GE Vernova Inc. (NYSE:GEV) Stock Position Decreased by Synovus Financial Corp

Synovus Financial Corp decreased its position in GE Vernova Inc. (NYSE:GEV) by 5.3% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 7,664 shares of the company’s stock after selling 427 shares during the quarter. Synovus Financial Corp’s holdings in GE Vernova were worth $1,954,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Deseret Mutual Benefit Administrators acquired a new position in shares of GE Vernova during the 2nd quarter worth $25,000. Trifecta Capital Advisors LLC acquired a new position in GE Vernova during the second quarter worth $25,000. Meeder Asset Management Inc. bought a new position in GE Vernova during the second quarter valued at about $25,000. Gradient Investments LLC acquired a new stake in shares of GE Vernova in the second quarter worth about $27,000. Finally, Spectrum Wealth Counsel LLC bought a new stake in shares of GE Vernova during the 2nd quarter worth about $27,000.

GE Vernova Stock Up 0.6 %

NYSE:GEV opened at $332.01 on Monday. The company has a 50-day moving average of $312.53 and a 200-day moving average of $233.23. GE Vernova Inc. has a 52 week low of $115.00 and a 52 week high of $357.09.

GE Vernova declared that its Board of Directors has initiated a share buyback program on Tuesday, December 10th that authorizes the company to repurchase $6.00 billion in shares. This repurchase authorization authorizes the company to purchase up to 6.7% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.

GE Vernova Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on GEV shares. Truist Financial raised their price objective on GE Vernova from $325.00 to $400.00 and gave the company a “buy” rating in a research note on Tuesday, December 10th. Bank of America boosted their price objective on shares of GE Vernova from $300.00 to $320.00 and gave the stock a “buy” rating in a research note on Thursday, October 24th. William Blair reiterated an “outperform” rating on shares of GE Vernova in a research note on Wednesday, December 11th. Morgan Stanley boosted their target price on shares of GE Vernova from $301.00 to $367.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Finally, Guggenheim lowered their price target on GE Vernova from $400.00 to $380.00 and set a “buy” rating on the stock in a research report on Wednesday, December 11th. Seven investment analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, GE Vernova presently has a consensus rating of “Moderate Buy” and a consensus target price of $314.35.

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.