Allstate Corp Grows Position in GE Vernova Inc. $GEV

Allstate Corp raised its holdings in GE Vernova Inc. (NYSE:GEV) by 20.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 9,814 shares of the company’s stock after acquiring an additional 1,643 shares during the period. Allstate Corp’s holdings in GE Vernova were worth $2,996,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. GAMMA Investing LLC increased its position in GE Vernova by 32,984.2% during the first quarter. GAMMA Investing LLC now owns 2,141,539 shares of the company’s stock worth $653,769,000 after purchasing an additional 2,135,066 shares during the last quarter. TD Asset Management Inc raised its position in GE Vernova by 627.2% in the first quarter. TD Asset Management Inc now owns 926,842 shares of the company’s stock valued at $282,946,000 after purchasing an additional 799,388 shares during the period. Nuveen LLC purchased a new stake in shares of GE Vernova in the 1st quarter valued at $223,556,000. Jacobs Levy Equity Management Inc. lifted its position in shares of GE Vernova by 148.6% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 1,155,183 shares of the company’s stock worth $379,974,000 after purchasing an additional 690,513 shares in the last quarter. Finally, Wellington Management Group LLP lifted its holdings in GE Vernova by 50.9% during the 1st quarter. Wellington Management Group LLP now owns 2,029,948 shares of the company’s stock worth $619,703,000 after buying an additional 684,794 shares in the last quarter.

GE Vernova Stock Performance

Shares of NYSE GEV opened at $606.1210 on Friday. The firm has a market cap of $165.00 billion, a P/E ratio of 146.05, a price-to-earnings-growth ratio of 4.19 and a beta of 1.90. GE Vernova Inc. has a 1 year low of $173.07 and a 1 year high of $677.29. The firm’s 50 day moving average price is $576.57 and its 200 day moving average price is $441.37.

GE Vernova (NYSE:GEV) last released its earnings results on Wednesday, July 23rd. The company reported $1.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.63 by $0.23. The firm had revenue of $9.11 billion during the quarter, compared to the consensus estimate of $8.78 billion. GE Vernova had a net margin of 3.16% and a return on equity of 13.23%. GE Vernova’s revenue was up 11.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $4.65 earnings per share. GE Vernova has set its FY 2025 guidance at EPS. As a group, equities analysts predict that GE Vernova Inc. will post 6.59 EPS for the current year.

GE Vernova Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, August 18th. Investors of record on Monday, July 21st were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date of this dividend was Monday, July 21st. GE Vernova’s dividend payout ratio is 24.10%.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on GEV shares. BMO Capital Markets lifted their price objective on GE Vernova from $590.00 to $690.00 and gave the company an “outperform” rating in a research note on Thursday, July 24th. Barclays boosted their target price on GE Vernova from $580.00 to $706.00 and gave the company an “overweight” rating in a report on Thursday, July 24th. Wells Fargo & Company increased their price target on shares of GE Vernova from $474.00 to $697.00 and gave the stock an “overweight” rating in a research note on Thursday, July 24th. UBS Group initiated coverage on GE Vernova in a research note on Monday, July 7th. They issued a “buy” rating and a $614.00 target price on the stock. Finally, TD Cowen lifted their target price on shares of GE Vernova from $390.00 to $685.00 and gave the company a “buy” rating in a report on Friday, July 25th. Four investment analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat, GE Vernova has an average rating of “Moderate Buy” and an average target price of $560.21.

GE Vernova Company Profile

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.