Stock Yards Bank & Trust Co. Trims Stock Position in GE Vernova Inc. (NYSE:GEV)

Stock Yards Bank & Trust Co. cut its position in GE Vernova Inc. (NYSE:GEV) by 13.3% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 2,641 shares of the company’s stock after selling 404 shares during the quarter. Stock Yards Bank & Trust Co.’s holdings in GE Vernova were worth $673,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Mountaineer Partners Management LLC purchased a new stake in shares of GE Vernova in the third quarter worth $2,507,296,000. Newport Trust Company LLC bought a new position in GE Vernova in the 2nd quarter worth about $650,140,000. Bank of New York Mellon Corp purchased a new stake in shares of GE Vernova in the 2nd quarter valued at about $537,674,000. Marshall Wace LLP bought a new stake in shares of GE Vernova during the 2nd quarter valued at about $399,770,000. Finally, Legal & General Group Plc purchased a new position in shares of GE Vernova during the second quarter worth about $293,699,000.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on GEV shares. HSBC reaffirmed a “hold” rating and issued a $255.00 target price (up from $240.00) on shares of GE Vernova in a research note on Friday, October 4th. Bank of America lifted their price objective on shares of GE Vernova from $300.00 to $320.00 and gave the stock a “buy” rating in a report on Thursday, October 24th. Raymond James cut GE Vernova from an “outperform” rating to a “market perform” rating in a research note on Wednesday, October 2nd. Citigroup lifted their price target on GE Vernova from $292.00 to $361.00 and gave the stock a “neutral” rating in a research note on Monday. Finally, The Goldman Sachs Group increased their price objective on GE Vernova from $324.00 to $400.00 and gave the company a “buy” rating in a research report on Thursday. Seven equities research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $310.98.

GE Vernova Stock Down 4.0 %

GEV stock opened at $329.91 on Friday. The business has a 50 day moving average of $309.70 and a 200 day moving average of $230.69. GE Vernova Inc. has a twelve month low of $115.00 and a twelve month high of $357.09.

GE Vernova announced that its Board of Directors has authorized a stock buyback plan on Tuesday, December 10th that permits the company to buyback $6.00 billion in shares. This buyback authorization permits the company to reacquire up to 6.7% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s leadership believes its shares are undervalued.

GE Vernova Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 28th. Shareholders of record on Friday, December 20th will be paid a dividend of $0.25 per share. The ex-dividend date is Friday, December 20th. This represents a $1.00 dividend on an annualized basis and a yield of 0.30%.

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.