Fifth Third Bancorp Acquires 6,655 Shares of GE Vernova Inc. $GEV

Fifth Third Bancorp increased its holdings in shares of GE Vernova Inc. (NYSE:GEV) by 7.3% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 98,403 shares of the company’s stock after purchasing an additional 6,655 shares during the quarter. Fifth Third Bancorp’s holdings in GE Vernova were worth $60,508,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. Bay Harbor Wealth Management LLC raised its position in GE Vernova by 537.5% in the 3rd quarter. Bay Harbor Wealth Management LLC now owns 51 shares of the company’s stock worth $31,000 after buying an additional 43 shares during the last quarter. Elevation Wealth Partners LLC grew its stake in shares of GE Vernova by 47.2% in the third 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. Deseret Mutual Benefit Administrators raised its holdings in shares of GE Vernova by 112.0% during the third quarter. Deseret Mutual Benefit Administrators now owns 53 shares of the company’s stock valued at $33,000 after purchasing an additional 28 shares during the last quarter. WFA Asset Management Corp bought a new position in GE Vernova during the second quarter valued at approximately $29,000. Finally, Howard Hughes Medical Institute bought a new position in GE Vernova during the second quarter valued at approximately $31,000.

GE Vernova Stock Down 1.8%

NYSE GEV opened at $801.76 on Monday. GE Vernova Inc. has a 52 week low of $252.25 and a 52 week high of $846.00. The company has a market capitalization of $216.10 billion, a P/E ratio of 45.04, a price-to-earnings-growth ratio of 3.19 and a beta of 1.67. The stock’s 50-day moving average price is $689.84 and its 200-day moving average price is $635.38.

GE Vernova (NYSE:GEV) last released its earnings results on Wednesday, January 28th. The company reported $13.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.99 by $10.40. GE Vernova had a net margin of 12.83% and a return on equity of 46.91%. The company had revenue of $10.96 billion during the quarter, compared to analyst estimates of $10.21 billion. During the same period in the prior year, the firm posted $1.73 EPS. The firm’s quarterly revenue was up 3.8% compared to the same quarter last year. Research analysts anticipate that GE Vernova Inc. will post 6.59 EPS for the current year.

GE Vernova Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, February 2nd. Stockholders of record on Monday, January 5th were paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.2%. This is a boost from GE Vernova’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend was Monday, January 5th. GE Vernova’s dividend payout ratio is currently 11.24%.

Wall Street Analysts Forecast Growth

GEV has been the subject of a number of research analyst reports. Robert W. Baird set a $923.00 target price on shares of GE Vernova and gave the stock an “outperform” rating in a research report on Wednesday, February 4th. JPMorgan Chase & Co. reaffirmed an “overweight” rating on shares of GE Vernova in a report on Wednesday, December 10th. Glj Research upped their price objective on GE Vernova from $758.00 to $1,087.00 and gave the company a “buy” rating in a research report on Monday, January 12th. Morgan Stanley reissued an “overweight” rating and issued a $817.00 target price on shares of GE Vernova in a research report on Monday, January 26th. Finally, The Goldman Sachs Group boosted their price target on GE Vernova from $840.00 to $925.00 and gave the company a “buy” rating in a research note on Thursday, January 29th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, GE Vernova currently has a consensus rating of “Moderate Buy” and a consensus target price of $788.24.

About GE Vernova

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.