1ST Source Bank Cuts Position in GE Vernova Inc. (NYSE:GEV)

1ST Source Bank lowered its stake in shares of GE Vernova Inc. (NYSE:GEV) by 14.3% during the third quarter, Holdings Channel reports. The institutional investor owned 2,544 shares of the company’s stock after selling 423 shares during the period. 1ST Source Bank’s holdings in GE Vernova were worth $649,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Castleview Partners LLC acquired a new stake in GE Vernova in the 3rd quarter valued at about $28,000. Covestor Ltd increased its stake in shares of GE Vernova by 61.3% during the 3rd quarter. Covestor Ltd now owns 121 shares of the company’s stock worth $31,000 after purchasing an additional 46 shares in the last quarter. Darwin Wealth Management LLC purchased a new stake in GE Vernova in the 3rd quarter valued at approximately $31,000. Prestige Wealth Management Group LLC grew its holdings in GE Vernova by 175.0% during the 3rd quarter. Prestige Wealth Management Group LLC now owns 121 shares of the company’s stock valued at $31,000 after buying an additional 77 shares during the last quarter. Finally, Planning Capital Management Corp increased its position in GE Vernova by 1,000.0% during the third quarter. Planning Capital Management Corp now owns 143 shares of the company’s stock worth $36,000 after buying an additional 130 shares in the last quarter.

GE Vernova Stock Up 0.6 %

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

GE Vernova declared that its board has initiated a share repurchase program on Tuesday, December 10th that permits the company to buyback $6.00 billion in outstanding shares. This buyback authorization permits the company to repurchase up to 6.7% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership 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 given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 0.30%. The ex-dividend date of this dividend is Friday, December 20th.

Analysts Set New Price Targets

GEV has been the topic of several analyst reports. TD Cowen assumed coverage on shares of GE Vernova in a research note on Thursday, December 5th. They set a “buy” rating and a $400.00 price target on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and set a $376.00 price target on shares of GE Vernova in a research note on Wednesday. Bank of America lifted their price objective on GE Vernova from $300.00 to $320.00 and gave the company a “buy” rating in a research note on Thursday, October 24th. William Blair reaffirmed an “outperform” rating on shares of GE Vernova in a research report on Wednesday. Finally, Wells Fargo & Company increased their price objective on shares of GE Vernova from $385.00 to $411.00 and gave the company an “overweight” rating in a research report on Friday. Seven 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 company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target 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.