SeaCrest Wealth Management LLC Increases Stock Position in Norfolk Southern Co. (NYSE:NSC)

SeaCrest Wealth Management LLC boosted its stake in Norfolk Southern Co. (NYSE:NSC) by 2.1% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,501 shares of the railroad operator’s stock after acquiring an additional 52 shares during the period. SeaCrest Wealth Management LLC’s holdings in Norfolk Southern were worth $637,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of NSC. Schonfeld Strategic Advisors LLC lifted its position in Norfolk Southern by 450.3% in the third quarter. Schonfeld Strategic Advisors LLC now owns 25,400 shares of the railroad operator’s stock valued at $5,002,000 after acquiring an additional 20,784 shares during the last quarter. Glenmede Trust Co. NA lifted its position in Norfolk Southern by 12.0% in the third quarter. Glenmede Trust Co. NA now owns 57,277 shares of the railroad operator’s stock valued at $11,280,000 after acquiring an additional 6,159 shares during the last quarter. Advisors Asset Management Inc. raised its holdings in shares of Norfolk Southern by 16.0% in the third quarter. Advisors Asset Management Inc. now owns 1,804 shares of the railroad operator’s stock valued at $355,000 after buying an additional 249 shares during the last quarter. Axxcess Wealth Management LLC boosted its stake in shares of Norfolk Southern by 18.3% during the third quarter. Axxcess Wealth Management LLC now owns 5,858 shares of the railroad operator’s stock worth $1,154,000 after buying an additional 906 shares during the period. Finally, Ameriprise Financial Inc. grew its holdings in shares of Norfolk Southern by 0.7% during the third quarter. Ameriprise Financial Inc. now owns 550,611 shares of the railroad operator’s stock worth $108,444,000 after buying an additional 3,969 shares during the last quarter. 75.10% of the stock is owned by hedge funds and other institutional investors.

Norfolk Southern Stock Performance

NYSE:NSC opened at $216.42 on Thursday. Norfolk Southern Co. has a twelve month low of $183.09 and a twelve month high of $263.66. The company has a market capitalization of $48.89 billion, a P/E ratio of 34.85, a price-to-earnings-growth ratio of 2.03 and a beta of 1.32. The company has a current ratio of 0.68, a quick ratio of 0.61 and a debt-to-equity ratio of 1.37. The firm has a 50-day moving average price of $225.90 and a two-hundred day moving average price of $238.75.

Norfolk Southern (NYSE:NSC) last issued its quarterly earnings data on Wednesday, April 24th. The railroad operator reported $2.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.58 by ($0.09). The company had revenue of $3 billion for the quarter, compared to analyst estimates of $3.05 billion. Norfolk Southern had a return on equity of 19.61% and a net margin of 11.76%. The company’s revenue for the quarter was down 4.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $3.32 earnings per share. As a group, research analysts expect that Norfolk Southern Co. will post 11.88 earnings per share for the current fiscal year.

Norfolk Southern Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, May 20th. Investors of record on Friday, May 3rd were given a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a yield of 2.50%. The ex-dividend date was Thursday, May 2nd. Norfolk Southern’s dividend payout ratio is presently 86.96%.

Wall Street Analyst Weigh In

NSC has been the subject of a number of recent research reports. Benchmark reaffirmed a “buy” rating and set a $277.00 price objective on shares of Norfolk Southern in a research report on Thursday, April 25th. Royal Bank of Canada upgraded shares of Norfolk Southern from a “sector perform” rating to an “outperform” rating and set a $270.00 price objective on the stock in a research report on Thursday, May 23rd. Wells Fargo & Company cut their price objective on shares of Norfolk Southern from $270.00 to $260.00 and set an “overweight” rating for the company in a research report on Tuesday, June 25th. TD Cowen lifted their target price on shares of Norfolk Southern from $236.00 to $253.00 and gave the company a “market perform” rating in a report on Thursday, March 21st. Finally, JPMorgan Chase & Co. increased their price target on shares of Norfolk Southern from $240.00 to $275.00 and gave the stock an “overweight” rating in a report on Tuesday, April 9th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, Norfolk Southern presently has an average rating of “Moderate Buy” and an average target price of $262.89.

Insider Activity at Norfolk Southern

In other news, Director Sameh Fahmy bought 2,000 shares of the business’s stock in a transaction that occurred on Friday, June 14th. The stock was purchased at an average price of $219.25 per share, with a total value of $438,500.00. Following the purchase, the director now owns 7,000 shares of the company’s stock, valued at approximately $1,534,750. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Sameh Fahmy acquired 2,000 shares of Norfolk Southern stock in a transaction that occurred on Friday, June 14th. The shares were acquired at an average price of $219.25 per share, with a total value of $438,500.00. Following the completion of the purchase, the director now owns 7,000 shares of the company’s stock, valued at approximately $1,534,750. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CMO Claude E. Elkins sold 8,329 shares of the company’s stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $228.43, for a total transaction of $1,902,593.47. The disclosure for this sale can be found here. 0.19% of the stock is currently owned by corporate insiders.

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.