Wesbanco Bank Inc. Has $10.36 Million Holdings in GE Vernova Inc. $GEV

Wesbanco Bank Inc. cut its holdings in shares of GE Vernova Inc. (NYSE:GEV) by 4.1% during the first quarter, Holdings Channel reports. The fund owned 11,867 shares of the company’s stock after selling 510 shares during the period. Wesbanco Bank Inc.’s holdings in GE Vernova were worth $10,359,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Auto Owners Insurance Co grew its holdings in shares of GE Vernova by 110,973.4% during the fourth quarter. Auto Owners Insurance Co now owns 34,858,156 shares of the company’s stock worth $2,278,224,000 after purchasing an additional 34,826,773 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of GE Vernova by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 25,023,625 shares of the company’s stock valued at $16,354,691,000 after buying an additional 208,162 shares during the last quarter. State Street Corp lifted its position in GE Vernova by 2.1% during the 4th quarter. State Street Corp now owns 11,469,670 shares of the company’s stock worth $7,496,232,000 after buying an additional 231,392 shares in the last quarter. Geode Capital Management LLC lifted its position in GE Vernova by 1.1% during the 4th quarter. Geode Capital Management LLC now owns 6,249,193 shares of the company’s stock worth $4,074,039,000 after buying an additional 68,894 shares in the last quarter. Finally, Morgan Stanley grew its holdings in GE Vernova by 12.8% during the 4th quarter. Morgan Stanley now owns 6,054,474 shares of the company’s stock worth $3,957,024,000 after acquiring an additional 685,466 shares during the last quarter.

Analyst Ratings Changes

GEV has been the subject of several research reports. The Goldman Sachs Group restated a “buy” rating and issued a $1,328.00 price objective on shares of GE Vernova in a research report on Friday, April 24th. BMO Capital Markets increased their price target on shares of GE Vernova from $1,110.00 to $1,250.00 and gave the company an “outperform” rating in a research note on Thursday, April 23rd. Weiss Ratings raised shares of GE Vernova from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, April 24th. TD Cowen boosted their price objective on shares of GE Vernova from $780.00 to $1,220.00 and gave the stock a “buy” rating in a research report on Thursday, April 23rd. Finally, Argus set a $1,300.00 price objective on GE Vernova in a report on Monday, April 27th. Three research analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, GE Vernova has a consensus rating of “Moderate Buy” and a consensus price target of $1,089.88.

Insider Activity

In other news, CAO Matthew Joseph Potvin sold 2,333 shares of the company’s stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $1,059.09, for a total value of $2,470,856.97. Following the completion of the sale, the chief accounting officer directly owned 3,549 shares of the company’s stock, valued at $3,758,710.41. This represents a 39.66% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Victor Abate sold 4,819 shares of GE Vernova stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $948.08, for a total transaction of $4,568,797.52. Following the transaction, the chief executive officer directly owned 1,835 shares in the company, valued at $1,739,726.80. The trade was a 72.42% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.21% of the company’s stock.

GE Vernova Price Performance

Shares of GEV stock opened at $1,045.74 on Friday. The firm’s 50 day moving average price is $1,031.16 and its two-hundred day moving average price is $863.97. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.65 and a current ratio of 0.89. GE Vernova Inc. has a 52-week low of $482.20 and a 52-week high of $1,181.95. The stock has a market cap of $281.01 billion, a PE ratio of 30.46, a PEG ratio of 4.02 and a beta of 1.23.

GE Vernova (NYSE:GEV) last issued its earnings results on Wednesday, April 22nd. The company reported $17.44 EPS for the quarter, beating the consensus estimate of $1.95 by $15.49. The company had revenue of $9.34 billion during the quarter, compared to analysts’ expectations of $9.19 billion. GE Vernova had a net margin of 23.81% and a return on equity of 43.97%. The business’s revenue for the quarter was up 17.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.91 EPS. As a group, analysts forecast that GE Vernova Inc. will post 14.99 EPS for the current year.

GE Vernova Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 14th. Shareholders of record on Tuesday, June 16th will be paid a $0.50 dividend. The ex-dividend date of this dividend is Tuesday, June 16th. This represents a $2.00 annualized dividend and a yield of 0.2%. GE Vernova’s dividend payout ratio is presently 5.83%.

GE Vernova Company Profile

GE Vernova is the energy-focused company formed from the energy businesses of General Electric and operates as a publicly listed entity on the NYSE under the ticker GEV. It is organized to design, manufacture and service equipment and systems used across the power generation and energy transition value chain, bringing together legacy capabilities in conventional power, renewables and grid technologies under a single corporate platform.

The company’s offerings span large-scale power-generation equipment such as gas and steam turbines and associated generators and controls, as well as renewable energy technologies including onshore and offshore wind platforms and hydro solutions.