Today, M&T Bank Corp Cuts Stake in Norfolk Southern Corp. (NSC)

Today, M&T Bank Corp Cuts Stake in Norfolk Southern Corp. (NSC)
M&T Bank Corp lowered its position in Norfolk Southern Corp. (NYSE:NSC) by 3.3% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 232,270 shares of the railroad operator’s stock after selling 7,964 shares during the period. M&T Bank Corp owned about 0.08% of Norfolk Southern Corp. worth $22,545,000 as of its most recent filing with the SEC.

A number of other large investors have also bought and sold shares of the company. FMR LLC raised its stake in Norfolk Southern Corp. by 69.8% in the second quarter. FMR LLC now owns 3,901,583 shares of the railroad operator’s stock worth $332,142,000 after buying an additional 1,603,911 shares during the last quarter. Bank of New York Mellon Corp raised its stake in Norfolk Southern Corp. by 35.5% in the second quarter. Bank of New York Mellon Corp now owns 3,628,950 shares of the railroad operator’s stock worth $308,932,000 after buying an additional 951,665 shares in the last quarter. American Century Companies Inc. raised its stake in Norfolk Southern Corp. by 69.9% in the second quarter. American Century Companies Inc. now owns 1,672,364 shares of the railroad operator’s stock worth $142,368,000 after buying an additional 687,976 shares in the last quarter. Standard Life Investments LTD purchased a new stake in Norfolk Southern Corp. during the third quarter worth approximately $63,284,000. Finally, Vanguard Group Inc. raised its stake in Norfolk Southern Corp. by 2.4% in the second quarter. Vanguard Group Inc. now owns 20,272,445 shares of the railroad operator’s stock worth $1,725,793,000 after buying an additional 478,702 shares in the last quarter. 68.34% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Norfolk Southern Corp. (NYSE:NSC) traded up 0.29% during trading on Friday, reaching $104.34. 919,378 shares of the company’s stock were exchanged. The firm has a market cap of $30.46 billion, a price-to-earnings ratio of 19.32 and a beta of 1.13. Norfolk Southern Corp. has a 12 month low of $64.51 and a 12 month high of $105.50. The stock has a 50-day moving average price of $96.62 and a 200 day moving average price of $90.82.

Norfolk Southern Corp. (NYSE:NSC) last announced its quarterly earnings results on Wednesday, October 26th. The railroad operator reported $1.55 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.45 by $0.10. The company had revenue of $2.52 billion for the quarter, compared to analysts’ expectations of $2.25 billion. Norfolk Southern Corp. had a net margin of 16.27% and a return on equity of 13.15%. Norfolk Southern Corp.’s revenue was down 7.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.49 EPS. On average, analysts forecast that Norfolk Southern Corp. will post $5.55 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Saturday, December 10th. Investors of record on Friday, November 4th will be paid a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 2.27%. The ex-dividend date is Wednesday, November 2nd. Norfolk Southern Corp.’s payout ratio is 43.70%.

A number of research firms have recently commented on NSC. Vertical Group raised shares of Norfolk Southern Corp. from a “sell” rating to a “hold” rating in a research note on Friday, November 11th. Vertical Research raised shares of Norfolk Southern Corp. from a “sell” rating to a “hold” rating in a research note on Thursday, November 10th. Zacks Investment Research raised shares of Norfolk Southern Corp. from a “hold” rating to a “buy” rating and set a $109.00 price objective on the stock in a research note on Friday, October 7th. Bank of America Corp. raised shares of Norfolk Southern Corp. from a “neutral” rating to a “buy” rating and upped their price objective for the company from $97.00 to $110.00 in a research note on Tuesday, October 11th. Finally, Avondale Partners lowered shares of Norfolk Southern Corp. from a “market perform” rating to an “underperform” rating and set a $64.00 price objective on the stock. in a research note on Wednesday, October 12th. Three analysts have rated the stock with a sell rating, sixteen have given a hold rating and eleven have issued a buy rating to the stock. Norfolk Southern Corp. has an average rating of “Hold” and an average price target of $92.82.

In related news, VP James A. Hixon sold 10,000 shares of the company’s stock in a transaction dated Tuesday, August 30th. The shares were sold at an average price of $94.15, for a total value of $941,500.00. Following the transaction, the vice president now owns 129,074 shares in the company, valued at approximately $12,152,317.10. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Thomas E. Hurlbut sold 469 shares of the company’s stock in a transaction dated Friday, November 18th. The stock was sold at an average price of $103.77, for a total transaction of $48,668.13. Following the completion of the transaction, the vice president now owns 7,041 shares in the company, valued at approximately $730,644.57. The disclosure for this sale can be found here. 0.66% of the stock is currently owned by corporate insiders.

About Norfolk Southern Corp.

Related posts

Leave a Comment