Norfolk Southern Corporation
MX ˙ BMV ˙ US6558441084
SecurityMX:NSC / Norfolk Southern Corporation
InstitutionBTC Capital Management, Inc.
Latest Disclosed Ownership34,343 shares
Latest Disclosed Value $ 9,853,284
BTC Capital Management, Inc. reports 12.33% decrease in ownership of NSC / Norfolk Southern Corporation

On April 20, 2026 - BTC Capital Management, Inc. filed a 13F-HR form disclosing ownership of 34,343 shares of Norfolk Southern Corporation (MX:NSC) valued at $9,853,284 USD as of March 31, 2026. The entity filed a previous 13F-HR on January 15, 2026 disclosing 39,175 shares of Norfolk Southern Corporation. This represents a change in shares of -12.33% during the quarter.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

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Disclosed Equity Positions (from 13F/NPORT Filings)
File
Date		 Effective
Date		Form Security Class ID Avg Price
Paid (Est)		 Reported
Shares		 ΔShares ΔShares
(%)		 Reported
Value
(x1000)		 ΔValue
(%)		 Alloc
(%)		 ΔAlloc ΔAlloc (%) Cost Basis
(x1000)		 Unrealized
Gain/Loss
(x1000)
2026-04-20 2026-03-31 13F NORFOLK SOUTHN COM 655844108 34,343 -4,832 -12.33 9,853 -12.99 0.3495
2026-01-15 2025-12-31 13F NORFOLK SOUTHN COM 655844108 39,175 -859 -2.15 11,324 -5.85 0.7901
2025-11-06 2025-09-30 13F NORFOLK SOUTHN COM 655844108 40,034 1,685 4.39 12,028 23.05 0.8300
2025-07-11 2025-06-30 13F NORFOLK SOUTHN COM 655844108 38,349 354 0.93 9,774 8.61 0.7979
2025-04-08 2025-03-31 13F NORFOLK SOUTHN COM 655844108 37,995 934 2.52 9,000 3.57 0.8231
2025-01-23 2024-12-31 13F NORFOLK SOUTHN COM 655844108 37,061 -1,079 -2.83 8,689 -8.34 0.8055
2024-10-21 2024-09-30 13F NORFOLK SOUTHN COM 655844108 38,140 -1,844 -4.61 9,481 10.44 0.8429
2024-07-19 2024-06-30 13F NORFOLK SOUTHN COM 655844108 39,984 -1,802 -4.31 8,584 -19.40 0.7969
2024-04-11 2024-03-31 13F NORFOLK SOUTHN COM 655844108 41,786 2,444 6.21 10,650 37.47 0.9738
2023-10-17 2023-09-30 13F NORFOLK SOUTHN COM 655844108 39,342 249 0.64 7,748 -12.68 0.8943
2023-07-11 2023-06-30 13F NORFOLK SOUTHN COM 655844108 39,093 -1,185 -2.94 8,873 4.01 0.9592
2023-04-07 2023-03-31 13F NORFOLK SOUTHN COM 655844108 40,278 1,101 2.81 8,530 -11.77 0.9813
2023-01-27 2022-12-31 13F NORFOLK SOUTHN COM 655844108 39,177 1,221 3.22 9,669 21.56 1.1626
2022-10-17 2022-09-30 13F NORFOLK SOUTHN COM 655844108 37,956 1,506 4.13 7,953 -3.97 1.0392
2022-08-08 2022-06-30 13F/A-1 NORFOLK SOUTHN COM 655844108 36,450 -34,766 -48.82 8,282 -59.29 1.0125
2022-07-25 2022-06-30 13F NORFOLK SOUTHN COM 655844108 72,900 1,684 16,564 1.0580
2022-05-06 2022-03-31 13F NORFOLK SOUTHN COM 655844108 71,216 34,742 95.25 20,344 87.31 1.4475
2022-05-06 2022-03-31 13F NORFOLK SOUTHN COM 655844108 52,302 14,938
2022-02-09 2021-12-31 13F NORFOLK SOUTHN COM 655844108 36,474 -10,859 -22.94 10,861 -4.11 1.0735
2021-11-15 2021-09-30 13F NORFOLK SOUTHERN COM 655844108 47,333 4,622 10.82 11,326 -0.11 1.2706
2021-08-02 2021-06-30 13F NORFOLK SOUTHERN COM 655844108 42,711 -3,248 -7.07 11,338 -8.16 1.2909
2021-05-04 2021-03-31 13F NORFOLK SOUTHERN COM 655844108 45,959 16,608 56.58 12,345 77.09 1.3784
2021-01-28 2020-12-31 13F NORFOLK SOUTHERN COM 655844108 29,351 16,336 125.52 6,971 150.67 0.8317
2020-10-14 2020-09-30 13F NORFOLK SOUTHERN COM 655844108 13,015 -670 -4.90 2,781 15.83 0.3880
2020-08-04 2020-06-30 13F NORFOLK SOUTHERN COM 655844108 13,685 -2,236 -14.04 2,401 3.36 0.3671
2020-05-06 2020-03-31 13F NORFOLK SOUTHERN COM 655844108 15,921 -770 -4.61 2,323 -28.35 0.4436
2020-02-13 2019-12-31 13F NORFOLK SOUTHERN COM 655844108 16,691 70 0.42 3,242 8.50 0.4618
2019-10-18 2019-09-30 13F NORFOLK SOUTHERN COM 655844108 16,621 -104 -0.62 2,988 -10.46 0.4770
2019-07-26 2019-06-30 13F NORFOLK SOUTHERN COM 655844108 16,725 -2,813 -14.40 3,337 -8.48 0.5400
2019-05-16 2019-03-31 13F NORFOLK SOUTHERN COM 655844108 19,538 -678 -3.35 3,646 20.57 0.5818
2019-02-13 2018-12-31 13F NORFOLK SOUTHERN COM 655844108 20,216 76 0.38 3,024 -16.85 0.5415
2018-11-14 2018-09-30 13F NORFOLK SOUTHERN COM 655844108 20,140 -9,037 -30.97 3,637 -17.40 0.6210
2018-08-15 2018-06-30 13F NORFOLK SOUTHERN COM 655844108 29,177 -651 -2.18 4,403 8.85 1.0415
2018-05-09 2018-03-31 13F NORFOLK SOUTHERN COM 655844108 29,828 -3,120 -9.47 4,045 -15.25 0.6620
2018-01-29 2017-12-31 13F NORFOLK SOUTHERN COM 655844108 32,948 -5,343 -13.95 4,773 -5.78 0.8217
2017-11-06 2017-09-30 13F NORFOLK SOUTHERN COM 655844108 38,291 1,492 4.05 5,066 13.13 0.9064
2017-08-02 2017-06-30 13F NORFOLK SOUTHERN COM 655844108 36,799 -4,416 -10.71 4,478 -2.97 0.8087
2017-04-26 2017-03-31 13F NORFOLK SOUTHERN COM 655844108 41,215 -5 -0.01 4,615 3.61 0.8605
2017-02-01 2016-12-31 13F NORFOLK SOUTHERN COM 655844108 41,220 1,483 3.73 4,454 15.54 0.8808
2016-10-26 2016-09-30 13F NORFOLK SOUTHERN COM 655844108 39,737 1,675 4.40 3,855 19.02 0.8025
2016-08-01 2016-06-30 13F NORFOLK SOUTHERN COM 655844108 38,062 -1,397 -3.54 3,239 -1.34 0.7009
2016-05-02 2016-03-31 13F NORFOLK SOUTHERN COM 655844108 39,459 5,827 17.33 3,283 15.40 0.7572
2016-02-08 2015-12-31 13F NORFOLK SOUTHERN COM 655844108 33,632 1,814 5.70 2,845 17.08 0.6660
2015-10-22 2015-09-30 13F NORFOLK SOUTHERN COM 655844108 31,818 7,154 29.01 2,430 12.92 0.5851
2015-08-04 2015-06-30 13F NORFOLK SOUTHERN COM 655844108 24,664 664 2.77 2,152 -12.80 0.5002
2015-05-11 2015-03-31 13F NORFOLK SOUTHERN COM 655844108 24,000 -468 -1.91 2,468 -8.05 0.5678
2015-02-11 2014-12-31 13F NORFOLK SOUTHERN COM 655844108 24,468 -3,718 -13.19 2,684 -14.66 0.6644
2015-02-17 2014-09-30 13F/A-1 NORFOLK SOUTHERN COM 655844108 28,186 28,186 3,145 0.7970
2014-11-24 2014-09-30 13F NORFOLK SOUTHERN COM 655844108 28,186 3,145
Legend
Shares
The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value
The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price
The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class
This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred
Allocation (%)
The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation
The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%)
The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis
The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss
This is the market value of the position as of the effective date minus the cost basis.