WASHINGTON TRUST Co Boosts Holdings in GE Vernova Inc. (NYSE:GEV)

WASHINGTON TRUST Co raised its holdings in shares of GE Vernova Inc. (NYSE:GEV) by 1.9% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,702 shares of the company’s stock after acquiring an additional 31 shares during the quarter. WASHINGTON TRUST Co’s holdings in GE Vernova were worth $560,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in GEV. Mountaineer Partners Management LLC purchased a new position in GE Vernova during the 3rd quarter valued at about $2,507,296,000. International Assets Investment Management LLC increased its holdings in GE Vernova by 35,238.2% during the 3rd quarter. International Assets Investment Management LLC now owns 1,435,792 shares of the company’s stock valued at $366,098,000 after acquiring an additional 1,431,729 shares in the last quarter. WCM Investment Management LLC grew its holdings in shares of GE Vernova by 83.1% during the third quarter. WCM Investment Management LLC now owns 2,560,248 shares of the company’s stock worth $639,704,000 after buying an additional 1,161,901 shares in the last quarter. FMR LLC grew its holdings in shares of GE Vernova by 2.5% during the third quarter. FMR LLC now owns 24,047,678 shares of the company’s stock worth $6,131,677,000 after buying an additional 584,208 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of GE Vernova by 34.1% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,812,192 shares of the company’s stock worth $462,073,000 after buying an additional 460,834 shares in the last quarter.

Analysts Set New Price Targets

GEV has been the subject of a number of recent research reports. Truist Financial lifted their price target on shares of GE Vernova from $420.00 to $470.00 and gave the stock a “buy” rating in a report on Thursday, January 23rd. Bank of America lifted their price target on shares of GE Vernova from $380.00 to $415.00 and gave the stock a “buy” rating in a report on Tuesday, January 14th. Citigroup lifted their price target on shares of GE Vernova from $361.00 to $437.00 and gave the stock a “neutral” rating in a report on Thursday, January 23rd. Johnson Rice initiated coverage on shares of GE Vernova in a report on Friday, February 7th. They set a “buy” rating and a $425.00 price target for the company. Finally, William Blair reiterated an “outperform” rating on shares of GE Vernova in a report on Thursday, January 23rd. Eight investment analysts have rated the stock with a hold rating, twenty have given a buy rating and four have assigned a strong buy rating to the company. According to MarketBeat, GE Vernova has an average rating of “Moderate Buy” and an average target price of $350.13.

GE Vernova Trading Down 0.8 %

Shares of GEV stock opened at $367.43 on Friday. The company has a market capitalization of $101.28 billion and a PE ratio of 66.08. The firm has a fifty day simple moving average of $361.74 and a 200-day simple moving average of $292.64. GE Vernova Inc. has a twelve month low of $115.00 and a twelve month high of $447.50.

GE Vernova (NYSE:GEV) last posted its quarterly earnings results on Wednesday, January 22nd. The company reported $1.73 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.30 by ($0.57). The company had revenue of $10.56 billion during the quarter, compared to analyst estimates of $10.70 billion. GE Vernova had a net margin of 4.44% and a return on equity of 6.70%. The firm’s revenue was up 5.1% compared to the same quarter last year. Equities research analysts predict that GE Vernova Inc. will post 6.59 EPS for the current year.

GE Vernova Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, January 28th. Investors of record on Friday, December 20th were issued a $0.25 dividend. The ex-dividend date of this dividend was Friday, December 20th. This represents a $1.00 annualized dividend and a yield of 0.27%. GE Vernova’s dividend payout ratio is presently 17.99%.

GE Vernova announced that its board has initiated a stock repurchase plan on Tuesday, December 10th that authorizes the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization authorizes the company to purchase up to 6.7% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

About GE Vernova

GE Vernova LLC, an energy business company, generates electricity. It operates under three segments: Power, Wind, and Electrification. The Power segments generates and sells electricity through hydro, gas, nuclear, and steam power. Wind segment engages in the manufacturing and sale of wind turbine blades; and Electrification segment provides grid solutions, power conversion, solar, and storage solutions.