Fifth Third Bancorp Has $151.47 Million Stake in GE Vernova Inc. $GEV

Key Points

• Fifth Third Bancorp boosted its GE Vernova stake by 69.1% in the first quarter, ending with 173,521 shares valued at about $151.47 million.
• Several analysts remain bullish on GE Vernova, with firms such as Robert W. Baird and Goldman Sachs setting price targets well above recent levels; the stock currently carries a Moderate Buy consensus.
• GE Vernova reported strong quarterly results, including $17.44 EPS and $9.34 billion in revenue, and recently declared a quarterly dividend of $0.50 per share.

Fifth Third Bancorp raised its stake in GE Vernova Inc. (NYSE:GEV - Free Report) by 69.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 173,521 shares of the company's stock after acquiring an additional 70,929 shares during the period. Fifth Third Bancorp owned about 0.06% of GE Vernova worth $151,467,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the stock. Manning & Napier Advisors LLC increased its position in shares of GE Vernova by 68.4% during the 1st quarter. Manning & Napier Advisors LLC now owns 32 shares of the company's stock worth $26,000 after purchasing an additional 13 shares in the last quarter. Torren Management LLC acquired a new position in GE Vernova in the fourth quarter valued at about $26,000. Cornerstone Financial Management LLC acquired a new position in GE Vernova in the fourth quarter valued at about $25,000. Wealth Watch Advisors INC bought a new stake in GE Vernova during the third quarter worth about $25,000. Finally, ORG Wealth Partners LLC grew its stake in GE Vernova by 241.7% during the fourth quarter. ORG Wealth Partners LLC now owns 41 shares of the company's stock worth $27,000 after buying an additional 29 shares during the last quarter.

Insider Activity

In related news, CEO Victor Abate sold 4,819 shares of GE Vernova stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $948.08, for a total value of $4,568,797.52. Following the completion of the sale, the chief executive officer directly owned 1,835 shares in the company, valued at $1,739,726.80. This trade represents a 72.42% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Matthew Joseph Potvin sold 2,333 shares of the business's stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $1,059.09, for a total value of $2,470,856.97. Following the sale, the chief accounting officer directly owned 3,549 shares of the company's stock, valued at $3,758,710.41. This represents a 39.66% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.21% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the stock. Robert W. Baird lifted their target price on shares of GE Vernova from $1,008.00 to $1,400.00 and gave the company an "outperform" rating in a research note on Thursday, April 23rd. Sanford C. Bernstein started coverage on GE Vernova in a research report on Tuesday, June 16th. They set an "outperform" rating and a $1,206.00 price target on the stock. BNP Paribas Exane cut GE Vernova from an "outperform" rating to a "neutral" rating and set a $1,190.00 price target for the company. in a report on Monday, April 27th. The Goldman Sachs Group reiterated a "buy" rating and issued a $1,328.00 price objective on shares of GE Vernova in a research report on Friday, April 24th. Finally, Susquehanna set a $1,300.00 price objective on GE Vernova in a research note on Thursday, April 23rd. Three investment analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, GE Vernova currently has a consensus rating of "Moderate Buy" and a consensus price target of $1,089.88.

GE Vernova Price Performance

Shares of GE Vernova stock traded up $15.38 during midday trading on Friday, reaching $1,090.64. The company had a trading volume of 1,737,069 shares, compared to its average volume of 2,887,361. The company has a current ratio of 0.89, a quick ratio of 0.65 and a debt-to-equity ratio of 0.19. The stock has a fifty day simple moving average of $1,040.14 and a 200 day simple moving average of $895.32. GE Vernova Inc. has a 1-year low of $530.16 and a 1-year high of $1,195.94. The company has a market capitalization of $293.08 billion, a price-to-earnings ratio of 31.77, a price-to-earnings-growth ratio of 4.03 and a beta of 1.09.

GE Vernova (NYSE:GEV - Get Free Report) last posted its quarterly earnings data on Wednesday, April 22nd. The company reported $17.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.95 by $15.49. The firm had revenue of $9.34 billion for the quarter, compared to the consensus estimate of $9.19 billion. GE Vernova had a return on equity of 43.97% and a net margin of 23.81%.The business's revenue for the quarter was up 17.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.91 EPS. As a group, equities research analysts forecast that GE Vernova Inc. will post 15.06 earnings per share for the current year.

GE Vernova Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 14th. Stockholders of record on Tuesday, June 16th will be paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend is Tuesday, June 16th. GE Vernova's dividend payout ratio is 5.83%.

GE Vernova Company Profile

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.

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