Norfolk Southern Corporation announced that its board of directors approved a 5% increase in its quarterly dividend on the company's common stock, from 94 cents 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. The dividend is payable on March 10, 2021 to shareholders of record on February 5, 2021.