Essex Savings Bank Makes New Investment in GE Vernova Inc. (NYSE:GEV)

Essex Savings Bank purchased a new position in shares of GE Vernova Inc. (NYSE:GEV) in the fourth quarter, HoldingsChannel reports. The institutional investor purchased 714 shares of the company’s stock, valued at approximately $235,000.

Other hedge funds also recently modified their holdings of the company. Castleview Partners LLC bought a new stake in GE Vernova in the 3rd quarter valued at $28,000. Pathway Financial Advisers LLC bought a new stake in shares of GE Vernova in the second quarter valued at about $29,000. Glass Jacobson Investment Advisors llc acquired a new stake in GE Vernova during the second quarter worth about $30,000. Covestor Ltd increased its stake in GE Vernova by 61.3% during the third quarter. Covestor Ltd now owns 121 shares of the company’s stock valued at $31,000 after acquiring an additional 46 shares during the period. Finally, Darwin Wealth Management LLC acquired a new position in GE Vernova in the 3rd quarter valued at approximately $31,000.

Wall Street Analyst Weigh In

GEV has been the topic of several recent research reports. Hsbc Global Res lowered GE Vernova from a “strong-buy” rating to a “hold” rating in a report on Friday, October 4th. Barclays lifted their price target on shares of GE Vernova from $320.00 to $420.00 and gave the stock an “overweight” rating in a research note on Thursday, December 5th. Deutsche Bank Aktiengesellschaft started coverage on shares of GE Vernova in a research note on Monday, October 21st. They issued a “buy” rating and a $354.00 price objective for the company. HSBC reiterated a “hold” rating and set a $255.00 target price (up from $240.00) on shares of GE Vernova in a research report on Friday, October 4th. Finally, The Goldman Sachs Group increased their price target on shares of GE Vernova from $400.00 to $446.00 and gave the stock a “buy” rating in a research report on Thursday. Seven equities research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $321.35.

GE Vernova Price Performance

Shares of GE Vernova stock opened at $390.86 on Friday. The firm has a 50 day simple moving average of $342.29 and a 200 day simple moving average of $261.18. GE Vernova Inc. has a fifty-two week low of $115.00 and a fifty-two week high of $397.76.

GE Vernova Announces Dividend

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

GE Vernova declared that its board has initiated a stock repurchase plan on Tuesday, December 10th that permits the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization permits the company to reacquire up to 6.7% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

About GE Vernova

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.