People s United Financial Inc. Decreases Holdings in Norfolk Southern Corp. (NSC)
People s United Financial Inc. lowered its position in Norfolk Southern Corp. (NYSE:NSC) by 2.5% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 26,659 shares of the railroad operator’s stock after selling 694 shares during the period. People s United Financial Inc.’s holdings in Norfolk Southern were worth $4,812,000 at the end of the most recent quarter.
A number of other hedge funds have also recently made changes to their positions in the business. Acadian Asset Management LLC increased its stake in Norfolk Southern by 695.9% in the second quarter. Acadian Asset Management LLC now owns 2,905 shares of the railroad operator’s stock valued at $438,000 after acquiring an additional 2,540 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. increased its stake in Norfolk Southern by 5,739.3% in the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,635 shares of the railroad operator’s stock valued at $247,000 after acquiring an additional 1,607 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new position in Norfolk Southern in the second quarter valued at approximately $9,188,000. First Trust Advisors LP increased its stake in Norfolk Southern by 126.0% in the second quarter. First Trust Advisors LP now owns 338,064 shares of the railroad operator’s stock valued at $51,004,000 after acquiring an additional 188,491 shares during the last quarter. Finally, Alps Advisors Inc. increased its stake in Norfolk Southern by 11.0% in the second quarter. Alps Advisors Inc. now owns 3,749 shares of the railroad operator’s stock valued at $566,000 after acquiring an additional 373 shares during the last quarter. Institutional investors own 72.97% of the company’s stock.
A number of brokerages recently issued reports on NSC. Zacks Investment Research raised shares of Norfolk Southern from a “hold” rating to a “buy” rating and set a $205.00 price objective on the stock in a research note on Monday, October 8th. Loop Capital raised their target price on shares of Norfolk Southern to $179.00 and gave the company a “hold” rating in a research report on Thursday, August 16th. Stifel Nicolaus upgraded shares of Norfolk Southern from a “hold” rating to a “buy” rating and set a $189.00 target price on the stock in a research report on Wednesday, October 24th. Morgan Stanley raised their target price on shares of Norfolk Southern from $112.00 to $116.00 and gave the company a “sell” rating in a research report on Tuesday, October 9th. Finally, Robert W. Baird cut their target price on shares of Norfolk Southern from $186.00 to $181.00 and set a “neutral” rating on the stock in a research report on Thursday, October 25th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and eleven have given a buy rating to the company’s stock. Norfolk Southern currently has a consensus rating of “Hold” and a consensus target price of $176.11.
Norfolk Southern (NYSE:NSC) last issued its quarterly earnings results on Wednesday, October 24th. The railroad operator reported $2.52 EPS for the quarter, topping analysts’ consensus estimates of $2.44 by $0.08. The company had revenue of $2.95 billion for the quarter, compared to analyst estimates of $2.90 billion. Norfolk Southern had a net margin of 52.82% and a return on equity of 15.12%. Norfolk Southern’s revenue was up 10.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.75 earnings per share. Equities analysts anticipate that Norfolk Southern Corp. will post 9.26 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, December 10th. Stockholders of record on Friday, November 2nd will be issued a dividend of $0.80 per share. The ex-dividend date is Thursday, November 1st. This represents a $3.20 dividend on an annualized basis and a dividend yield of 1.93%. Norfolk Southern’s dividend payout ratio (DPR) is presently 48.41%.
In other news, COO Michael Joseph Wheeler sold 801 shares of Norfolk Southern stock in a transaction on Wednesday, November 7th. The shares were sold at an average price of $172.55, for a total transaction of $138,212.55. Following the transaction, the chief operating officer now owns 9,406 shares in the company, valued at $1,623,005.30. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.23% of the stock is currently owned by insiders.
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Norfolk Southern Company Profile
Norfolk Southern Corporation, together with its subsidiaries, engages in the rail transportation of raw materials, intermediate products, and finished goods. It also transports overseas freight through various Atlantic and Gulf Coast ports, as well as coal, automotive, and industrial products; and provides commuter passenger services.
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