Truist Financial Corp Increases Stock Position in GE Vernova Inc. (NYSE:GEV)

Truist Financial Corp increased its position in shares of GE Vernova Inc. (NYSE:GEV - Free Report) by 10.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 75,958 shares of the company's stock after acquiring an additional 7,101 shares during the period. Truist Financial Corp's holdings in GE Vernova were worth $24,985,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. CIBC Asset Management Inc increased its holdings in GE Vernova by 4.7% during the 4th quarter. CIBC Asset Management Inc now owns 41,908 shares of the company's stock worth $13,785,000 after acquiring an additional 1,896 shares during the period. Sanctuary Advisors LLC increased its holdings in GE Vernova by 45.4% during the 4th quarter. Sanctuary Advisors LLC now owns 31,948 shares of the company's stock worth $10,509,000 after acquiring an additional 9,979 shares during the period. KLCM Advisors Inc. grew its stake in GE Vernova by 10.4% in the 4th quarter. KLCM Advisors Inc. now owns 2,136 shares of the company's stock worth $703,000 after buying an additional 201 shares in the last quarter. Sierra Ocean LLC purchased a new position in GE Vernova in the 4th quarter worth approximately $55,000. Finally, Monument Capital Management purchased a new position in GE Vernova in the 4th quarter worth approximately $210,000.

Wall Street Analysts Forecast Growth

GEV has been the subject of a number of research reports. Robert W. Baird initiated coverage on shares of GE Vernova in a research note on Thursday, February 13th. They issued an "outperform" rating and a $448.00 price target for the company. JPMorgan Chase & Co. boosted their price target on shares of GE Vernova from $374.00 to $436.00 and gave the stock an "overweight" rating in a research note on Thursday, January 23rd. Guggenheim cut shares of GE Vernova from a "buy" rating to a "neutral" rating and set a $380.00 price target for the company. in a research note on Friday, January 24th. The Goldman Sachs Group boosted their price target on shares of GE Vernova from $446.00 to $500.00 and gave the stock a "buy" rating in a research note on Friday, January 24th. Finally, BMO Capital Markets upped their price objective on shares of GE Vernova from $360.00 to $420.00 and gave the company an "outperform" rating in a research note on Tuesday, January 21st. Eight investment analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and four have issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $350.13.

GE Vernova Trading Down 8.9 %

NYSE GEV traded down $32.00 during trading on Friday, hitting $327.68. The company had a trading volume of 6,959,273 shares, compared to its average volume of 3,723,897. GE Vernova Inc. has a one year low of $115.00 and a one year high of $447.50. The company has a market cap of $90.41 billion and a price-to-earnings ratio of 58.93. The company's fifty day moving average is $364.50 and its 200-day moving average is $298.16.

GE Vernova (NYSE:GEV - Get Free Report) last issued 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 business had revenue of $10.56 billion during the quarter, compared to the consensus estimate of $10.70 billion. GE Vernova had a return on equity of 6.70% and a net margin of 4.44%. The company's revenue for the quarter was up 5.1% on a year-over-year basis. As a group, equities analysts anticipate that GE Vernova Inc. will post 6.59 EPS for the current year.

GE Vernova Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, January 28th. Investors of record on Friday, December 20th were paid a $0.25 dividend. The ex-dividend date was Friday, December 20th. This represents a $1.00 annualized dividend and a dividend yield of 0.31%. GE Vernova's payout ratio is 17.99%.

GE Vernova announced that its board has authorized a share repurchase plan on Tuesday, December 10th that permits the company to buyback $6.00 billion in shares. This buyback authorization permits the company to purchase up to 6.7% of its stock through open market purchases. Stock buyback plans are often an indication that the company's board 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.