Bank of Nova Scotia Lowers Position in GE Vernova Inc. (NYSE:GEV)

Key Points

• Bank of Nova Scotia reduced its position in GE Vernova Inc. by 28.3% in the first quarter, now holding 57,093 shares valued at approximately $17.43 million.
• Despite a recent decline in stock price by 0.5%, GE Vernova reported a net revenue increase of 11.1% year-over-year, totaling $9.11 billion for the most recent quarter.
• Research analysts have raised their price targets for GE Vernova, with Wells Fargo increasing its estimate from $474 to $697 and JPMorgan from $620 to $715, reflecting strong market confidence.

Bank of Nova Scotia lessened its position in GE Vernova Inc. (NYSE:GEV - Free Report) by 28.3% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 57,093 shares of the company's stock after selling 22,574 shares during the quarter. Bank of Nova Scotia's holdings in GE Vernova were worth $17,429,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Capital International Investors increased its position in GE Vernova by 25.3% during the 4th quarter. Capital International Investors now owns 14,854,297 shares of the company's stock valued at $4,886,164,000 after buying an additional 2,994,660 shares in the last quarter. GAMMA Investing LLC increased its position in GE Vernova by 32,984.2% during the 1st quarter. GAMMA Investing LLC now owns 2,141,539 shares of the company's stock valued at $653,769,000 after buying an additional 2,135,066 shares in the last quarter. FMR LLC increased its position in GE Vernova by 3.4% during the 4th quarter. FMR LLC now owns 24,861,833 shares of the company's stock valued at $8,177,803,000 after buying an additional 814,155 shares in the last quarter. TD Asset Management Inc increased its position in GE Vernova by 627.2% during the 1st quarter. TD Asset Management Inc now owns 926,842 shares of the company's stock valued at $282,946,000 after buying an additional 799,388 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. increased its position in GE Vernova by 148.6% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 1,155,183 shares of the company's stock valued at $379,974,000 after buying an additional 690,513 shares in the last quarter.

GE Vernova Stock Down 0.5%

Shares of GE Vernova stock opened at $656.66 on Monday. The stock's 50-day simple moving average is $530.40 and its 200-day simple moving average is $416.15. GE Vernova Inc. has a 52 week low of $150.01 and a 52 week high of $677.29. The company has a market capitalization of $178.76 billion, a price-to-earnings ratio of 158.23, a PEG ratio of 4.54 and a beta of 1.90.

GE Vernova (NYSE:GEV - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The company reported $1.86 EPS for the quarter, beating the consensus estimate of $1.63 by $0.23. GE Vernova had a return on equity of 13.23% and a net margin of 3.16%. The business had revenue of $9.11 billion for the quarter, compared to the consensus estimate of $8.78 billion. During the same period in the previous year, the business earned $4.65 earnings per share. The business's revenue was up 11.1% on a year-over-year basis. On average, equities analysts expect that GE Vernova Inc. will post 6.59 earnings per share for the current year.

GE Vernova Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, August 18th. Stockholders of record on Monday, July 21st will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend is Monday, July 21st. GE Vernova's payout ratio is 24.10%.

Analysts Set New Price Targets

A number of research analysts recently weighed in on GEV shares. Wells Fargo & Company raised their price objective on GE Vernova from $474.00 to $697.00 and gave the company an "overweight" rating in a research report on Thursday, July 24th. Glj Research initiated coverage on GE Vernova in a report on Monday, June 23rd. They issued a "buy" rating for the company. Wolfe Research lowered GE Vernova from an "outperform" rating to a "peer perform" rating in a report on Friday, June 13th. JPMorgan Chase & Co. lifted their price objective on GE Vernova from $620.00 to $715.00 and gave the stock an "overweight" rating in a report on Thursday, July 24th. Finally, Susquehanna lifted their price objective on GE Vernova from $662.00 to $736.00 and gave the stock a "positive" rating in a report on Thursday, July 24th. Ten research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and four have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $560.21.

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.

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