Independence Bank of Kentucky Sells 166 Shares of Norfolk Southern Co. (NYSE:NSC)

Independence Bank of Kentucky reduced its holdings in shares of Norfolk Southern Co. (NYSE:NSC) by 2.5% during the third quarter, Holdings Channel reports. The fund owned 6,479 shares of the railroad operator’s stock after selling 166 shares during the period. Independence Bank of Kentucky’s holdings in Norfolk Southern were worth $1,610,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of NSC. Seven Eight Capital LP purchased a new stake in Norfolk Southern in the second quarter worth $1,676,000. Manning & Napier Advisors LLC purchased a new stake in Norfolk Southern in the second quarter worth $13,627,000. Buckingham Strategic Wealth LLC lifted its stake in Norfolk Southern by 7.0% in the fourth quarter. Buckingham Strategic Wealth LLC now owns 96,384 shares of the railroad operator’s stock worth $22,783,000 after acquiring an additional 6,306 shares during the period. Broderick Brian C purchased a new stake in Norfolk Southern in the first quarter worth $956,000. Finally, OFI Invest Asset Management purchased a new stake in Norfolk Southern in the second quarter worth $846,000. 75.10% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, Director Sameh Fahmy purchased 700 shares of Norfolk Southern stock in a transaction that occurred on Thursday, August 1st. The stock was bought at an average cost of $245.15 per share, for a total transaction of $171,605.00. Following the completion of the transaction, the director now owns 7,700 shares in the company, valued at $1,887,655. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. In related news, CEO Alan H. Shaw sold 51,325 shares of the company’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $255.98, for a total value 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 approximately $8,970,819.10. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Sameh Fahmy purchased 700 shares of Norfolk Southern stock in a transaction that occurred on Thursday, August 1st. The stock was acquired at an average cost of $245.15 per share, with a total value of $171,605.00. Following the acquisition, the director now directly owns 7,700 shares in the company, valued at $1,887,655. This trade represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. 0.19% of the stock is currently owned by corporate insiders.

Norfolk Southern Trading Up 0.7 %

NSC traded up $1.76 during trading hours on Friday, reaching $247.67. 73,330 shares of the company’s stock traded hands, compared to its average volume of 1,248,406. The firm has a 50-day moving average price of $246.50 and a 200 day moving average price of $236.83. Norfolk Southern Co. has a 52-week low of $183.09 and a 52-week high of $263.66. The company has a quick ratio of 0.54, a current ratio of 0.63 and a debt-to-equity ratio of 1.30. The firm has a market capitalization of $55.95 billion, a PE ratio of 39.60, a PEG ratio of 2.33 and a beta of 1.31.

Norfolk Southern (NYSE:NSC) last issued its earnings results on Thursday, July 25th. The railroad operator reported $3.06 earnings per share for the quarter, topping the consensus estimate of $2.86 by $0.20. Norfolk Southern had a return on equity of 19.64% and a net margin of 14.85%. The business had revenue of $3.04 billion during the quarter, compared to analysts’ expectations of $3.04 billion. During the same period in the prior year, the business earned $2.95 EPS. The business’s revenue for the quarter was up 2.1% compared to the same quarter last year. As a group, sell-side analysts predict that Norfolk Southern Co. will post 11.79 EPS for the current fiscal year.

Norfolk Southern Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, August 20th. Shareholders of record on Friday, August 2nd were given a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a yield of 2.18%. The ex-dividend date was Friday, August 2nd. Norfolk Southern’s dividend payout ratio is presently 86.96%.

Analysts Set New Price Targets

A number of equities analysts have issued reports on NSC shares. TD Cowen increased their price objective on Norfolk Southern from $251.00 to $253.00 and gave the stock a “hold” rating in a report on Friday, July 26th. Jefferies Financial Group increased their price objective on Norfolk Southern from $275.00 to $280.00 and gave the stock a “buy” rating in a report on Thursday. Citigroup began coverage on Norfolk Southern in a report on Wednesday. They issued a “buy” rating and a $294.00 price objective for the company. Wells Fargo & Company raised their price target on Norfolk Southern from $260.00 to $270.00 and gave the company an “overweight” rating in a report on Friday, July 26th. Finally, Stifel Nicolaus raised their price target on Norfolk Southern from $239.00 to $241.00 and gave the company a “hold” rating in a report on Friday, July 26th. One analyst has rated the stock with a sell rating, four have given a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $265.94.

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.