GE Vernova (NYSE:GEV) Trading 5.1% Higher After Dividend Announcement

GE Vernova Inc. (NYSE:GEV - Get Free Report)'s share price shot up 5.1% on Wednesday after the company announced a dividend. The company traded as high as $347.00 and last traded at $344.16. 1,491,085 shares changed hands during trading, a decline of 56% from the average session volume of 3,421,473 shares. The stock had previously closed at $327.39.

The newly announced dividend which will be paid on Tuesday, January 28th. Investors of record on Friday, December 20th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.29%. The ex-dividend date of this dividend is Friday, December 20th.

Analyst Upgrades and Downgrades

GEV has been the topic of a number of analyst reports. BMO Capital Markets lifted their target price on shares of GE Vernova from $245.00 to $288.00 and gave the stock an "outperform" rating in a research note on Monday, October 14th. Evercore ISI lifted their price target on shares of GE Vernova from $385.00 to $390.00 and gave the company an "outperform" rating in a research report on Wednesday. Guggenheim cut their target price on GE Vernova from $400.00 to $380.00 and set a "buy" rating for the company in a research note on Wednesday. Bank of America lifted their target price on GE Vernova from $300.00 to $320.00 and gave the company a "buy" rating in a research report on Thursday, October 24th. Finally, The Goldman Sachs Group increased their price target on GE Vernova from $220.00 to $308.00 and gave the stock a "buy" rating in a report on Thursday, October 10th. Seven investment analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, GE Vernova currently has an average rating of "Moderate Buy" and an average target price of $307.15.

GE Vernova Price Performance

The stock's 50-day simple moving average is $307.87 and its 200 day simple moving average is $229.90.

GE Vernova declared that its board has approved a stock repurchase 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 shares through open market purchases. Shares repurchase plans are typically a sign that the company's board of directors believes its stock is undervalued.

Institutional Trading of GE Vernova

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Castleview Partners LLC purchased a new position in shares of GE Vernova in the 3rd quarter valued at $28,000. Covestor Ltd grew its holdings in shares of GE Vernova by 61.3% during the third quarter. Covestor Ltd now owns 121 shares of the company's stock worth $31,000 after purchasing an additional 46 shares during the last quarter. Darwin Wealth Management LLC purchased a new position in shares of GE Vernova during the third quarter worth about $31,000. Prestige Wealth Management Group LLC increased its position in shares of GE Vernova by 175.0% during the third quarter. Prestige Wealth Management Group LLC now owns 121 shares of the company's stock worth $31,000 after purchasing an additional 77 shares in the last quarter. Finally, Planning Capital Management Corp lifted its holdings in shares of GE Vernova by 1,000.0% in the 3rd quarter. Planning Capital Management Corp now owns 143 shares of the company's stock valued at $36,000 after purchasing an additional 130 shares during the last quarter.

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.