Fifth Third Bancorp Has $28.81 Million Holdings in GE Vernova Inc. (NYSE:GEV)

Fifth Third Bancorp lifted its stake in GE Vernova Inc. (NYSE:GEV) by 3.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 87,578 shares of the company’s stock after acquiring an additional 2,785 shares during the period. Fifth Third Bancorp’s holdings in GE Vernova were worth $28,807,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT bought a new stake in GE Vernova in the 4th quarter valued at $1,645,000. Benin Management CORP raised its position in shares of GE Vernova by 19.5% during the fourth quarter. Benin Management CORP now owns 1,560 shares of the company’s stock valued at $513,000 after buying an additional 255 shares during the last quarter. Exchange Traded Concepts LLC lifted its stake in shares of GE Vernova by 261.1% in the fourth quarter. Exchange Traded Concepts LLC now owns 13,731 shares of the company’s stock valued at $4,517,000 after buying an additional 9,928 shares during the period. CX Institutional lifted its stake in shares of GE Vernova by 20.7% in the fourth quarter. CX Institutional now owns 1,858 shares of the company’s stock valued at $611,000 after buying an additional 319 shares during the period. Finally, Sound Income Strategies LLC grew its position in GE Vernova by 13.3% during the fourth quarter. Sound Income Strategies LLC now owns 484 shares of the company’s stock worth $159,000 after buying an additional 57 shares in the last quarter.

Wall Street Analysts Forecast Growth

A number of analysts have commented on GEV shares. Raymond James downgraded GE Vernova from an “outperform” rating to a “market perform” rating in a research report on Wednesday, October 2nd. HSBC reiterated a “hold” rating and set a $255.00 price target (up previously from $240.00) on shares of GE Vernova in a research note on Friday, October 4th. Evercore ISI raised their price objective on shares of GE Vernova from $385.00 to $390.00 and gave the stock an “outperform” rating in a report on Wednesday, December 11th. TD Cowen started coverage on shares of GE Vernova in a research report on Thursday, December 5th. They set a “buy” rating and a $400.00 target price on the stock. Finally, JPMorgan Chase & Co. increased their price target on shares of GE Vernova from $374.00 to $436.00 and gave the stock an “overweight” rating in a research report on Thursday. Eight investment analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, GE Vernova has an average rating of “Moderate Buy” and an average target price of $339.73.

GE Vernova Price Performance

GEV stock opened at $419.27 on Friday. The company has a 50 day moving average price of $353.38 and a 200 day moving average price of $272.29. GE Vernova Inc. has a fifty-two week low of $115.00 and a fifty-two week high of $447.50. The stock has a market capitalization of $115.57 billion and a PE ratio of 75.41.

GE Vernova (NYSE:GEV) last released its earnings results on Wednesday, January 22nd. The company reported $1.73 earnings per share for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.57). The firm had revenue of $10.56 billion for the quarter, compared to the consensus estimate of $10.70 billion. GE Vernova had a return on equity of 6.70% and a net margin of 4.44%. The business’s quarterly revenue was up 5.1% compared to the same quarter last year. As a group, equities analysts expect that GE Vernova Inc. will post 6.61 earnings per share for the current fiscal year.

GE Vernova announced that its board has authorized a share buyback program on Tuesday, December 10th that allows the company to buyback $6.00 billion in shares. This buyback authorization allows the company to purchase up to 6.7% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

GE Vernova Dividend Announcement

The firm also recently announced 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. This represents a $1.00 annualized dividend and a dividend yield of 0.24%. The ex-dividend date is Friday, December 20th. GE Vernova’s dividend payout ratio (DPR) is presently 17.99%.

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.