GE Vernova Inc. $GEV Shares Acquired by Citizens Financial Group Inc. RI

Citizens Financial Group Inc. RI increased its holdings in GE Vernova Inc. (NYSE:GEV) by 30.7% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 6,298 shares of the company’s stock after purchasing an additional 1,478 shares during the quarter. Citizens Financial Group Inc. RI’s holdings in GE Vernova were worth $3,873,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently added to or reduced their stakes in GEV. WFA Asset Management Corp acquired a new position in shares of GE Vernova during the second quarter valued at $29,000. Howard Hughes Medical Institute bought a new position in GE Vernova in the 2nd quarter valued at about $31,000. Bay Harbor Wealth Management LLC increased its stake in GE Vernova by 537.5% during the 3rd quarter. Bay Harbor Wealth Management LLC now owns 51 shares of the company’s stock valued at $31,000 after buying an additional 43 shares during the period. Monetary Management Group Inc. bought a new stake in shares of GE Vernova during the 2nd quarter worth about $32,000. Finally, Elevation Wealth Partners LLC lifted its stake in shares of GE Vernova by 47.2% in the 3rd quarter. Elevation Wealth Partners LLC now owns 53 shares of the company’s stock worth $33,000 after acquiring an additional 17 shares during the period.

Wall Street Analyst Weigh In

A number of research analysts recently commented on GEV shares. Glj Research raised their price objective on shares of GE Vernova from $758.00 to $1,087.00 and gave the company a “buy” rating in a research note on Monday. Rothschild Redb cut GE Vernova from a “hold” rating to a “strong sell” rating in a research report on Wednesday, October 15th. Oppenheimer upgraded GE Vernova from a “market perform” rating to an “outperform” rating and set a $855.00 price objective for the company in a report on Wednesday, December 10th. JPMorgan Chase & Co. reaffirmed an “overweight” rating on shares of GE Vernova in a report on Wednesday, December 10th. Finally, Susquehanna upped their price target on shares of GE Vernova from $750.00 to $775.00 and gave the company a “positive” rating in a report on Wednesday, December 10th. Three research analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $703.04.

GE Vernova Stock Up 2.8%

Shares of NYSE GEV opened at $640.17 on Tuesday. GE Vernova Inc. has a 12 month low of $252.25 and a 12 month high of $731.00. The company has a market cap of $173.69 billion, a price-to-earnings ratio of 104.26, a P/E/G ratio of 2.61 and a beta of 1.67. The business has a fifty day simple moving average of $621.72 and a 200-day simple moving average of $608.79.

GE Vernova (NYSE:GEV) last posted its quarterly earnings data on Wednesday, October 22nd. The company reported $1.64 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.72 by ($0.08). GE Vernova had a return on equity of 17.07% and a net margin of 4.52%.The company had revenue of $9.97 billion for the quarter, compared to analyst estimates of $9.15 billion. During the same quarter in the previous year, the firm posted ($0.35) EPS. GE Vernova’s quarterly revenue was up 11.8% on a year-over-year basis. As a group, sell-side analysts expect that GE Vernova Inc. will post 6.59 EPS for the current fiscal year.

GE Vernova Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, February 2nd. Investors of record on Monday, January 5th will be given a $0.50 dividend. This is a boost from GE Vernova’s previous quarterly dividend of $0.25. The ex-dividend date is Monday, January 5th. This represents a $2.00 annualized dividend and a dividend yield of 0.3%. GE Vernova’s payout ratio is currently 32.57%.

GE Vernova Profile

GE Vernova is the energy-focused company formed from the energy businesses of General Electric and operates as a publicly listed entity on the NYSE under the ticker GEV. It is organized to design, manufacture and service equipment and systems used across the power generation and energy transition value chain, bringing together legacy capabilities in conventional power, renewables and grid technologies under a single corporate platform.

The company’s offerings span large-scale power-generation equipment such as gas and steam turbines and associated generators and controls, as well as renewable energy technologies including onshore and offshore wind platforms and hydro solutions.