Fifth Third Wealth Advisors LLC Increases Stock Position in GE Vernova Inc. (NYSE:GEV)

Fifth Third Wealth Advisors LLC boosted its holdings in GE Vernova Inc. (NYSE:GEV) by 199.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,084 shares of the company’s stock after buying an additional 7,386 shares during the period. Fifth Third Wealth Advisors LLC’s holdings in GE Vernova were worth $3,646,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. AdvisorNet Financial Inc grew its position in shares of GE Vernova by 1.6% in the fourth quarter. AdvisorNet Financial Inc now owns 1,859 shares of the company’s stock valued at $611,000 after purchasing an additional 30 shares in the last quarter. Pittenger & Anderson Inc. grew its holdings in GE Vernova by 28.0% during the 3rd quarter. Pittenger & Anderson Inc. now owns 160 shares of the company’s stock valued at $41,000 after buying an additional 35 shares in the last quarter. Regent Peak Wealth Advisors LLC increased its position in shares of GE Vernova by 3.8% during the fourth quarter. Regent Peak Wealth Advisors LLC now owns 966 shares of the company’s stock valued at $318,000 after buying an additional 35 shares during the period. SteelPeak Wealth LLC lifted its holdings in shares of GE Vernova by 2.5% in the third quarter. SteelPeak Wealth LLC now owns 1,569 shares of the company’s stock worth $400,000 after buying an additional 38 shares in the last quarter. Finally, Global Retirement Partners LLC boosted its position in shares of GE Vernova by 0.9% in the third quarter. Global Retirement Partners LLC now owns 4,507 shares of the company’s stock valued at $1,149,000 after acquiring an additional 40 shares during the period.

GE Vernova Stock Up 4.1 %

GEV opened at $381.73 on Wednesday. GE Vernova Inc. has a one year low of $115.00 and a one year high of $388.88. The business has a 50 day simple moving average of $341.28 and a two-hundred day simple moving average of $260.29.

GE Vernova declared that its Board of Directors has initiated a share buyback plan 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 plans are generally an indication that the company’s management believes its shares are undervalued.

GE Vernova Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on GEV. Citigroup upped their target price on shares of GE Vernova from $292.00 to $361.00 and gave the stock a “neutral” rating in a report on Monday, December 9th. TD Cowen began coverage on GE Vernova in a research note on Thursday, December 5th. They set a “buy” rating and a $400.00 price objective for the company. Deutsche Bank Aktiengesellschaft assumed coverage on GE Vernova in a research report on Monday, October 21st. They set a “buy” rating and a $354.00 price target for the company. Evercore ISI upped their price objective on shares of GE Vernova from $385.00 to $390.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 11th. Finally, Wolfe Research began coverage on shares of GE Vernova in a research report on Wednesday, December 4th. They set an “outperform” rating and a $403.00 target price for the company. Seven investment analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $318.60.

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.