Prospera Financial Services Inc Raises Stake in Norfolk Southern Corp. (NYSE:NSC)

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Prospera Financial Services Inc lifted its position in shares of Norfolk Southern Corp. (NYSE:NSC) by 5.4% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 12,448 shares of the railroad operator’s stock after buying an additional 642 shares during the quarter. Prospera Financial Services Inc’s holdings in Norfolk Southern were worth $2,185,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Pitcairn Co. lifted its position in shares of Norfolk Southern by 1.5% during the second quarter. Pitcairn Co. now owns 4,053 shares of the railroad operator’s stock worth $712,000 after purchasing an additional 61 shares in the last quarter. Doliver Advisors LP lifted its position in shares of Norfolk Southern by 3.3% during the first quarter. Doliver Advisors LP now owns 2,065 shares of the railroad operator’s stock worth $345,000 after purchasing an additional 65 shares in the last quarter. Peapack Gladstone Financial Corp lifted its position in shares of Norfolk Southern by 1.3% during the first quarter. Peapack Gladstone Financial Corp now owns 5,427 shares of the railroad operator’s stock worth $793,000 after purchasing an additional 67 shares in the last quarter. Gradient Investments LLC lifted its position in shares of Norfolk Southern by 8.9% during the second quarter. Gradient Investments LLC now owns 848 shares of the railroad operator’s stock worth $149,000 after purchasing an additional 69 shares in the last quarter. Finally, TCF National Bank lifted its position in shares of Norfolk Southern by 1.7% during the second quarter. TCF National Bank now owns 4,118 shares of the railroad operator’s stock worth $821,000 after purchasing an additional 70 shares in the last quarter. Institutional investors and hedge funds own 67.67% of the company’s stock.

A number of research firms have recently commented on NSC. UBS Group boosted their target price on shares of Norfolk Southern from $166.00 to $197.00 and gave the stock a “buy” rating in a research report on Friday, May 1st. Citigroup upped their price target on shares of Norfolk Southern from $200.00 to $214.00 and gave the company a “buy” rating in a report on Thursday, July 30th. Cowen cut their price target on shares of Norfolk Southern from $200.00 to $197.00 and set an “outperform” rating on the stock in a report on Thursday, April 30th. Deutsche Bank upped their price target on shares of Norfolk Southern from $176.00 to $190.00 and gave the company a “hold” rating in a report on Thursday, July 30th. Finally, JPMorgan Chase & Co. upped their price target on shares of Norfolk Southern from $189.00 to $199.00 and gave the company an “overweight” rating in a report on Thursday, April 30th. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating and eleven have issued a buy rating to the company’s stock. Norfolk Southern presently has a consensus rating of “Hold” and a consensus price target of $193.76.

NSC stock traded up $1.48 during trading on Thursday, hitting $206.88. 18,963 shares of the company’s stock traded hands, compared to its average volume of 1,436,854. The company has a quick ratio of 1.08, a current ratio of 1.21 and a debt-to-equity ratio of 0.85. Norfolk Southern Corp. has a 52 week low of $112.62 and a 52 week high of $219.88. The stock has a fifty day moving average price of $188.04 and a two-hundred day moving average price of $176.63. The stock has a market capitalization of $56.83 billion, a price-to-earnings ratio of 25.73, a price-to-earnings-growth ratio of 3.28 and a beta of 1.38.

Norfolk Southern (NYSE:NSC) last released its quarterly earnings results on Wednesday, July 29th. The railroad operator reported $1.53 EPS for the quarter, topping the consensus estimate of $1.33 by $0.20. The business had revenue of $2.09 billion during the quarter, compared to analyst estimates of $2.06 billion. Norfolk Southern had a net margin of 20.47% and a return on equity of 16.06%. The company’s quarterly revenue was down 28.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.70 earnings per share. As a group, equities research analysts expect that Norfolk Southern Corp. will post 8.83 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Friday, August 7th will be given a dividend of $0.94 per share. The ex-dividend date is Thursday, August 6th. This represents a $3.76 annualized dividend and a dividend yield of 1.82%. Norfolk Southern’s dividend payout ratio is currently 36.36%.

In related news, COO Michael Joseph Wheeler sold 1,788 shares of the stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $210.51, for a total value of $376,391.88. Following the completion of the transaction, the chief operating officer now owns 11,058 shares in the company, valued at approximately $2,327,819.58. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Clyde H. Allison, Jr. sold 1,593 shares of the stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $192.65, for a total transaction of $306,891.45. Following the completion of the transaction, the vice president now owns 41,146 shares of the company’s stock, valued at approximately $7,926,776.90. The disclosure for this sale can be found here. Insiders have sold 75,891 shares of company stock valued at $14,500,154 in the last 90 days. Insiders own 0.32% of the company’s stock.

About Norfolk Southern

Norfolk Southern Corporation, together with its subsidiaries, engages in the rail transportation of raw materials, intermediate products, and finished goods. The company transports industrial products, including chemicals, agriculture, and metals and construction materials; and coal, automobiles, and automotive parts.

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Institutional Ownership by Quarter for Norfolk Southern (NYSE:NSC)

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