Truist Financial Corp Has $24.99 Million Stake in GE Vernova Inc. (NYSE:GEV)

Truist Financial Corp grew its stake in GE Vernova Inc. (NYSE:GEV) by 10.3% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 75,958 shares of the company’s stock after purchasing an additional 7,101 shares during the period. Truist Financial Corp’s holdings in GE Vernova were worth $24,985,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of GEV. Cedar Mountain Advisors LLC grew its position in GE Vernova by 102.6% in the 4th quarter. Cedar Mountain Advisors LLC now owns 77 shares of the company’s stock worth $25,000 after purchasing an additional 39 shares during the last quarter. Pineridge Advisors LLC grew its position in GE Vernova by 530.8% in the 4th quarter. Pineridge Advisors LLC now owns 82 shares of the company’s stock worth $27,000 after purchasing an additional 69 shares during the last quarter. Castleview Partners LLC acquired a new stake in GE Vernova in the 3rd quarter worth $28,000. Covestor Ltd lifted its holdings in shares of GE Vernova by 61.3% during the 3rd quarter. Covestor Ltd now owns 121 shares of the company’s stock worth $31,000 after acquiring an additional 46 shares during the period. Finally, Darwin Wealth Management LLC bought a new position in shares of GE Vernova during the 3rd quarter worth about $31,000.

Analysts Set New Price Targets

GEV has been the subject of a number of analyst reports. William Blair reaffirmed an “outperform” rating on shares of GE Vernova in a report on Thursday, January 23rd. Bank of America raised their price objective on shares of GE Vernova from $380.00 to $415.00 and gave the stock a “buy” rating in a report on Tuesday, January 14th. Wells Fargo & Company raised their price objective on shares of GE Vernova from $385.00 to $411.00 and gave the stock an “overweight” rating in a report on Friday, December 13th. Royal Bank of Canada reissued an “outperform” rating and set a $453.00 price target on shares of GE Vernova in a report on Tuesday, January 28th. Finally, Jefferies Financial Group lifted their price target on shares of GE Vernova from $348.00 to $391.00 and gave the company a “buy” rating in a report on Friday, December 13th. Eight investment analysts have rated the stock with a hold rating, twenty have given a buy rating and four have given a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $350.13.

GE Vernova Stock Performance

Shares of NYSE:GEV opened at $372.59 on Wednesday. GE Vernova Inc. has a 52 week low of $115.00 and a 52 week high of $447.50. The company has a market capitalization of $102.70 billion and a PE ratio of 67.01. The company has a 50 day moving average price of $362.38 and a two-hundred day moving average price of $295.72.

GE Vernova (NYSE:GEV) last issued its earnings results on Wednesday, January 22nd. The company reported $1.73 EPS for the quarter, missing the consensus estimate of $2.30 by ($0.57). GE Vernova had a net margin of 4.44% and a return on equity of 6.70%. The firm had revenue of $10.56 billion during the quarter, compared to the consensus estimate of $10.70 billion. The firm’s revenue was up 5.1% compared to the same quarter last year. On average, sell-side analysts forecast that GE Vernova Inc. will post 6.59 earnings per share for the current year.

GE Vernova declared that its Board of Directors has approved a stock buyback program on Tuesday, December 10th that allows the company to buyback $6.00 billion in shares. This buyback authorization allows the company to reacquire up to 6.7% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

GE Vernova Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, January 28th. Stockholders of record on Friday, December 20th were given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 0.27%. The ex-dividend date of this dividend was Friday, December 20th. GE Vernova’s dividend payout ratio is 17.99%.

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.