Independence Bank of Kentucky Buys 2,910 Shares of Norfolk Southern Co. (NYSE:NSC)

Independence Bank of Kentucky increased its stake in shares of Norfolk Southern Co. (NYSE:NSC) by 82.4% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,440 shares of the railroad operator’s stock after buying an additional 2,910 shares during the quarter. Independence Bank of Kentucky’s holdings in Norfolk Southern were worth $1,641,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of NSC. AEGON ASSET MANAGEMENT UK Plc acquired a new stake in shares of Norfolk Southern in the 4th quarter valued at $2,933,000. State of Tennessee Treasury Department increased its holdings in shares of Norfolk Southern by 209.3% during the fourth quarter. State of Tennessee Treasury Department now owns 111,914 shares of the railroad operator’s stock worth $26,454,000 after buying an additional 75,729 shares in the last quarter. BKM Wealth Management LLC acquired a new stake in shares of Norfolk Southern during the fourth quarter worth approximately $1,444,000. Cerity Partners LLC boosted its holdings in shares of Norfolk Southern by 37.1% in the 4th quarter. Cerity Partners LLC now owns 150,998 shares of the railroad operator’s stock worth $35,692,000 after acquiring an additional 40,861 shares in the last quarter. Finally, Catalytic Wealth RIA LLC bought a new stake in Norfolk Southern during the 4th quarter worth approximately $608,000. Institutional investors and hedge funds own 75.10% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the company. Susquehanna cut 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. TD Cowen increased their price objective on shares of Norfolk Southern from $236.00 to $253.00 and gave the stock a “market perform” rating in a report on Thursday, March 21st. Barclays lowered their price objective on shares of Norfolk Southern from $305.00 to $275.00 and set an “overweight” rating for the company in a research report on Monday, May 13th. Stifel Nicolaus increased their price target on shares of Norfolk Southern from $233.00 to $244.00 and gave the company a “hold” rating in a research note on Friday, April 12th. Finally, JPMorgan Chase & Co. raised their price target on shares of Norfolk Southern from $240.00 to $275.00 and gave the company an “overweight” rating in a report on Tuesday, April 9th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $262.89.

Insider Activity

In other Norfolk Southern news, CMO Claude E. Elkins sold 8,329 shares of the business’s stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $228.43, for a total value of $1,902,593.47. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, CMO Claude E. Elkins sold 8,329 shares of the company’s stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $228.43, for a total transaction of $1,902,593.47. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Claude Mongeau acquired 5,650 shares of Norfolk Southern stock in a transaction that occurred on Wednesday, May 29th. The stock was acquired at an average cost of $221.00 per share, for a total transaction of $1,248,650.00. Following the completion of the purchase, the director now directly owns 20,000 shares of the company’s stock, valued at $4,420,000. The disclosure for this purchase can be found here. 0.19% of the stock is owned by company insiders.

Norfolk Southern Stock Up 2.3 %

Shares of NYSE NSC traded up $4.79 during midday trading on Friday, reaching $214.69. The company’s stock had a trading volume of 1,584,755 shares, compared to its average volume of 1,129,521. The stock has a 50 day simple moving average of $227.10 and a 200-day simple moving average of $238.82. The company has a current ratio of 0.68, a quick ratio of 0.61 and a debt-to-equity ratio of 1.37. 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. Norfolk Southern Co. has a fifty-two week low of $183.09 and a fifty-two week high of $263.66.

Norfolk Southern (NYSE:NSC) last announced its quarterly earnings data on Wednesday, April 24th. The railroad operator reported $2.49 EPS for the quarter, missing analysts’ consensus estimates of $2.58 by ($0.09). Norfolk Southern had a net margin of 11.76% and a return on equity of 19.61%. The firm had revenue of $3 billion during the quarter, compared to the consensus estimate of $3.05 billion. During the same period last year, the business earned $3.32 EPS. The business’s revenue was down 4.1% on a year-over-year basis. Equities research analysts predict that Norfolk Southern Co. will post 11.88 earnings per share for the current year.

Norfolk Southern Announces Dividend

The business also recently announced 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 presently 86.96%.

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.