Wilmington Savings Fund Society FSB Increases Stake in GE Vernova Inc. (NYSE:GEV)

Wilmington Savings Fund Society FSB increased its holdings in shares of GE Vernova Inc. (NYSE:GEV - Free Report) by 219.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,265 shares of the company's stock after purchasing an additional 7,054 shares during the quarter. Wilmington Savings Fund Society FSB's holdings in GE Vernova were worth $2,617,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Deseret Mutual Benefit Administrators bought a new stake in shares of GE Vernova during the second quarter valued at approximately $25,000. Trifecta Capital Advisors LLC purchased a new position in GE Vernova during the second quarter valued at $25,000. Meeder Asset Management Inc. bought a new stake in GE Vernova in the 2nd quarter valued at $25,000. Gradient Investments LLC purchased a new stake in GE Vernova in the 2nd quarter worth $27,000. Finally, Spectrum Wealth Counsel LLC bought a new position in shares of GE Vernova during the 2nd quarter valued at about $27,000.

GE Vernova Stock Up 0.6 %

Shares of GEV traded up $2.10 during trading hours on Friday, reaching $332.01. 2,972,926 shares of the company traded hands, compared to its average volume of 3,450,213. GE Vernova Inc. has a 12-month low of $115.00 and a 12-month high of $357.09. The stock's fifty day moving average price is $312.53 and its 200 day moving average price is $232.46.

GE Vernova Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 28th. Shareholders of record on Friday, December 20th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Friday, December 20th. This represents a $1.00 dividend on an annualized basis and a yield of 0.30%.

GE Vernova announced that its board has authorized a stock buyback plan on Tuesday, December 10th that authorizes the company to buyback $6.00 billion in shares. This buyback authorization authorizes the company to buy up to 6.7% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's board believes its stock is undervalued.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on GEV. Wells Fargo & Company lifted their target price on GE Vernova from $385.00 to $411.00 and gave the stock an "overweight" rating in a report on Friday. Guggenheim reduced their price objective on GE Vernova from $400.00 to $380.00 and set a "buy" rating on the stock in a research note on Wednesday. JPMorgan Chase & Co. increased their target price on GE Vernova from $356.00 to $367.00 and gave the company an "overweight" rating in a research report on Wednesday. Citigroup raised their target price on shares of GE Vernova from $292.00 to $361.00 and gave the company a "neutral" rating in a report on Monday, December 9th. Finally, The Goldman Sachs Group upped their price target on shares of GE Vernova from $324.00 to $400.00 and gave the company a "buy" rating in a research note on Thursday. Seven analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $314.35.

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.