Norfolk Southern Co. (NYSE:NSC) Stake Cut by Corebridge Financial Inc.

Corebridge Financial Inc. trimmed its holdings in shares of Norfolk Southern Co. (NYSE:NSC) by 4.5% during the fourth quarter, Holdings Channel reports. The firm owned 51,998 shares of the railroad operator’s stock after selling 2,456 shares during the quarter. Corebridge Financial Inc.’s holdings in Norfolk Southern were worth $12,204,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. Financial Life Planners acquired a new stake in Norfolk Southern during the fourth quarter worth about $27,000. Keystone Financial Group Inc. acquired a new stake in shares of Norfolk Southern during the 4th quarter worth approximately $27,000. Bank of Jackson Hole Trust bought a new stake in shares of Norfolk Southern in the 4th quarter worth approximately $27,000. Vision Financial Markets LLC acquired a new position in Norfolk Southern during the 4th quarter valued at approximately $28,000. Finally, Atlantic Private Wealth LLC bought a new position in Norfolk Southern during the 4th quarter worth $29,000. 75.10% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

NSC has been the subject of several analyst reports. Deutsche Bank Aktiengesellschaft began coverage on shares of Norfolk Southern in a report on Friday, March 7th. They set a “buy” rating and a $293.00 price target for the company. JPMorgan Chase & Co. upped their target price on shares of Norfolk Southern from $284.00 to $286.00 and gave the stock an “overweight” rating in a research report on Thursday, January 30th. Loop Capital cut Norfolk Southern from a “buy” rating to a “hold” rating and cut their price target for the company from $289.00 to $256.00 in a report on Monday, February 3rd. Wells Fargo & Company decreased their price objective on Norfolk Southern from $320.00 to $300.00 and set an “overweight” rating for the company in a report on Tuesday, January 7th. Finally, Stephens lifted their target price on Norfolk Southern from $260.00 to $275.00 and gave the company an “equal weight” rating in a research note on Thursday, January 30th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $275.63.

Norfolk Southern Stock Performance

NYSE:NSC opened at $233.85 on Wednesday. The company has a 50-day moving average of $245.91 and a 200-day moving average of $249.52. The firm has a market cap of $52.95 billion, a price-to-earnings ratio of 20.23, a price-to-earnings-growth ratio of 2.31 and a beta of 1.35. The company has a current ratio of 0.90, a quick ratio of 0.82 and a debt-to-equity ratio of 1.16. Norfolk Southern Co. has a twelve month low of $206.71 and a twelve month high of $277.60.

Norfolk Southern (NYSE:NSC) last issued its earnings results on Wednesday, January 29th. The railroad operator reported $3.04 earnings per share for the quarter, topping analysts’ consensus estimates of $2.97 by $0.07. Norfolk Southern had a net margin of 21.63% and a return on equity of 20.04%. Analysts forecast that Norfolk Southern Co. will post 13 earnings per share for the current fiscal year.

Norfolk Southern Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, February 20th. Stockholders of record on Friday, February 7th were given a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.31%. The ex-dividend date was Friday, February 7th. Norfolk Southern’s dividend payout ratio (DPR) is presently 46.71%.

Insider Transactions at Norfolk Southern

In related news, Director Gilbert H. Lamphere purchased 607 shares of the company’s stock in a transaction that occurred on Friday, January 31st. The shares were purchased at an average price of $259.86 per share, with a total value of $157,735.02. Following the purchase, the director now owns 2,487 shares of the company’s stock, valued at $646,271.82. This trade represents a 32.29 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. 0.19% of the stock is owned by insiders.

Norfolk Southern Company Profile

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.