Norfolk Southern increases quarterly dividend by 5 cents and increases target dividend payout ratio
January 27, 2021 at 08:03 AM EST
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.
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SOURCE Norfolk Southern Corporation