Fifth Third Bancorp Acquires 6,655 Shares of GE Vernova Inc. $GEV

Fifth Third Bancorp boosted its holdings in shares of GE Vernova Inc. (NYSE:GEV) by 7.3% during the 3rd quarter, Holdings Channel reports. The firm owned 98,403 shares of the company’s stock after buying an additional 6,655 shares during the period. Fifth Third Bancorp’s holdings in GE Vernova were worth $60,508,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of GE Vernova during the second quarter valued at approximately $1,809,220,000. Arrowstreet Capital Limited Partnership boosted its position in shares of GE Vernova by 273.7% during the second quarter. Arrowstreet Capital Limited Partnership now owns 1,508,317 shares of the company’s stock worth $798,126,000 after acquiring an additional 1,104,747 shares during the last quarter. Qube Research & Technologies Ltd grew its stake in GE Vernova by 771.3% during the second quarter. Qube Research & Technologies Ltd now owns 763,226 shares of the company’s stock valued at $403,861,000 after acquiring an additional 675,629 shares in the last quarter. Invesco Ltd. increased its holdings in GE Vernova by 26.3% in the 2nd quarter. Invesco Ltd. now owns 2,217,257 shares of the company’s stock valued at $1,173,262,000 after acquiring an additional 462,038 shares during the last quarter. Finally, Raymond James Financial Inc. lifted its stake in GE Vernova by 66.0% in the 2nd quarter. Raymond James Financial Inc. now owns 944,567 shares of the company’s stock worth $499,817,000 after purchasing an additional 375,677 shares in the last quarter.

GE Vernova Stock Performance

Shares of GE Vernova stock opened at $801.76 on Monday. The stock has a market cap of $216.10 billion, a price-to-earnings ratio of 45.04, a price-to-earnings-growth ratio of 3.19 and a beta of 1.67. The stock has a 50 day moving average price of $689.84 and a 200-day moving average price of $635.38. GE Vernova Inc. has a one year low of $252.25 and a one year high of $846.00.

GE Vernova (NYSE:GEV) last issued its quarterly earnings results on Wednesday, January 28th. The company reported $13.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.99 by $10.40. The company had revenue of $10.96 billion during the quarter, compared to the consensus estimate of $10.21 billion. GE Vernova had a return on equity of 46.91% and a net margin of 12.83%.GE Vernova’s revenue was up 3.8% on a year-over-year basis. During the same period last year, the company earned $1.73 earnings per share. Sell-side analysts predict that GE Vernova Inc. will post 6.59 earnings per share for the current fiscal year.

GE Vernova Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, February 2nd. Shareholders of record on Monday, January 5th were paid a $0.50 dividend. The ex-dividend date of this dividend was Monday, January 5th. This is an increase from GE Vernova’s previous quarterly dividend of $0.25. This represents a $2.00 annualized dividend and a yield of 0.2%. GE Vernova’s payout ratio is 11.24%.

Analysts Set New Price Targets

Several brokerages have recently issued reports on GEV. Weiss Ratings raised GE Vernova from a “hold (c)” rating to a “buy (b-)” rating in a report on Thursday, February 5th. Guggenheim upgraded GE Vernova from a “neutral” rating to a “buy” rating and set a $910.00 price target for the company in a report on Friday, January 30th. China Renaissance raised GE Vernova to a “strong-buy” rating in a report on Thursday, January 29th. BMO Capital Markets reiterated an “outperform” rating and set a $785.00 target price on shares of GE Vernova in a research report on Thursday, January 29th. Finally, Susquehanna raised their target price on shares of GE Vernova from $800.00 to $820.00 and gave the company a “positive” rating in a report on Thursday, January 29th. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, GE Vernova currently has a consensus rating of “Moderate Buy” and a consensus price target of $788.24.

About GE Vernova

GE Vernova is the energy-focused company formed from the energy businesses of General Electric and operates as a publicly listed entity on the NYSE under the ticker GEV. It is organized to design, manufacture and service equipment and systems used across the power generation and energy transition value chain, bringing together legacy capabilities in conventional power, renewables and grid technologies under a single corporate platform.

The company’s offerings span large-scale power-generation equipment such as gas and steam turbines and associated generators and controls, as well as renewable energy technologies including onshore and offshore wind platforms and hydro solutions.