Eastern Bank Purchases 166 Shares of GE Vernova Inc. $GEV

Eastern Bank boosted its position in shares of GE Vernova Inc. (NYSE:GEV) by 7.1% in the second quarter, Holdings Channel.com reports. The institutional investor owned 2,512 shares of the company’s stock after acquiring an additional 166 shares during the period. Eastern Bank’s holdings in GE Vernova were worth $1,329,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in GEV. EQ Wealth Advisors LLC purchased a new position in GE Vernova in the first quarter worth about $27,000. IMA Advisory Services Inc. purchased a new position in GE Vernova in the first quarter worth about $27,000. Mowery & Schoenfeld Wealth Management LLC grew its position in GE Vernova by 115.2% in the first quarter. Mowery & Schoenfeld Wealth Management LLC now owns 99 shares of the company’s stock worth $30,000 after acquiring an additional 53 shares in the last quarter. 1248 Management LLC purchased a new position in GE Vernova in the first quarter worth about $31,000. Finally, Saudi Central Bank purchased a new position in GE Vernova in the first quarter worth about $33,000.

GE Vernova Stock Performance

Shares of NYSE GEV opened at $606.30 on Friday. The firm has a market capitalization of $165.05 billion, a price-to-earnings ratio of 146.10, a PEG ratio of 4.40 and a beta of 1.72. The stock has a 50 day moving average price of $619.64 and a 200 day moving average price of $509.80. GE Vernova Inc. has a 52-week low of $252.25 and a 52-week high of $677.29.

GE Vernova (NYSE:GEV) last announced its quarterly earnings results on Wednesday, July 23rd. The company reported $1.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.63 by $0.23. The firm had revenue of $9.11 billion during the quarter, compared to analyst estimates of $8.78 billion. GE Vernova had a return on equity of 13.23% and a net margin of 3.16%.GE Vernova’s quarterly revenue was up 11.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $4.65 earnings per share. GE Vernova has set its FY 2025 guidance at EPS. Analysts forecast that GE Vernova Inc. will post 6.59 earnings per share for the current year.

GE Vernova Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, November 17th. Investors of record on Monday, October 20th will be issued a $0.25 dividend. The ex-dividend date is Monday, October 20th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.2%. GE Vernova’s payout ratio is presently 24.10%.

Wall Street Analyst Weigh In

GEV has been the subject of several recent research reports. Mizuho lowered GE Vernova from an “outperform” rating to a “neutral” rating and set a $670.00 price target for the company. in a research report on Monday, July 28th. Wells Fargo & Company raised their price objective on shares of GE Vernova from $474.00 to $697.00 and gave the stock an “overweight” rating in a research note on Thursday, July 24th. JPMorgan Chase & Co. raised their price objective on shares of GE Vernova from $620.00 to $715.00 and gave the stock an “overweight” rating in a research note on Thursday, July 24th. Wall Street Zen downgraded shares of GE Vernova from a “buy” rating to a “hold” rating in a research note on Saturday, July 26th. Finally, HSBC raised their price objective on shares of GE Vernova from $570.00 to $580.00 and gave the stock a “hold” rating in a research note on Friday, September 5th. Four equities research analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and eight have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $598.50.

Insider Activity

In related news, CFO Kenneth Scott Parks sold 3,300 shares of the business’s stock in a transaction that occurred on Tuesday, August 26th. The stock was sold at an average price of $620.00, for a total value of $2,046,000.00. Following the completion of the sale, the chief financial officer owned 7,590 shares in the company, valued at approximately $4,705,800. The trade was a 30.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.15% of the company’s stock.

GE Vernova Company Profile

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.