First Citizens Bank & Trust Co. Acquires 56 Shares of GE Vernova Inc. (NYSE:GEV)

First Citizens Bank & Trust Co. raised its holdings in GE Vernova Inc. (NYSE:GEV) by 1.9% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,959 shares of the company’s stock after acquiring an additional 56 shares during the quarter. First Citizens Bank & Trust Co.’s holdings in GE Vernova were worth $973,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Thrivent Financial for Lutherans bought a new position in shares of GE Vernova during the 2nd quarter worth $2,339,000. Public Sector Pension Investment Board bought a new position in shares of GE Vernova during the 2nd quarter worth $1,800,000. Squarepoint Ops LLC bought a new position in shares of GE Vernova during the 2nd quarter worth $5,927,000. AXA S.A. bought a new position in shares of GE Vernova during the 2nd quarter worth $3,472,000. Finally, AQR Capital Management LLC bought a new position in shares of GE Vernova during the 2nd quarter worth $22,066,000.

GE Vernova Trading Down 4.2 %

Shares of GEV stock opened at $419.27 on Monday. The stock has a 50 day moving average of $353.38 and a 200 day moving average of $272.98. The stock has a market cap of $115.57 billion and a P/E ratio of 75.41. GE Vernova Inc. has a twelve month low of $115.00 and a twelve month high of $447.50.

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

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

GE Vernova Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 28th. Shareholders of record on Friday, December 20th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 0.24%. The ex-dividend date of this dividend is Friday, December 20th. GE Vernova’s payout ratio is currently 17.99%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. Guggenheim downgraded GE Vernova from a “buy” rating to a “neutral” rating and set a $380.00 price target on the stock. in a research report on Friday. HSBC reaffirmed a “hold” rating and set a $255.00 price objective (up previously from $240.00) on shares of GE Vernova in a research report on Friday, October 4th. Deutsche Bank Aktiengesellschaft assumed coverage on GE Vernova in a research report on Monday, October 21st. They set a “buy” rating and a $354.00 price objective on the stock. TD Cowen assumed coverage on GE Vernova in a research report on Thursday, December 5th. They set a “buy” rating and a $400.00 price objective on the stock. Finally, Bank of America raised their price objective on GE Vernova from $380.00 to $415.00 and gave the company a “buy” rating in a research report on Tuesday, January 14th. Eight equities research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $339.73.

GE Vernova 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.