Norfolk Southern (NYSE:NSC) Given New $291.00 Price Target at Bank of America

Norfolk Southern (NYSE:NSC) had its target price hoisted by Bank of America from $276.00 to $291.00 in a research note released on Wednesday morning, Benzinga reports. Bank of America currently has a buy rating on the railroad operator’s stock.

Other equities analysts have also recently issued reports about the company. Jefferies Financial Group raised their price objective on Norfolk Southern from $275.00 to $280.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Morgan Stanley reissued an “underweight” rating and set a $175.00 price objective on shares of Norfolk Southern in a report on Monday, July 8th. Barclays raised their price objective on Norfolk Southern from $275.00 to $290.00 and gave the company an “overweight” rating in a report on Wednesday. Sanford C. Bernstein raised their price objective on Norfolk Southern from $285.00 to $286.00 and gave the company an “outperform” rating in a report on Wednesday, October 9th. Finally, Wells Fargo & Company lifted their price target on Norfolk Southern from $270.00 to $280.00 and gave the stock an “overweight” rating in a research note on Wednesday. One research analyst has rated the stock with a sell rating, five have issued a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $274.16.

Norfolk Southern Stock Performance

NYSE:NSC opened at $256.98 on Wednesday. The business’s 50-day moving average price is $248.76 and its two-hundred day moving average price is $236.88. Norfolk Southern has a twelve month low of $183.09 and a twelve month high of $263.66. The stock has a market cap of $58.06 billion, a P/E ratio of 41.38, a PEG ratio of 2.33 and a beta of 1.31. The company has a quick ratio of 0.54, a current ratio of 0.63 and a debt-to-equity ratio of 1.30.

Norfolk Southern (NYSE:NSC) last released its quarterly earnings results on Tuesday, October 22nd. The railroad operator reported $3.25 earnings per share for the quarter, beating the consensus estimate of $3.11 by $0.14. The firm had revenue of $3.10 billion for the quarter, compared to analysts’ expectations of $3.08 billion. Norfolk Southern had a return on equity of 19.64% and a net margin of 14.85%. The company’s revenue was up 3.3% compared to the same quarter last year. During the same quarter last year, the firm posted $2.65 EPS. As a group, equities analysts predict that Norfolk Southern will post 11.79 EPS for the current fiscal year.

Norfolk Southern Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 20th. Stockholders of record on Friday, November 1st will be given a $1.35 dividend. The ex-dividend date of this dividend is Friday, November 1st. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.10%. Norfolk Southern’s dividend payout ratio is currently 86.96%.

Insider Transactions at Norfolk Southern

In other news, EVP Nabanita C. Nag sold 355 shares of Norfolk Southern stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $249.38, for a total value of $88,529.90. Following the sale, the executive vice president now directly owns 1,488 shares in the company, valued at approximately $371,077.44. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Alan H. Shaw sold 51,325 shares of Norfolk Southern stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $255.98, for a total transaction of $13,138,173.50. Following the sale, the chief executive officer now directly owns 35,045 shares in the company, valued at $8,970,819.10. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Nabanita C. Nag sold 355 shares of Norfolk Southern stock in a transaction that occurred on Monday, July 29th. The shares were sold at an average price of $249.38, for a total value of $88,529.90. Following the sale, the executive vice president now owns 1,488 shares in the company, valued at $371,077.44. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.19% of the company’s stock.

Institutional Investors Weigh In On Norfolk Southern

Several hedge funds have recently made changes to their positions in the company. Lake Street Advisors Group LLC boosted its position in shares of Norfolk Southern by 1.8% during the third quarter. Lake Street Advisors Group LLC now owns 2,265 shares of the railroad operator’s stock valued at $563,000 after purchasing an additional 41 shares in the last quarter. Hall Capital Management Co. Inc. raised its stake in Norfolk Southern by 2.8% during the second quarter. Hall Capital Management Co. Inc. now owns 1,516 shares of the railroad operator’s stock valued at $325,000 after buying an additional 42 shares during the last quarter. Blue Chip Partners LLC raised its stake in Norfolk Southern by 0.5% during the second quarter. Blue Chip Partners LLC now owns 7,716 shares of the railroad operator’s stock valued at $1,656,000 after buying an additional 42 shares during the last quarter. Stephens Consulting LLC raised its stake in Norfolk Southern by 12.4% during the second quarter. Stephens Consulting LLC now owns 381 shares of the railroad operator’s stock valued at $82,000 after buying an additional 42 shares during the last quarter. Finally, Foster Victor Wealth Advisors LLC raised its stake in Norfolk Southern by 4.2% during the third quarter. Foster Victor Wealth Advisors LLC now owns 1,043 shares of the railroad operator’s stock valued at $256,000 after buying an additional 42 shares during the last quarter. 75.10% of the stock is currently owned by institutional investors.

About Norfolk Southern

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.