NORFOLK, Va., Jan. 27, 2021 /PRNewswire/ -- Norfolk Southern Corporation (NYSE: NSC) today announced that its board of directors approved a 5% increase in its quarterly dividend on the company's common stock, from 94 to 99 cents per share. The company also announced an increase to its long-term target dividend payout ratio from 33% to a range of 35-40% of net income.
"Strong operational results achieved through our precision scheduled railroading transformation have underpinned robust cash flow generation," said James A. Squires, Norfolk Southern chairman, president and CEO. "Today's announcements highlight our confidence in long-term value creation and commitment to superior shareholder returns."
The dividend is payable March 10 to shareholders of record on Feb. 5. Norfolk Southern has paid a dividend on its common stock for 154 consecutive quarters since its formation in 1982.
About Norfolk Southern
Norfolk Southern Corporation (NYSE: NSC) is one of the nation's premier transportation companies. Its Norfolk Southern Railway Company subsidiary operates approximately 19,300 route miles in 22 states and the District of Columbia, serves every major container port in the eastern United States, and provides efficient connections to other rail carriers. Norfolk Southern is a major transporter of industrial products, including agriculture, forest and consumer products, chemicals, and metals and construction materials. In addition, the railroad operates the most extensive intermodal network in the East and is a principal carrier of coal, automobiles, and automotive parts.
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SOURCE Norfolk Southern Corporation