Norfolk Southern Corporation
MX ˙ BMV ˙ US6558441084
SecurityMX:NSC / Norfolk Southern Corporation
InstitutionBaird Financial Group, Inc.
Latest Disclosed Ownership125,843 shares
Latest Disclosed Value $ 36,116,941
Baird Financial Group, Inc. reports 6.90% decrease in ownership of NSC / Norfolk Southern Corporation

On May 14, 2026 - Baird Financial Group, Inc. filed a 13F-HR form disclosing ownership of 125,843 shares of Norfolk Southern Corporation (MX:NSC) valued at $36,116,941 USD as of March 31, 2026. The entity filed a previous 13F-HR on February 13, 2026 disclosing 135,169 shares of Norfolk Southern Corporation. This represents a change in shares of -6.90% 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 125,843 -9,326 -6.90 36,117 -7.45 0.0564
2026-02-13 2025-12-31 13F NORFOLK SOUTHN CORP COM COMMON 655844108 135,169 -1,838 -1.34 39,026 -5.18 0.0608
2025-11-13 2025-09-30 13F NORFOLK SOUTHN COMMON 655844108 137,007 -665 -0.48 41,158 16.80 0.0662
2025-08-13 2025-06-30 13F NORFOLK SOUTHN CORP COM COMMON 655844108 137,672 -698 -0.50 35,240 7.53 0.0618
2025-05-15 2025-03-31 13F NORFOLK SOUTHN CORP COM COMMON 655844108 138,370 3,704 2.75 32,773 3.69 0.0631
2025-02-14 2024-12-31 13F NORFOLK SOUTHN COMMON 655844108 134,666 856 0.64 31,606 -4.95 0.0604
2024-11-14 2024-09-30 13F NORFOLK SOUTHN COMMON 655844108 133,810 1,052 0.79 33,252 16.67 0.0646
2024-08-14 2024-06-30 13F NORFOLK SOUTHN COMMON 655844108 132,758 -1,255 -0.94 28,502 -16.55 0.0591
2024-05-14 2024-03-31 13F NORFOLK SOUTHN COMMON 655844108 134,013 1,164 0.88 34,156 8.77 0.0716
2024-02-14 2023-12-31 13F NORFOLK SOUTHN COMMON 655844108 132,849 -95 -0.07 31,403 19.95 0.0716
2023-11-13 2023-09-30 13F NORFOLK SOUTHN COMMON 655844108 132,944 -1,845 -1.37 26,181 -14.34 0.0714
2023-08-11 2023-06-30 13F NORFOLK SOUTHN COMMON 655844108 134,789 -2,208 -1.61 30,565 5.24 0.0807
2023-05-15 2023-03-31 13F NORFOLK SOUTHN COMMON 655844108 136,997 -23,452 -14.62 29,043 74,369.23 0.0716
2023-02-13 2022-12-31 13F NORFOLK SOUTHN COMMON 655844108 160,449 -1,873 -1.15 40 -99.89 0.1041
2022-11-15 2022-09-30 13F NORFOLK SOUTHN COMMON 655844108 162,322 -2,391 -1.45 34,030 -9.10 0.1003
2022-08-08 2022-06-30 13F NORFOLK SOUTHN COMMON 655844108 164,713 3,006 1.86 37,438 -18.83 0.1039
2022-05-13 2022-03-31 13F NORFOLK SOUTHN COMMON 655844108 161,707 600 0.37 46,122 -3.84 0.1140
2022-02-09 2021-12-31 13F NORFOLK SOUTHN CORP COM COMMON 655844108 161,107 29,957 22.84 47,963 52.86 0.1121
2021-11-12 2021-09-30 13F NORFOLK SOUTHN CORP COM COMMON 655844108 131,150 5,833 4.65 31,378 -5.66 0.0803
2021-08-11 2021-06-30 13F NORFOLK SOUTHN CORP COM COMMON 655844108 125,317 1,421 1.15 33,260 -0.02 0.0864
2021-05-13 2021-03-31 13F NORFOLK SOUTHN CORP COM COMMON 655844108 123,896 4,814 4.04 33,268 17.58 0.0933
2021-02-11 2020-12-31 13F NORFOLK SOUTHN CORP COM COMMON 655844108 119,082 2,422 2.08 28,295 13.34 0.0846
2020-11-12 2020-09-30 13F NORFOLK SOUTHN CORP COM COMMON 655844108 116,660 3,605 3.19 24,965 25.77 0.0855
2020-10-22 2020-06-30 13F/A-1 NORFOLK SOUTHN CORP COM COMMON 655844108 113,055 -1,432 -1.25 19,849 18.76 0.0748
2020-08-14 2020-06-30 13F NORFOLK SOUTHN CORP COM COMMON 655844108 112,807 -1,680 21,760 43,123.3762
2020-05-14 2020-03-31 13F NORFOLK SOUTHN CORP COM COMMON 655844108 114,487 -6,138 -5.09 16,714 -28.62 0.0763
2020-02-14 2019-12-31 13F NORFOLK SOUTHN CORP COM COMMON 655844108 120,625 93 0.08 23,416 8.14 0.0841
2019-11-14 2019-09-30 13F NORFOLK SOUTHERN Common 655844108 120,532 1,513 1.27 21,654 -8.73 0.0853
2019-08-14 2019-06-30 13F NORFOLK SOUTHERN COMMON 655844108 119,019 14,666 14.05 23,724 21.64 0.0922
2019-05-14 2019-03-31 13F NORFOLK SOUTHN COMMON 655844108 104,353 -90 -0.09 19,503 24.87 0.1140
2019-02-14 2018-12-31 13F Norfolk Southern COMMON 655844108 104,443 1,607 1.56 15,619 -17.64 0.1060
2018-11-13 2018-09-30 13F Norfolk Southern COMMON 655844108 102,836 -2,461 -2.34 18,964 19.38 0.1188
2018-08-13 2018-06-30 13F Norfolk Southern COMMON 655844108 105,297 1,905 1.84 15,886 13.16 0.1078
2018-05-14 2018-03-31 13F Norfolk Southern COMMON 655844108 103,392 6,661 6.89 14,038 0.16 0.0988
2018-02-09 2017-12-31 13F NORFOLK SOUTHN COMMON 655844108 96,731 3,151 3.37 14,016 13.26 0.0993
2017-11-14 2017-09-30 13F NORFOLK SOUTHN COMMON 655844108 93,580 -1,001 -1.06 12,375 7.51 0.0933
2017-08-14 2017-06-30 13F NORFOLK SOUTHN COMMON 655844108 94,581 10,381 12.33 11,511 22.09 0.0902
2017-06-19 2017-03-31 13F/A-1 NORFOLK SOUTHN COMMON 655844108 84,200 -27,393 -24.55 9,428 -21.82 0.0762
2017-05-09 2017-03-31 13F NORFOLK SOUTHN COMMON 655844108 84,200 9,428
2017-02-10 2016-12-31 13F NORFOLK SOUTHN COMMON 655844108 111,593 9,763 9.59 12,060 22.02 0.1047
2016-11-10 2016-09-30 13F NORFOLK SOUTHN COMMON 655844108 101,830 -3,831 -3.63 9,884 7.86 0.0885
2016-08-11 2016-06-30 13F NORFOLK SOUTHN COMMON 655844108 105,661 1,503 1.44 9,164 5.69 0.0840
2016-05-12 2016-03-31 13F NORFOLK SOUTHN COMMON 655844108 104,158 10,516 11.23 8,671 9.47 0.0830
2016-02-11 2015-12-31 13F NORFOLK SOUTHN COMMON 655844108 93,642 9,022 10.66 7,921 22.52 0.0792
2015-11-12 2015-09-30 13F NORFOLK SOUTHN COMMON 655844108 84,620 2,972 3.64 6,465 -9.36 0.0687
2015-08-14 2015-06-30 13F NORFOLK SOUTHN COMMON 655844108 81,648 81,648 7,133 0.0702
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.