Mechanics Bank Trust Department Takes Position in GE Vernova Inc. (NYSE:GEV)

Mechanics Bank Trust Department acquired a new position in GE Vernova Inc. (NYSE:GEV) in the 4th quarter, Holdings Channel reports. The institutional investor acquired 1,221 shares of the company’s stock, valued at approximately $402,000.

A number of other large investors have also recently bought and sold shares of the company. Castleview Partners LLC bought a new stake in shares of GE Vernova during the 3rd quarter worth approximately $28,000. Covestor Ltd raised its position 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 purchasing an additional 46 shares in the last quarter. Darwin Wealth Management LLC bought a new stake in GE Vernova during the third quarter worth $31,000. Prestige Wealth Management Group LLC boosted its holdings in shares of GE Vernova by 175.0% in the 3rd quarter. Prestige Wealth Management Group LLC now owns 121 shares of the company’s stock valued at $31,000 after purchasing an additional 77 shares in the last quarter. Finally, Planning Capital Management Corp increased its stake in shares of GE Vernova by 1,000.0% in the 3rd quarter. Planning Capital Management Corp now owns 143 shares of the company’s stock valued at $36,000 after purchasing an additional 130 shares during the last quarter.

GE Vernova Stock Up 2.8 %

NYSE GEV opened at $401.84 on Tuesday. The business has a 50 day simple moving average of $344.59 and a 200 day simple moving average of $265.01. GE Vernova Inc. has a one year low of $115.00 and a one year high of $404.13.

GE Vernova Dividend Announcement

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

GE Vernova declared that its Board of Directors has initiated a stock buyback program on Tuesday, December 10th that authorizes the company to buyback $6.00 billion in outstanding shares. This buyback authorization authorizes the company to purchase up to 6.7% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

Several research firms recently weighed in on GEV. TD Cowen assumed coverage on GE Vernova in a research note on Thursday, December 5th. They issued a “buy” rating and a $400.00 price objective on the stock. Raymond James lowered shares of GE Vernova from an “outperform” rating to a “market perform” rating in a report on Wednesday, October 2nd. HSBC reiterated a “hold” rating and set a $255.00 price objective (up from $240.00) on shares of GE Vernova in a research report on Friday, October 4th. Oppenheimer assumed coverage on shares of GE Vernova in a research note on Thursday, September 26th. They set a “market perform” rating on the stock. Finally, Morgan Stanley increased their price target on GE Vernova from $301.00 to $367.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Seven equities research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $321.35.

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.