Norfolk Southern (NSC) will raise its quarterly dividend by 3.4 percent to $0.61 per share.

"The dividend increase reflects our board's confidence in the company's strategic plan and demonstrates our commitment to deliver long-term value for our shareholders," said Norfolk Southern Chairman, President and CEO James A. Squires.

The increased dividend is payable on March 9 to stockholders of record on Feb. 3. Since its inception in 1982, Norfolk Southern has paid dividends on its common stock for 138 consecutive quarters.

Norfolk Southern Corporation is a rail transportation company. Its Norfolk Southern Railway Company subsidiary operates approximately 19,500 route miles in 22 states and the District of Columbia, serves every major container port in the eastern United States, and provides connections to other rail carriers. Norfolk Southern transports industrial products, including chemicals, agriculture, and metals and construction materials. In addition, the railroad is a principal carrier of coal, automobiles, and automotive parts. Since its inception in 1982, Norfolk Southern has paid consecutive quarterly dividends on its common stock.