PNC Financial Services Group Inc. Sells 5,471 Shares of Norfolk Southern Corporation $NSC

PNC Financial Services Group Inc. lowered its stake in shares of Norfolk Southern Corporation (NYSE:NSC) by 1.5% in the 3rd quarter, HoldingsChannel reports. The firm owned 369,996 shares of the railroad operator’s stock after selling 5,471 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Norfolk Southern were worth $111,151,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also bought and sold shares of the company. Park Place Capital Corp raised its position in Norfolk Southern by 13,000.0% in the third quarter. Park Place Capital Corp now owns 3,668 shares of the railroad operator’s stock worth $1,102,000 after acquiring an additional 3,640 shares during the period. Cullen Capital Management LLC raised its holdings in Norfolk Southern by 31.8% in the 3rd quarter. Cullen Capital Management LLC now owns 121,351 shares of the railroad operator’s stock worth $36,455,000 after purchasing an additional 29,264 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund lifted its position in Norfolk Southern by 682.1% during the second quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 56,012 shares of the railroad operator’s stock valued at $14,337,000 after purchasing an additional 48,850 shares in the last quarter. Markel Group Inc. lifted its position in Norfolk Southern by 8.5% during the third quarter. Markel Group Inc. now owns 256,500 shares of the railroad operator’s stock valued at $77,055,000 after purchasing an additional 20,000 shares in the last quarter. Finally, First Horizon Corp bought a new stake in Norfolk Southern during the third quarter valued at about $565,000. Hedge funds and other institutional investors own 75.10% of the company’s stock.

Norfolk Southern Stock Performance

NSC opened at $315.13 on Monday. The stock has a market capitalization of $70.77 billion, a price-to-earnings ratio of 24.72, a PEG ratio of 5.60 and a beta of 1.34. The company has a fifty day moving average of $293.78 and a 200 day moving average of $288.06. Norfolk Southern Corporation has a fifty-two week low of $201.63 and a fifty-two week high of $319.94. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.78 and a current ratio of 0.85.

Norfolk Southern (NYSE:NSC) last announced its quarterly earnings results on Thursday, January 29th. The railroad operator reported $3.22 EPS for the quarter, topping the consensus estimate of $2.76 by $0.46. The business had revenue of $3 billion for the quarter, compared to analysts’ expectations of $3.03 billion. Norfolk Southern had a net margin of 23.59% and a return on equity of 18.78%. The business’s quarterly revenue was down 1.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $3.04 EPS. As a group, sell-side analysts forecast that Norfolk Southern Corporation will post 13 earnings per share for the current fiscal year.

Norfolk Southern Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, February 20th. Investors of record on Friday, February 6th will be paid a dividend of $1.35 per share. The ex-dividend date of this dividend is Friday, February 6th. This represents a $5.40 dividend on an annualized basis and a yield of 1.7%. Norfolk Southern’s dividend payout ratio is presently 42.35%.

Analysts Set New Price Targets

NSC has been the topic of a number of analyst reports. JPMorgan Chase & Co. lowered their price objective on Norfolk Southern from $301.00 to $296.00 and set a “neutral” rating on the stock in a research report on Friday, January 30th. Wolfe Research raised their target price on shares of Norfolk Southern from $361.00 to $368.00 and gave the stock an “outperform” rating in a research note on Thursday, January 8th. Sanford C. Bernstein dropped their price target on shares of Norfolk Southern from $347.00 to $333.00 and set an “outperform” rating for the company in a research report on Tuesday, November 11th. Morgan Stanley upgraded shares of Norfolk Southern from an “equal weight” rating to a “buy” rating in a research report on Thursday, December 18th. Finally, Barclays lowered their target price on shares of Norfolk Southern from $340.00 to $320.00 and set an “overweight” rating on the stock in a research note on Friday, January 30th. Seven research analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $304.47.

Insider Activity at Norfolk Southern

In other news, Director William Jr. Clyburn acquired 204 shares of the firm’s stock in a transaction dated Friday, December 5th. The shares were acquired at an average cost of $294.79 per share, with a total value of $60,137.16. Following the acquisition, the director directly owned 405 shares of the company’s stock, valued at approximately $119,389.95. The trade was a 101.49% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Anil Bhatt sold 900 shares of the stock in a transaction that occurred on 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 of the company’s stock, valued at $397,900.80. This represents a 38.91% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 0.06% of the company’s stock.

Norfolk Southern Profile

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.