Wilmington Savings Fund Society FSB Increases Stake in GE Vernova Inc. (NYSE:GEV)

Wilmington Savings Fund Society FSB boosted its stake in shares of GE Vernova Inc. (NYSE:GEV) by 219.7% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 10,265 shares of the company’s stock after purchasing an additional 7,054 shares during the period. Wilmington Savings Fund Society FSB’s holdings in GE Vernova were worth $2,617,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of GEV. Castleview Partners LLC acquired a new position in shares of GE Vernova in the third quarter valued at about $28,000. Covestor Ltd boosted its position in GE Vernova by 61.3% in the third quarter. Covestor Ltd now owns 121 shares of the company’s stock valued at $31,000 after buying an additional 46 shares during the last quarter. Darwin Wealth Management LLC purchased a new position in GE Vernova during the 3rd quarter worth approximately $31,000. Prestige Wealth Management Group LLC raised its position in GE Vernova by 175.0% during the 3rd quarter. Prestige Wealth Management Group LLC now owns 121 shares of the company’s stock worth $31,000 after buying an additional 77 shares during the last quarter. Finally, Planning Capital Management Corp lifted its stake in GE Vernova by 1,000.0% during the 3rd quarter. Planning Capital Management Corp now owns 143 shares of the company’s stock valued at $36,000 after acquiring an additional 130 shares during the period.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on GEV shares. Raymond James cut shares of GE Vernova from an “outperform” rating to a “market perform” rating in a report on Wednesday, October 2nd. Truist Financial upped their target price on GE Vernova from $325.00 to $400.00 and gave the stock a “buy” rating in a research note on Tuesday. William Blair reiterated an “outperform” rating on shares of GE Vernova in a research report on Wednesday. Guggenheim lowered their price objective on GE Vernova from $400.00 to $380.00 and set a “buy” rating on the stock in a research report on Wednesday. Finally, Morgan Stanley lifted their target price on shares of GE Vernova from $301.00 to $367.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Seven investment analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, GE Vernova presently has an average rating of “Moderate Buy” and a consensus price target of $314.35.

GE Vernova Price Performance

Shares of GEV stock opened at $332.01 on Friday. GE Vernova Inc. has a twelve month low of $115.00 and a twelve month high of $357.09. The company’s 50-day moving average price is $312.53 and its 200-day moving average price is $232.46.

GE Vernova announced that its board has approved a stock buyback plan on Tuesday, December 10th that permits the company to buyback $6.00 billion in outstanding shares. This buyback authorization permits the company to reacquire up to 6.7% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its shares are undervalued.

GE Vernova Dividend Announcement

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

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.