Peapack Gladstone Financial Corp Reduces Stake in GE Vernova Inc. (NYSE:GEV)

Peapack Gladstone Financial Corp cut its holdings in shares of GE Vernova Inc. (NYSE:GEV) by 6.8% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 8,840 shares of the company’s stock after selling 647 shares during the quarter. Peapack Gladstone Financial Corp’s holdings in GE Vernova were worth $2,908,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Geode Capital Management LLC raised its holdings in shares of GE Vernova by 3.5% during the fourth quarter. Geode Capital Management LLC now owns 5,790,051 shares of the company’s stock worth $1,898,814,000 after purchasing an additional 195,828 shares during the last quarter. Norges Bank acquired a new stake in GE Vernova during the 4th quarter worth about $1,109,720,000. Franklin Resources Inc. raised its stake in shares of GE Vernova by 3.7% during the 3rd quarter. Franklin Resources Inc. now owns 1,978,691 shares of the company’s stock valued at $533,257,000 after buying an additional 71,067 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of GE Vernova by 3.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,679,396 shares of the company’s stock valued at $552,404,000 after buying an additional 49,821 shares during the period. Finally, Schroder Investment Management Group boosted its stake in shares of GE Vernova by 5.7% in the fourth quarter. Schroder Investment Management Group now owns 1,465,804 shares of the company’s stock worth $482,147,000 after buying an additional 78,650 shares during the last quarter.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on GEV shares. New Street Research set a $380.00 price target on GE Vernova in a report on Wednesday, March 5th. Citigroup raised their price target on shares of GE Vernova from $361.00 to $437.00 and gave the company a “neutral” rating in a research report on Thursday, January 23rd. BMO Capital Markets decreased their price objective on shares of GE Vernova from $471.00 to $420.00 and set an “outperform” rating for the company in a research report on Monday, March 3rd. Robert W. Baird assumed coverage on GE Vernova in a research report on Thursday, February 13th. They set an “outperform” rating and a $448.00 target price on the stock. Finally, Marathon Capitl raised GE Vernova to a “strong-buy” rating in a report on Friday, January 31st. Seven investment analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and four have given a strong buy rating to the company’s stock. Based on data from MarketBeat, GE Vernova presently has a consensus rating of “Moderate Buy” and an average price target of $349.20.

GE Vernova Trading Up 4.9 %

Shares of GEV opened at $284.92 on Tuesday. GE Vernova Inc. has a 12-month low of $125.86 and a 12-month high of $447.50. The firm has a market capitalization of $77.88 billion and a P/E ratio of 51.24. The firm has a 50-day moving average price of $333.17 and a 200 day moving average price of $326.26.

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

GE Vernova announced that its board has approved a share buyback plan on Tuesday, December 10th that allows the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization allows the company to buy up to 6.7% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are 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.