Norfolk Southern Corporation
MX ˙ BMV ˙ US6558441084
SecurityMX:NSC / Norfolk Southern Corporation
InstitutionNicolet Bankshares Inc
Latest Disclosed Ownership10,706 shares
Latest Disclosed Value $ 3,072,616
Nicolet Bankshares Inc reports 147.71% increase in ownership of NSC / Norfolk Southern Corporation

On May 14, 2026 - Nicolet Bankshares Inc filed a 13F-HR form disclosing ownership of 10,706 shares of Norfolk Southern Corporation (MX:NSC) valued at $3,072,616 USD as of March 31, 2026. The entity filed a previous 13F-HR on February 9, 2026 disclosing 4,322 shares of Norfolk Southern Corporation. This represents a change in shares of 147.71% 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)
2026-05-14 2026-03-31 13F NORFOLK SOUTHN COM 655844108 10,706 6,384 147.71 3,073 146.35 0.1134
2026-02-09 2025-12-31 13F NORFOLK SOUTHN COMMON STOCK 655844108 4,322 -1,937 -30.95 1,248 -33.67 0.2000
2025-11-13 2025-09-30 13F NORFOLK SOUTHN COMMON STOCK 655844108 6,259 193 3.18 1,880 21.13 0.3022
2025-08-13 2025-06-30 13F NORFOLK SOUTHN COMMON STOCK 655844108 6,066 270 4.66 1,553 13.12 0.2683
2025-05-14 2025-03-31 13F NORFOLK SOUTHN COMMON STOCK 655844108 5,796 -987 -14.55 1,373 -13.76 0.2756
2025-02-13 2024-12-31 13F NORFOLK SOUTHN COMMON STOCK 655844108 6,783 1,186 21.19 1,592 14.46 0.3756
2024-11-12 2024-09-30 13F NORFOLK SOUTHN COMMON STOCK 655844108 5,597 -51 -0.90 1,391 14.69 0.3368
2024-08-14 2024-06-30 13F NORFOLK SOUTHN COMMON STOCK 655844108 5,648 388 7.38 1,213 -9.55 0.3007
2024-05-09 2024-03-31 13F NORFOLK SOUTHN COMMON STOCK 655844108 5,260 80 1.54 1,341 9.48 0.3312
2024-02-13 2023-12-31 13F NORFOLK SOUTHN COMMON STOCK 655844108 5,180 176 3.52 1,224 24.26 0.3296
2023-11-09 2023-09-30 13F NORFOLK SOUTHN COMMON STOCK 655844108 5,004 -5,118 -50.56 985 -28.47 0.3023
2023-08-09 2023-06-30 13F NORFOLK SOUTHN COMMON STOCK 655844108 10,122 6,067 149.62 1,378 232.61 0.3912
2023-05-09 2023-03-31 13F NORFOLK SOUTHN Common Stock 655844108 4,055 96 2.42 415 -9.61 0.1346
2023-02-09 2022-12-31 13F NORFOLK SOUTHN COMMON STOCK 655844108 3,959 -68 -1.69 458 -45.73 0.1578
2022-11-10 2022-09-30 13F NORFOLK SOUTHN COMMON STOCK 655844108 4,027 -293 -6.78 844 -14.05 0.2410
2022-08-08 2022-06-30 13F NORFOLK SOUTHN COMMON STOCK 655844108 4,320 300 7.46 982 -14.31 0.2559
2022-05-10 2022-03-31 13F NORFOLK SOUTHN COMMON STOCK 655844108 4,020 159 4.12 1,146 -0.26 0.2134
2022-02-09 2021-12-31 13F NORFOLK SOUTHERN COMMON STOCK 655844108 3,861 193 5.26 1,149 30.87 0.2534
2021-11-16 2021-09-30 13F NORFOLK SOUTHERN COMMON STOCK 655844108 3,668 -157 -4.10 878 -13.58 0.2264
2021-08-11 2021-06-30 13F NORFOLK SOUTHERN COMMON STOCK 655844108 3,825 432 12.73 1,016 11.53 0.2671
2021-05-03 2021-03-31 13F NORFOLK SOUTHERN COMMON STOCK 655844108 3,393 125 3.82 911 17.40 0.2515
2021-02-02 2020-12-31 13F NORFOLK SOUTHERN COMMON STOCK 655844108 3,268 0 0.00 776 11.02 0.2392
2020-10-27 2020-09-30 13F NORFOLK SOUTHERN Common Stock 655844108 3,268 0 0.00 699 21.78 0.2425
2020-07-22 2020-06-30 13F NORFOLK SOUTHERN COMMON STOCK 655844108 3,268 1,167 55.54 574 86.97 0.2165
2020-04-22 2020-03-31 13F NORFOLK SOUTHERN COMMON STOCK 655844108 2,101 -1,292 -38.08 307 -53.41 0.1385
2020-01-24 2019-12-31 13F NORFOLK SOUTHERN COMMON STOCK 655844108 3,393 -50 -1.45 659 6.46 0.2437
2019-10-22 2019-09-30 13F NORFOLK SOUTHERN COMMON STOCK 655844108 3,443 -32 -0.92 619 -10.68 0.2477
2019-07-30 2019-06-30 13F NORFOLK SOUTHERN COMMON STOCK 655844108 3,475 0 0.00 693 6.78 0.2894
2019-04-26 2019-03-31 13F NORFOLK SOUTHERN COMMON STOCK 655844108 3,475 1,181 51.48 649 89.21 0.2683
2019-02-06 2018-12-31 13F NORFOLK SOUTHERN COMMON STOCK 655844108 2,294 -1,285 -35.90 343 -46.90 0.1650
2018-10-29 2018-09-30 13F NORFOLK SOUTHERN COMMON STOCK 655844108 3,579 1,285 56.02 646 86.71 0.2611
2018-07-31 2018-06-30 13F NORFOLK SOUTHERN COMMON STOCK 655844108 2,294 -133 -5.48 346 4.85 0.1454
2018-05-03 2018-03-31 13F NORFOLK SOUTHERN COMMON STOCK 655844108 2,427 0 0.00 330 -6.25 0.1404
2018-02-02 2017-12-31 13F NORFOLK SOUTHERN COMMON STOCK 655844108 2,427 -466 -16.11 352 -8.09 0.1512
2017-11-02 2017-09-30 13F NORFOLK SOUTHERN COMMON STOCK 655844108 2,893 374 14.85 383 24.76 0.1706
2017-07-27 2017-06-30 13F NORFOLK SOUTHERN COMMON STOCK 655844108 2,519 -376 -12.99 307 -2.23 0.1446
2017-04-21 2017-03-31 13F NORFOLK SOUTHERN COMMON STOCK 655844108 2,895 507 21.23 314 21.71 0.1650
2017-02-06 2016-12-31 13F NORFOLK SOUTHERN COMMON STOCK 655844108 2,388 -2,523 -51.37 258 -45.91 0.1407
2016-11-04 2016-09-30 13F NORFOLK SOUTHERN COMMON STOCK 655844108 4,911 2,048 71.53 477 95.49 0.2777
2016-07-28 2016-06-30 13F NORFOLK SOUTHERN COMMON STOCK 655844108 2,863 2,863 244 0.1599
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.