Principal Financial Group Inc. Acquires 12,323 Shares of GE Vernova Inc. (NYSE:GEV)

Principal Financial Group Inc. grew its holdings in GE Vernova Inc. (NYSE:GEV - Free Report) by 2.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 577,284 shares of the company's stock after buying an additional 12,323 shares during the period. Principal Financial Group Inc. owned 0.21% of GE Vernova worth $147,196,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. &PARTNERS acquired a new position in GE Vernova during the second quarter valued at approximately $314,000. Secure Asset Management LLC acquired a new position in shares of GE Vernova during the 2nd quarter worth $210,000. Premier Path Wealth Partners LLC bought a new stake in shares of GE Vernova during the 2nd quarter worth $253,000. Retirement Systems of Alabama acquired a new stake in GE Vernova in the second quarter valued at about $10,370,000. Finally, Family Firm Inc. bought a new position in GE Vernova in the second quarter valued at about $62,000.

Analysts Set New Price Targets

GEV has been the subject of a number of research analyst reports. Bank of America upped their price objective on shares of GE Vernova from $300.00 to $320.00 and gave the stock a "buy" rating in a research report on Thursday, October 24th. Barclays boosted their price target on GE Vernova from $320.00 to $420.00 and gave the stock an "overweight" rating in a report on Thursday, December 5th. Citigroup increased their price objective on GE Vernova from $292.00 to $361.00 and gave the company a "neutral" rating in a report on Monday, December 9th. HSBC reaffirmed a "hold" rating and set a $255.00 target price (up from $240.00) on shares of GE Vernova in a report on Friday, October 4th. Finally, Truist Financial raised their price objective on GE Vernova from $325.00 to $400.00 and gave the stock a "buy" rating in a research report on Tuesday, December 10th. Seven analysts have rated the stock with a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, GE Vernova has an average rating of "Moderate Buy" and a consensus target price of $314.35.

GE Vernova Stock Up 3.0 %

GE Vernova stock opened at $342.66 on Friday. GE Vernova Inc. has a fifty-two week low of $115.00 and a fifty-two week high of $357.09. The firm's fifty day moving average price is $319.21 and its 200-day moving average price is $237.89.

GE Vernova announced that its board has approved a stock repurchase program on Tuesday, December 10th that authorizes the company to repurchase $6.00 billion in shares. This repurchase authorization authorizes the company to repurchase up to 6.7% of its stock through open market purchases. Stock repurchase programs are often a sign that the company's board of directors believes its stock is undervalued.

GE Vernova Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 28th. Investors of record on Friday, December 20th will be given a dividend of $0.25 per share. The ex-dividend date is Friday, December 20th. This represents a $1.00 dividend on an annualized basis and a yield of 0.29%.

GE Vernova 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.