Fifth Third Bancorp Has $151.47 Million Stock Position in GE Vernova Inc. $GEV

Fifth Third Bancorp lifted its stake in GE Vernova Inc. (NYSE:GEV) by 69.1% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 173,521 shares of the company’s stock after purchasing an additional 70,929 shares during the period. Fifth Third Bancorp’s holdings in GE Vernova were worth $151,467,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in GEV. Brighton Jones LLC increased its holdings in GE Vernova by 29.4% in the fourth quarter. Brighton Jones LLC now owns 3,315 shares of the company’s stock valued at $1,091,000 after purchasing an additional 753 shares during the last quarter. Schnieders Capital Management LLC. boosted its holdings in GE Vernova by 1.7% during the second quarter. Schnieders Capital Management LLC. now owns 1,564 shares of the company’s stock worth $828,000 after buying an additional 26 shares during the last quarter. Jump Financial LLC acquired a new position in shares of GE Vernova during the 2nd quarter worth about $258,000. Ossiam acquired a new position in shares of GE Vernova during the 2nd quarter worth about $42,000. Finally, Nebula Research & Development LLC increased its stake in shares of GE Vernova by 23.9% in the 2nd quarter. Nebula Research & Development LLC now owns 1,674 shares of the company’s stock valued at $886,000 after acquiring an additional 323 shares during the last quarter.

Insider Buying and Selling

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

GE Vernova Stock Up 1.4%

Shares of GEV traded up $15.38 during midday trading on Friday, hitting $1,090.64. The stock had a trading volume of 1,737,069 shares, compared to its average volume of 2,887,361. The firm has a market cap of $293.08 billion, a price-to-earnings ratio of 31.77, a price-to-earnings-growth ratio of 4.03 and a beta of 1.09. The company has a 50 day simple moving average of $1,040.14 and a two-hundred day simple moving average of $895.32. GE Vernova Inc. has a twelve month low of $530.16 and a twelve month high of $1,195.94. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.89 and a quick ratio of 0.65.

GE Vernova (NYSE:GEV) last posted its quarterly earnings data on Wednesday, April 22nd. The company reported $17.44 earnings per share for the quarter, topping 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 return on equity of 43.97% and a net margin of 23.81%.GE Vernova’s revenue for the quarter was up 17.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.91 earnings per share. On average, analysts anticipate that GE Vernova Inc. will post 15.06 EPS for the current year.

GE Vernova Dividend Announcement

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

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Guggenheim increased their price target on shares of GE Vernova from $910.00 to $1,300.00 and gave the company a “buy” rating in a research report on Thursday, April 23rd. BMO Capital Markets upped their target price 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. Erste Group Bank upgraded shares of GE Vernova to a “strong-buy” rating in a report on Tuesday, March 24th. Oppenheimer set a $1,303.00 price target on shares of GE Vernova in a research report on Thursday, April 23rd. Finally, Jefferies Financial Group dropped their price objective on GE Vernova from $1,350.00 to $1,210.00 and set a “buy” rating on the stock in a research note on Thursday, June 11th. Three investment analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $1,089.88.

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.