Toronto Dominion Bank Cuts Stake in Norfolk Southern Co. (NYSE:NSC)

Toronto Dominion Bank cut its stake in Norfolk Southern Co. (NYSE:NSC - Free Report) by 20.0% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 80,297 shares of the railroad operator's stock after selling 20,024 shares during the quarter. Toronto Dominion Bank's holdings in Norfolk Southern were worth $19,954,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Highline Wealth Partners LLC purchased a new stake in Norfolk Southern during the third quarter worth $25,000. Morse Asset Management Inc purchased a new stake in shares of Norfolk Southern during the 3rd quarter worth about $30,000. 1620 Investment Advisors Inc. acquired a new stake in shares of Norfolk Southern during the 2nd quarter valued at about $27,000. Coastline Trust Co purchased a new position in shares of Norfolk Southern in the 3rd quarter valued at about $32,000. Finally, Capital Performance Advisors LLP acquired a new position in Norfolk Southern in the 3rd quarter worth about $33,000. Hedge funds and other institutional investors own 75.10% of the company's stock.

Norfolk Southern Trading Down 0.8 %

Shares of NSC traded down $2.09 during midday trading on Friday, reaching $246.22. The company had a trading volume of 1,043,099 shares, compared to its average volume of 1,245,537. Norfolk Southern Co. has a 1-year low of $206.71 and a 1-year high of $277.60. The company has a quick ratio of 0.65, a current ratio of 0.73 and a debt-to-equity ratio of 1.21. The firm has a 50 day simple moving average of $259.19 and a 200-day simple moving average of $243.36. The stock has a market cap of $55.70 billion, a PE ratio of 23.23, a price-to-earnings-growth ratio of 2.35 and a beta of 1.31.

Norfolk Southern (NYSE:NSC - Get Free Report) last posted its earnings results on Tuesday, October 22nd. The railroad operator reported $3.25 earnings per share for the quarter, beating the consensus estimate of $3.11 by $0.14. The company had revenue of $3.10 billion for the quarter, compared to analyst estimates of $3.08 billion. Norfolk Southern had a net margin of 19.85% and a return on equity of 20.25%. Norfolk Southern's revenue was up 3.3% on a year-over-year basis. During the same period in the previous year, the business posted $2.65 EPS. Research analysts forecast that Norfolk Southern Co. will post 11.82 EPS for the current fiscal year.

Norfolk Southern Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, November 20th. Investors of record on Friday, November 1st were issued a $1.35 dividend. The ex-dividend date of this dividend was Friday, November 1st. This represents a $5.40 annualized dividend and a yield of 2.19%. Norfolk Southern's dividend payout ratio (DPR) is currently 50.70%.

Wall Street Analysts Forecast Growth

Several analysts have commented on NSC shares. Jefferies Financial Group raised their price objective on Norfolk Southern from $275.00 to $280.00 and gave the company a "buy" rating in a report on Thursday, October 10th. Citigroup lifted their price target on shares of Norfolk Southern from $302.00 to $316.00 and gave the company a "buy" rating in a research note on Tuesday, November 12th. Stifel Nicolaus upped their price objective on shares of Norfolk Southern from $241.00 to $245.00 and gave the stock a "hold" rating in a research report on Friday, October 11th. Barclays lifted their target price on shares of Norfolk Southern from $290.00 to $305.00 and gave the company an "overweight" rating in a research report on Wednesday, November 13th. Finally, Stephens restated an "equal weight" rating and set a $263.00 price target on shares of Norfolk Southern in a research report on Wednesday, October 23rd. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $275.68.

Insider Activity at Norfolk Southern

In other news, Director Sameh Fahmy bought 350 shares of the business's stock in a transaction on Thursday, December 12th. The shares were bought at an average price of $249.37 per share, with a total value of $87,279.50. Following the completion of the transaction, the director now directly owns 10,350 shares in the company, valued at $2,580,979.50. This trade represents a 3.50 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.19% of the stock is owned by 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.