Norfolk Southern hikes dividend by 8.9%

On January 25, 2023, Norfolk Southern (NSC) declared a new quarterly dividend of $1.35 per share, up from $1.24 previously. This 8.9% dividend hike marks 7 consecutive years of dividend growth for the railroad company.

The next NSC dividend is payable February 21, 2023, to shareholders of record on February 3. A new annual rate of $5.40 per share yields 2.1% at a stock price of $244.71. The next ex-dividend date is February 2, 2023. Norfolk Southern has raised its dividend by 11% on average annually in the last five years and currently pays an estimated annual dividend of $1.25 billion.

Norfolk Southern Corporation is a rail transportation company. Its Norfolk Southern Railway Company subsidiary operates approximately route miles in 22 states and the District of Columbia, serves every major container port in the eastern United States, and provides connections to other rail carriers. Norfolk Southern transports industrial products, including chemicals, agriculture, and metals and construction materials. In addition, the railroad is a principal carrier of coal, automobiles, and automotive parts. Since its inception in 1982, Norfolk Southern has paid consecutive quarterly dividends on its common stock.