Bank of Nova Scotia Sells 20,904 Shares of Norfolk Southern Co. (NYSE:NSC)

Bank of Nova Scotia trimmed its position in Norfolk Southern Co. (NYSE:NSC - Free Report) by 38.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 33,277 shares of the railroad operator's stock after selling 20,904 shares during the period. Bank of Nova Scotia's holdings in Norfolk Southern were worth $7,810,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of NSC. Financial Life Planners acquired a new stake in Norfolk Southern during the 4th quarter worth $27,000. Keystone Financial Group Inc. bought a new stake in shares of Norfolk Southern in the fourth quarter worth about $27,000. Bank of Jackson Hole Trust acquired a new stake in shares of Norfolk Southern during the fourth quarter worth about $27,000. Vision Financial Markets LLC bought a new position in shares of Norfolk Southern during the 4th quarter valued at about $28,000. Finally, Atlantic Private Wealth LLC acquired a new position in shares of Norfolk Southern in the 4th quarter valued at approximately $29,000. Institutional investors own 75.10% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on NSC. Susquehanna dropped their target price on shares of Norfolk Southern from $265.00 to $260.00 and set a "neutral" rating on the stock in a report on Thursday, March 27th. Stephens boosted their price objective on shares of Norfolk Southern from $260.00 to $275.00 and gave the company an "equal weight" rating in a research report on Thursday, January 30th. JPMorgan Chase & Co. increased their target price on Norfolk Southern from $284.00 to $286.00 and gave the stock an "overweight" rating in a report on Thursday, January 30th. Wells Fargo & Company dropped their price target on Norfolk Southern from $300.00 to $290.00 and set an "overweight" rating on the stock in a research note on Thursday, March 27th. Finally, Citigroup dropped their target price on Norfolk Southern from $298.00 to $259.00 and set a "buy" rating on the stock in a research report on Tuesday, April 8th. One analyst has rated the stock with a sell rating, six have given a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $268.79.

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Norfolk Southern Stock Performance

Shares of NYSE NSC traded down $3.64 during mid-day trading on Tuesday, reaching $217.76. 831,978 shares of the company were exchanged, compared to its average volume of 1,246,094. The stock has a market capitalization of $53.69 billion, a P/E ratio of 18.84, a P/E/G ratio of 2.31 and a beta of 1.30. The company has a quick ratio of 0.82, a current ratio of 0.90 and a debt-to-equity ratio of 1.16. The company's 50-day simple moving average is $236.57 and its 200-day simple moving average is $246.56. Norfolk Southern Co. has a twelve month low of $201.63 and a twelve month high of $277.60.

Norfolk Southern (NYSE:NSC - Get Free Report) last posted its earnings results on Wednesday, January 29th. The railroad operator reported $3.04 EPS for the quarter, beating the consensus estimate of $2.97 by $0.07. Norfolk Southern had a return on equity of 20.04% and a net margin of 21.63%. As a group, research analysts predict that Norfolk Southern Co. will post 13 earnings per share for the current year.

Norfolk Southern Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, February 20th. Stockholders of record on Friday, February 7th were issued a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.48%. The ex-dividend date of this dividend was Friday, February 7th. Norfolk Southern's dividend payout ratio is currently 46.71%.

Insider Activity at Norfolk Southern

In other Norfolk Southern news, Director Gilbert H. Lamphere bought 607 shares of the stock in a transaction dated Friday, January 31st. The shares were bought at an average cost of $259.86 per share, with a total value of $157,735.02. Following the completion of the acquisition, 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 ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. 0.19% of the stock is currently owned by corporate 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.