Fifth Third Wealth Advisors LLC Purchases 7,386 Shares of GE Vernova Inc. (NYSE:GEV)

Fifth Third Wealth Advisors LLC lifted its position in shares of GE Vernova Inc. (NYSE:GEV) by 199.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 11,084 shares of the company’s stock after buying an additional 7,386 shares during the quarter. Fifth Third Wealth Advisors LLC’s holdings in GE Vernova were worth $3,646,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Waverton Investment Management Ltd lifted its stake in shares of GE Vernova by 10.0% in the 3rd quarter. Waverton Investment Management Ltd now owns 727,704 shares of the company’s stock valued at $185,459,000 after purchasing an additional 66,455 shares during the period. Hanlon Investment Management Inc. bought a new position in shares of GE Vernova during the 3rd quarter worth approximately $1,101,000. Atria Investments Inc grew its position in shares of GE Vernova by 127.0% during the 3rd quarter. Atria Investments Inc now owns 5,088 shares of the company’s stock worth $1,297,000 after buying an additional 2,847 shares during the period. Fractal Investments LLC bought a new stake in shares of GE Vernova in the 3rd quarter valued at $1,530,000. Finally, Legal & General Group Plc bought a new stake in shares of GE Vernova in the 2nd quarter valued at $293,699,000.

GE Vernova Stock Performance

NYSE GEV opened at $381.73 on Wednesday. GE Vernova Inc. has a 52-week low of $115.00 and a 52-week high of $388.88. The company has a 50-day simple moving average of $341.28 and a 200 day simple moving average of $260.29.

GE Vernova declared that its Board of Directors has authorized a stock 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 shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its shares are undervalued.

GE Vernova Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 28th. Stockholders of record on Friday, December 20th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, December 20th. This represents a $1.00 annualized dividend and a dividend yield of 0.26%.

Analyst Upgrades and Downgrades

GEV has been the subject of a number of research reports. Oppenheimer initiated coverage on shares of GE Vernova in a report on Thursday, September 26th. They issued a “market perform” rating for the company. Morgan Stanley boosted their target price on GE Vernova from $301.00 to $367.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. HSBC reaffirmed a “hold” rating and set a $255.00 price target (up from $240.00) on shares of GE Vernova in a research note on Friday, October 4th. TD Cowen initiated coverage on GE Vernova in a research note on Thursday, December 5th. They issued a “buy” rating and a $400.00 price objective for the company. Finally, Barclays upped their target price on GE Vernova from $320.00 to $420.00 and gave the stock an “overweight” rating in a research report on Thursday, December 5th. Seven 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 stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $318.60.

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.