Norfolk Southern Corporation (NYSE:NSC) announced a quarterly dividend of $1.35 per share on October 18, 2024, payable on November 20, 2024, to shareholders of record on November 1, 2024 [27e00c93]. This marks the company's commitment to returning value to shareholders, having paid dividends for 169 consecutive quarters since 1982 [27e00c93]. The company, which has been operational since 1827, focuses on freight transportation and plays a significant role in sustainability by helping to avoid approximately 15 million tons of carbon emissions annually [27e00c93]. Norfolk Southern delivers over 7 million carloads each year and boasts the largest intermodal network in the eastern U.S. [27e00c93].
In recent developments, Stifel has maintained its hold rating on Norfolk Southern shares with a price target of $233, viewing the appointment of John Orr as the new executive vice president and chief operating officer (COO) as a potentially positive development amid the ongoing proxy battle with Ancora Group [fdbd4579]. Stifel's cautious approach indicates that the current stock valuation does not justify aggressive investment [fdbd4579].
TD Cowen has raised its price target for Norfolk Southern to $253 from $236, citing operational optimism following Orr's hiring and the company's revised second-half operating ratio guidance [a5f097cf]. The firm reiterated its Market Perform rating, reflecting a positive outlook on the company's strategic direction [a5f097cf].
Additionally, Citigroup set a new price target of $294.00 on October 9, 2024, while Morgan Stanley had previously set a target of $175.00 on July 8, 2024 [27e00c93]. These updates suggest a range of analyst sentiments regarding the company's future performance.
The leadership transition at Norfolk Southern has also seen Mark R. George appointed as President and CEO on September 11, 2024, following the termination of Alan H. Shaw [27e00c93]. This change in leadership comes at a critical time as the company navigates its operational strategies and shareholder expectations amidst a competitive freight transportation landscape [27e00c93].