Independence Bank of Kentucky Sells 140 Shares of Norfolk Southern Co. (NYSE:NSC)

Independence Bank of Kentucky decreased its stake in shares of Norfolk Southern Co. (NYSE:NSC) by 2.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 6,324 shares of the railroad operator’s stock after selling 140 shares during the period. Independence Bank of Kentucky’s holdings in Norfolk Southern were worth $1,498,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in NSC. Keystone Financial Group Inc. bought a new position in Norfolk Southern during the fourth quarter valued at approximately $27,000. Bank of Jackson Hole Trust bought a new position in Norfolk Southern during the fourth quarter valued at approximately $27,000. Vision Financial Markets LLC bought a new position in Norfolk Southern during the fourth quarter valued at approximately $28,000. Fourth Dimension Wealth LLC bought a new position in Norfolk Southern during the fourth quarter valued at approximately $28,000. Finally, Atlantic Private Wealth LLC bought a new position in Norfolk Southern during the fourth quarter valued at approximately $29,000. Institutional investors own 75.10% of the company’s stock.

Norfolk Southern Price Performance

Shares of NYSE:NSC opened at $250.89 on Friday. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.82 and a current ratio of 0.90. The firm has a fifty day moving average price of $229.42 and a 200 day moving average price of $240.74. Norfolk Southern Co. has a fifty-two week low of $201.63 and a fifty-two week high of $277.60. The firm has a market cap of $56.56 billion, a price-to-earnings ratio of 21.70, a P/E/G ratio of 2.31 and a beta of 1.32.

Norfolk Southern (NYSE:NSC) last issued its earnings results on Wednesday, April 23rd. The railroad operator reported $2.69 earnings per share for the quarter, missing analysts’ consensus estimates of $2.72 by ($0.03). Norfolk Southern had a return on equity of 20.04% and a net margin of 21.63%. The company had revenue of $2.99 billion for the quarter, compared to the consensus estimate of $3.01 billion. During the same quarter in the prior year, the company posted $2.49 EPS. Norfolk Southern’s revenue was down .4% compared to the same quarter last year. As a group, sell-side analysts expect that Norfolk Southern Co. will post 13 earnings per share for the current fiscal year.

Norfolk Southern Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, May 20th. Shareholders of record on Friday, May 2nd were given a dividend of $1.35 per share. The ex-dividend date was Friday, May 2nd. This represents a $5.40 annualized dividend and a yield of 2.15%. Norfolk Southern’s dividend payout ratio (DPR) is currently 36.89%.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on NSC shares. The Goldman Sachs Group restated a “neutral” rating and set a $278.00 price objective on shares of Norfolk Southern in a research report on Monday, June 2nd. Stifel Nicolaus reduced their target price on shares of Norfolk Southern from $265.00 to $247.00 and set a “hold” rating for the company in a report on Monday, April 14th. Jefferies Financial Group reduced their target price on shares of Norfolk Southern from $285.00 to $260.00 and set a “buy” rating for the company in a report on Wednesday, April 9th. Susquehanna reduced their target price on shares of Norfolk Southern from $260.00 to $250.00 and set a “neutral” rating for the company in a report on Thursday, April 24th. Finally, Evercore ISI reduced their target price on shares of Norfolk Southern from $284.00 to $269.00 and set an “outperform” rating for the company in a report on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, Norfolk Southern has an average rating of “Moderate Buy” and a consensus price target of $267.24.

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.