Fifth Third Bancorp Has $28.81 Million Holdings in GE Vernova Inc. (NYSE:GEV)

Fifth Third Bancorp raised its stake in GE Vernova Inc. (NYSE:GEV) by 3.3% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 87,578 shares of the company’s stock after buying an additional 2,785 shares during the period. Fifth Third Bancorp’s holdings in GE Vernova were worth $28,807,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Armstrong Advisory Group Inc. boosted its stake in GE Vernova by 3.5% during the 4th quarter. Armstrong Advisory Group Inc. now owns 798 shares of the company’s stock worth $262,000 after acquiring an additional 27 shares during the last quarter. Hengehold Capital Management LLC boosted its position in shares of GE Vernova by 2.4% during the fourth quarter. Hengehold Capital Management LLC now owns 1,231 shares of the company’s stock worth $405,000 after purchasing an additional 29 shares in the last quarter. AdvisorNet Financial Inc grew its holdings in shares of GE Vernova by 1.6% in the 4th quarter. AdvisorNet Financial Inc now owns 1,859 shares of the company’s stock valued at $611,000 after buying an additional 30 shares during the period. Mutual Advisors LLC increased its position in shares of GE Vernova by 1.2% in the 4th quarter. Mutual Advisors LLC now owns 2,701 shares of the company’s stock valued at $888,000 after buying an additional 31 shares in the last quarter. Finally, Pittenger & Anderson Inc. raised its stake in GE Vernova by 28.0% during the 3rd quarter. Pittenger & Anderson Inc. now owns 160 shares of the company’s stock worth $41,000 after buying an additional 35 shares during the period.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. Citigroup increased their price target on GE Vernova from $361.00 to $437.00 and gave the stock a “neutral” rating in a report on Thursday. Truist Financial increased their target price on GE Vernova from $420.00 to $470.00 and gave the stock a “buy” rating in a research note on Thursday. Jefferies Financial Group lifted their price target on shares of GE Vernova from $348.00 to $391.00 and gave the company a “buy” rating in a research note on Friday, December 13th. Guggenheim downgraded shares of GE Vernova from a “buy” rating to a “neutral” rating and set a $380.00 price objective for the company. in a research report on Friday. Finally, BMO Capital Markets raised their price objective on shares of GE Vernova from $360.00 to $420.00 and gave the stock an “outperform” rating in a report on Tuesday, January 21st. Eight equities research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, GE Vernova presently has a consensus rating of “Moderate Buy” and an average price target of $339.73.

GE Vernova Trading Down 4.2 %

GEV stock opened at $419.27 on Friday. GE Vernova Inc. has a 1-year low of $115.00 and a 1-year high of $447.50. The business’s 50 day simple moving average is $353.38 and its 200 day simple moving average is $272.29. The firm has a market capitalization of $115.57 billion and a PE ratio of 75.41.

GE Vernova (NYSE:GEV) last issued its quarterly earnings data on Wednesday, January 22nd. The company reported $1.73 earnings per share for the quarter, missing the consensus estimate of $2.30 by ($0.57). The company had revenue of $10.56 billion during the quarter, compared to the consensus estimate of $10.70 billion. GE Vernova had a net margin of 4.44% and a return on equity of 6.70%. GE Vernova’s revenue was up 5.1% compared to the same quarter last year. As a group, sell-side analysts predict that GE Vernova Inc. will post 6.61 EPS for the current fiscal year.

GE Vernova Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 28th. Stockholders of record on Friday, December 20th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.24%. The ex-dividend date of this dividend is Friday, December 20th. GE Vernova’s dividend payout ratio is presently 17.99%.

GE Vernova announced that its board has authorized a stock buyback program 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 shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its stock is undervalued.

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.