Fifth Third Bancorp Purchases 8,864 Shares of GE Vernova Inc. (NYSE:GEV)

Fifth Third Bancorp grew its position in shares of GE Vernova Inc. (NYSE:GEV - Free Report) by 10.1% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 96,442 shares of the company's stock after purchasing an additional 8,864 shares during the quarter. Fifth Third Bancorp's holdings in GE Vernova were worth $29,442,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in the company. Simon Quick Advisors LLC grew its holdings in shares of GE Vernova by 15.1% during the first quarter. Simon Quick Advisors LLC now owns 2,089 shares of the company's stock worth $638,000 after purchasing an additional 274 shares during the last quarter. Investment Partners Asset Management Inc. grew its holdings in shares of GE Vernova by 34.2% during the first quarter. Investment Partners Asset Management Inc. now owns 847 shares of the company's stock worth $259,000 after buying an additional 216 shares during the last quarter. Northeast Investment Management grew its holdings in shares of GE Vernova by 91.3% during the first quarter. Northeast Investment Management now owns 1,184 shares of the company's stock worth $361,000 after buying an additional 565 shares during the last quarter. Integrated Advisors Network LLC grew its holdings in shares of GE Vernova by 10.4% during the first quarter. Integrated Advisors Network LLC now owns 1,531 shares of the company's stock worth $467,000 after buying an additional 144 shares during the last quarter. Finally, Petredis Investment Advisors LLC grew its holdings in shares of GE Vernova by 1.1% during the first quarter. Petredis Investment Advisors LLC now owns 13,388 shares of the company's stock worth $4,087,000 after buying an additional 148 shares during the last quarter.

GE Vernova Trading Down 2.0%

Shares of NYSE:GEV traded down $9.74 during trading on Friday, hitting $477.93. 2,432,081 shares of the company's stock were exchanged, compared to its average volume of 3,281,303. GE Vernova Inc. has a 1-year low of $150.01 and a 1-year high of $500.72. The firm has a 50-day moving average price of $408.13 and a two-hundred day moving average price of $365.62. The firm has a market cap of $130.44 billion, a P/E ratio of 85.96, a PEG ratio of 3.03 and a beta of 1.97.

GE Vernova (NYSE:GEV - Get Free Report) last issued its quarterly earnings data on Wednesday, April 23rd. The company reported $0.91 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.37 by $0.54. The firm had revenue of $8.03 billion during the quarter, compared to analysts' expectations of $7.56 billion. GE Vernova had a net margin of 4.44% and a return on equity of 6.70%. The business's revenue for the quarter was up 10.6% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.47) earnings per share. As a group, research analysts predict that GE Vernova Inc. will post 6.59 EPS for the current year.

GE Vernova Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 16th. Shareholders of record on Friday, April 18th were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 0.21%. The ex-dividend date of this dividend was Thursday, April 17th. GE Vernova's payout ratio is currently 14.41%.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on GEV. Susquehanna reissued a "positive" rating and set a $499.00 price target (up previously from $399.00) on shares of GE Vernova in a report on Wednesday, May 14th. Bank of America raised their price target on GE Vernova from $520.00 to $550.00 and gave the stock a "buy" rating in a report on Wednesday. JPMorgan Chase & Co. raised their price target on GE Vernova from $430.00 to $460.00 and gave the stock an "overweight" rating in a report on Friday, May 16th. Citigroup lowered their price target on GE Vernova from $437.00 to $354.00 and set a "neutral" rating on the stock in a report on Monday, April 14th. Finally, Truist Financial set a $440.00 price objective on GE Vernova in a report on Thursday, March 27th. Eight analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and four have given a strong buy rating to the stock. According to data from MarketBeat.com, GE Vernova has a consensus rating of "Moderate Buy" and a consensus target price of $404.56.

About GE Vernova

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.