Atlantic Union Bankshares Corp Reduces Holdings in Norfolk Southern Co. (NYSE:NSC)

Atlantic Union Bankshares Corp trimmed its stake in shares of Norfolk Southern Co. (NYSE:NSC) by 1.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,942 shares of the railroad operator’s stock after selling 169 shares during the quarter. Atlantic Union Bankshares Corp’s holdings in Norfolk Southern were worth $2,471,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also bought and sold shares of the company. Highline Wealth Partners LLC purchased a new position in shares of Norfolk Southern in the third quarter worth $25,000. 1620 Investment Advisors Inc. bought a new position in shares of Norfolk Southern during the second quarter valued at about $27,000. Financial Connections Group Inc. purchased a new stake in shares of Norfolk Southern during the second quarter worth about $31,000. HWG Holdings LP bought a new stake in shares of Norfolk Southern in the second quarter worth about $31,000. Finally, Coastline Trust Co bought a new stake in shares of Norfolk Southern in the 3rd quarter worth approximately $32,000. 75.10% of the stock is owned by hedge funds and other institutional investors.

Norfolk Southern Price Performance

Shares of NYSE:NSC opened at $276.10 on Friday. The business has a fifty day moving average price of $256.63 and a 200-day moving average price of $241.42. The company has a debt-to-equity ratio of 1.21, a current ratio of 0.73 and a quick ratio of 0.65. The company has a market capitalization of $62.46 billion, a PE ratio of 25.92, a PEG ratio of 2.61 and a beta of 1.30. Norfolk Southern Co. has a 1-year low of $206.71 and a 1-year high of $277.60.

Norfolk Southern (NYSE:NSC) last issued its earnings results on Tuesday, October 22nd. The railroad operator reported $3.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.11 by $0.14. The business had revenue of $3.10 billion during the quarter, compared to analysts’ expectations of $3.08 billion. Norfolk Southern had a net margin of 19.85% and a return on equity of 20.25%. The business’s revenue for the quarter was up 3.3% compared to the same quarter last year. During the same period in the previous year, the company earned $2.65 earnings per share. As a group, equities analysts expect that Norfolk Southern Co. will post 11.82 EPS for the current fiscal year.

Norfolk Southern Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, November 20th. Shareholders of record on Friday, November 1st were issued a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a dividend yield of 1.96%. The ex-dividend date was Friday, November 1st. Norfolk Southern’s payout ratio is 50.70%.

Insider Transactions at Norfolk Southern

In related news, Director Sameh Fahmy purchased 1,000 shares of Norfolk Southern stock in a transaction dated Thursday, October 24th. The stock was purchased at an average cost of $255.00 per share, for a total transaction of $255,000.00. Following the completion of the purchase, the director now directly owns 10,000 shares of the company’s stock, valued at $2,550,000. The trade was a 11.11 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Alan H. Shaw sold 51,325 shares of the business’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 transaction, the chief executive officer now directly owns 35,045 shares of the company’s stock, valued at $8,970,819.10. The trade was a 59.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.19% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Susquehanna raised their price target on Norfolk Southern from $280.00 to $285.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 23rd. Evercore ISI dropped their target price on shares of Norfolk Southern from $276.00 to $274.00 and set an “outperform” rating for the company in a research report on Wednesday, October 23rd. Sanford C. Bernstein lifted their target price on shares of Norfolk Southern from $285.00 to $286.00 and gave the company an “outperform” rating in a research note on Wednesday, October 9th. JPMorgan Chase & Co. increased their price target on shares of Norfolk Southern from $283.00 to $288.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 23rd. Finally, Bank of America lifted their price objective on Norfolk Southern from $276.00 to $291.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat, Norfolk Southern currently has an average rating of “Moderate Buy” and a consensus price target of $275.68.

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.