Truist Financial Corp Sells 5,121 Shares of Norfolk Southern Co. (NYSE:NSC)

Truist Financial Corp trimmed its stake in Norfolk Southern Co. (NYSE:NSC) by 2.3% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 218,671 shares of the railroad operator’s stock after selling 5,121 shares during the period. Truist Financial Corp’s holdings in Norfolk Southern were worth $46,946,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. KBC Group NV lifted its holdings in shares of Norfolk Southern by 16.5% during the 4th quarter. KBC Group NV now owns 20,325 shares of the railroad operator’s stock worth $4,805,000 after acquiring an additional 2,879 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in Norfolk Southern by 3.3% during the fourth quarter. The Manufacturers Life Insurance Company now owns 198,626 shares of the railroad operator’s stock worth $46,951,000 after purchasing an additional 6,414 shares during the last quarter. Rafferty Asset Management LLC lifted its stake in Norfolk Southern by 4.3% during the fourth quarter. Rafferty Asset Management LLC now owns 22,763 shares of the railroad operator’s stock worth $5,381,000 after purchasing an additional 944 shares during the last quarter. Peapack Gladstone Financial Corp boosted its holdings in shares of Norfolk Southern by 11.4% in the 4th quarter. Peapack Gladstone Financial Corp now owns 9,363 shares of the railroad operator’s stock worth $2,214,000 after purchasing an additional 959 shares in the last quarter. Finally, CIBC Private Wealth Group LLC increased its position in shares of Norfolk Southern by 8.1% during the 4th quarter. CIBC Private Wealth Group LLC now owns 30,603 shares of the railroad operator’s stock valued at $7,234,000 after purchasing an additional 2,301 shares during the last quarter. 75.10% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CEO Alan H. Shaw sold 51,325 shares of the business’s stock in a transaction on Friday, September 13th. The shares were 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 owns 35,045 shares in the company, valued at approximately $8,970,819.10. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other Norfolk Southern news, CEO Alan H. Shaw sold 51,325 shares of the firm’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $255.98, for a total transaction of $13,138,173.50. Following the completion of the transaction, the chief executive officer now owns 35,045 shares of the company’s stock, valued at $8,970,819.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Richard H. Anderson purchased 2,000 shares of the company’s stock in a transaction dated Monday, July 29th. The stock was bought at an average cost of $247.48 per share, for a total transaction of $494,960.00. Following the completion of the transaction, the director now owns 3,000 shares in the company, valued at $742,440. The disclosure for this purchase can be found here. 0.19% of the stock is owned by insiders.

Norfolk Southern Stock Down 0.4 %

Shares of Norfolk Southern stock opened at $247.03 on Thursday. The company has a current ratio of 0.63, a quick ratio of 0.54 and a debt-to-equity ratio of 1.30. Norfolk Southern Co. has a 12-month low of $183.09 and a 12-month high of $263.66. The company has a market cap of $55.81 billion, a P/E ratio of 39.78, a PEG ratio of 2.40 and a beta of 1.31. The company’s fifty day simple moving average is $246.35 and its two-hundred day simple moving average is $237.19.

Norfolk Southern (NYSE:NSC) last released its quarterly earnings results on Thursday, July 25th. The railroad operator reported $3.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.86 by $0.20. The company had revenue of $3.04 billion during the quarter, compared to the consensus estimate of $3.04 billion. Norfolk Southern had a net margin of 14.85% and a return on equity of 19.64%. Norfolk Southern’s revenue was up 2.1% on a year-over-year basis. During the same period in the prior year, the firm earned $2.95 earnings per share. Research analysts anticipate that Norfolk Southern Co. will post 11.8 EPS for the current year.

Norfolk Southern Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, August 20th. Investors of record on Friday, August 2nd were given a dividend of $1.35 per share. The ex-dividend date was Friday, August 2nd. This represents a $5.40 annualized dividend and a dividend yield of 2.19%. Norfolk Southern’s dividend payout ratio is presently 86.96%.

Analyst Ratings Changes

A number of analysts recently weighed in on NSC shares. Benchmark boosted their target price on Norfolk Southern from $266.00 to $270.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. Susquehanna boosted their price objective on shares of Norfolk Southern from $255.00 to $280.00 and gave the stock a “neutral” rating in a report on Wednesday. Royal Bank of Canada upped their price objective on shares of Norfolk Southern from $267.00 to $272.00 and gave the company an “outperform” rating in a research note on Monday. Sanford C. Bernstein decreased their target price on shares of Norfolk Southern from $288.00 to $285.00 and set an “outperform” rating on the stock in a research report on Monday, July 8th. Finally, Wells Fargo & Company upped their price target on shares of Norfolk Southern from $260.00 to $270.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. One analyst has rated the stock with a sell rating, five have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $266.56.

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.