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

Truist Financial Corp raised its position in GE Vernova Inc. (NYSE:GEV) by 10.3% in the fourth quarter, HoldingsChannel.com reports. The fund owned 75,958 shares of the company’s stock after purchasing an additional 7,101 shares during the quarter. Truist Financial Corp’s holdings in GE Vernova were worth $24,985,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently added to or reduced their stakes in the company. Mountaineer Partners Management LLC bought a new position in GE Vernova during the third quarter worth about $2,507,296,000. International Assets Investment Management LLC increased its holdings in GE Vernova by 35,238.2% in the 3rd quarter. International Assets Investment Management LLC now owns 1,435,792 shares of the company’s stock valued at $366,098,000 after buying an additional 1,431,729 shares during the period. WCM Investment Management LLC increased its holdings in GE Vernova by 83.1% in the 3rd quarter. WCM Investment Management LLC now owns 2,560,248 shares of the company’s stock valued at $639,704,000 after buying an additional 1,161,901 shares during the period. FMR LLC increased its holdings in GE Vernova by 2.5% in the 3rd quarter. FMR LLC now owns 24,047,678 shares of the company’s stock valued at $6,131,677,000 after buying an additional 584,208 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in GE Vernova by 34.1% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,812,192 shares of the company’s stock valued at $462,073,000 after buying an additional 460,834 shares during the period.

Analysts Set New Price Targets

GEV has been the topic of several recent analyst reports. Royal Bank of Canada reissued an “outperform” rating and issued a $453.00 target price on shares of GE Vernova in a report on Tuesday, January 28th. Bank of America raised their price target on shares of GE Vernova from $380.00 to $415.00 and gave the company a “buy” rating in a research note on Tuesday, January 14th. William Blair restated an “outperform” rating on shares of GE Vernova in a research note on Thursday, January 23rd. Baird R W upgraded shares of GE Vernova to a “strong-buy” rating in a research note on Thursday, February 13th. Finally, Truist Financial raised their price target on shares of GE Vernova from $420.00 to $470.00 and gave the company a “buy” rating in a research note on Thursday, January 23rd. Eight research analysts have rated the stock with a hold rating, twenty have given a buy rating and four have issued a strong buy rating to the company’s stock. According to MarketBeat, GE Vernova currently has an average rating of “Moderate Buy” and a consensus price target of $350.13.

GE Vernova Stock Performance

Shares of NYSE GEV opened at $372.59 on Wednesday. The company has a market capitalization of $102.70 billion and a P/E ratio of 67.01. GE Vernova Inc. has a 52-week low of $115.00 and a 52-week high of $447.50. The company’s 50 day moving average price is $362.38 and its 200-day moving average price is $295.72.

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

GE Vernova Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, January 28th. Shareholders of record on Friday, December 20th were paid a dividend of $0.25 per share. The ex-dividend date was Friday, December 20th. This represents a $1.00 dividend on an annualized basis and a yield of 0.27%. GE Vernova’s dividend payout ratio (DPR) is presently 17.99%.

GE Vernova announced that its Board of Directors has approved a share buyback plan 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 plans are generally a sign that the company’s management believes its stock is 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.