Bank of Nova Scotia boosted its stake in Norfolk Souther Corporation (NYSE:NSC) by 915.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 66,745 shares of the railroad operator’s stock after buying an additional 60,171 shares during the period. Bank of Nova Scotia’s holdings in Norfolk Souther Corporation were worth $7,474,000 as of its most recent filing with the SEC.

Other large investors have also recently added to or reduced their stakes in the company. BlackRock Inc. raised its stake in shares of Norfolk Souther Corporation by 3,039.1% in the first quarter. BlackRock Inc. now owns 19,551,432 shares of the railroad operator’s stock worth $2,189,172,000 after buying an additional 18,928,598 shares during the last quarter. Alliancebernstein L.P. raised its stake in shares of Norfolk Souther Corporation by 936.1% in the first quarter. Alliancebernstein L.P. now owns 5,378,457 shares of the railroad operator’s stock worth $602,226,000 after buying an additional 4,859,355 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of Norfolk Souther Corporation by 31.8% in the first quarter. JPMorgan Chase & Co. now owns 4,209,269 shares of the railroad operator’s stock worth $471,313,000 after buying an additional 1,016,319 shares during the last quarter. Investec Asset Management LTD bought a new stake in shares of Norfolk Souther Corporation during the first quarter worth $92,710,000. Finally, Ameriprise Financial Inc. raised its stake in shares of Norfolk Souther Corporation by 36.0% in the first quarter. Ameriprise Financial Inc. now owns 1,863,015 shares of the railroad operator’s stock worth $208,626,000 after buying an additional 492,922 shares during the last quarter. Hedge funds and other institutional investors own 70.59% of the company’s stock.

Shares of Norfolk Souther Corporation (NYSE NSC) traded up 0.97% during mid-day trading on Friday, reaching $116.56. 1,101,405 shares of the company’s stock traded hands. The firm has a market cap of $33.59 billion, a price-to-earnings ratio of 18.94 and a beta of 1.33. The firm’s 50-day moving average is $118.78 and its 200 day moving average is $118.14. Norfolk Souther Corporation has a one year low of $88.07 and a one year high of $125.31.

Norfolk Souther Corporation (NYSE:NSC) last posted its quarterly earnings results on Wednesday, July 26th. The railroad operator reported $1.71 EPS for the quarter, beating the consensus estimate of $1.65 by $0.06. The company had revenue of $2.64 billion during the quarter, compared to analysts’ expectations of $2.64 billion. Norfolk Souther Corporation had a return on equity of 14.45% and a net margin of 17.66%. The firm’s revenue was up 7.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.36 EPS. Analysts predict that Norfolk Souther Corporation will post $6.32 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 11th. Shareholders of record on Monday, August 7th will be issued a $0.61 dividend. This represents a $2.44 annualized dividend and a yield of 2.09%. The ex-dividend date of this dividend is Thursday, August 3rd. Norfolk Souther Corporation’s dividend payout ratio (DPR) is 39.61%.

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NSC has been the topic of a number of research reports. BidaskClub raised shares of Norfolk Souther Corporation from a “strong sell” rating to a “sell” rating in a research report on Thursday. Wolfe Research raised shares of Norfolk Souther Corporation from a “market perform” rating to a “buy” rating and set a $126.00 target price on the stock in a research report on Monday, August 7th. Cowen and Company reissued an “outperform” rating and set a $130.00 target price on shares of Norfolk Souther Corporation in a research report on Tuesday, August 1st. Deutsche Bank AG downgraded shares of Norfolk Souther Corporation from a “buy” rating to a “hold” rating and cut their target price for the company from $132.00 to $104.00 in a research report on Monday, July 31st. Finally, Zacks Investment Research downgraded shares of Norfolk Souther Corporation from a “buy” rating to a “hold” rating in a research report on Friday, July 28th. Four equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and nine have given a buy rating to the company’s stock. Norfolk Souther Corporation presently has an average rating of “Hold” and a consensus target price of $112.65.

In other Norfolk Souther Corporation news, VP Thomas E. Hurlbut sold 802 shares of Norfolk Souther Corporation stock in a transaction dated Thursday, May 25th. The stock was sold at an average price of $116.54, for a total value of $93,465.08. Following the completion of the sale, the vice president now owns 4,300 shares in the company, valued at approximately $501,122. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.36% of the stock is owned by insiders.

Norfolk Souther Corporation Company Profile

Norfolk Southern Corporation is a holding company engaged in the rail transportation business. As of December 31, 2016, the Company operated approximately 19,500 miles of road primarily in the East and Midwest. The Company is engaged in the rail transportation of raw materials, intermediate products and finished goods primarily in the Southeast, East and Midwest.

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Institutional Ownership by Quarter for Norfolk Souther Corporation (NYSE:NSC)

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