Fifth Third Bancorp Sells 4,694 Shares of GE Vernova Inc. $GEV

Key Points

• Fifth Third Bancorp reduced its stake in GE Vernova Inc. by 4.9% during the second quarter, selling 4,694 shares and holding 91,748 shares worth approximately $48.5 million at quarter's end.
• In its most recent earnings report, GE Vernova reported $1.86 EPS, exceeding estimates, with a revenue of $9.11 billion, demonstrating an 11.1% year-over-year increase.
• Analysts have recently raised their price targets for GE Vernova, with Citigroup increasing it from $544 to $670 and JPMorgan from $620 to $715, reflecting a positive outlook for the company's stock.

Fifth Third Bancorp cut its stake in GE Vernova Inc. (NYSE:GEV - Free Report) by 4.9% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 91,748 shares of the company's stock after selling 4,694 shares during the period. Fifth Third Bancorp's holdings in GE Vernova were worth $48,548,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Atlas Brown Inc. raised its holdings in shares of GE Vernova by 0.8% in the 2nd quarter. Atlas Brown Inc. now owns 2,496 shares of the company's stock valued at $1,321,000 after purchasing an additional 19 shares in the last quarter. Physician Wealth Advisors Inc. raised its stake in GE Vernova by 9.0% in the second quarter. Physician Wealth Advisors Inc. now owns 241 shares of the company's stock worth $128,000 after buying an additional 20 shares in the last quarter. Grove Bank & Trust lifted its holdings in GE Vernova by 16.0% during the second quarter. Grove Bank & Trust now owns 167 shares of the company's stock worth $88,000 after buying an additional 23 shares during the period. Westover Capital Advisors LLC lifted its holdings in GE Vernova by 2.3% during the first quarter. Westover Capital Advisors LLC now owns 1,130 shares of the company's stock worth $345,000 after buying an additional 25 shares during the period. Finally, SVB Wealth LLC boosted its position in GE Vernova by 0.7% during the 1st quarter. SVB Wealth LLC now owns 3,585 shares of the company's stock valued at $1,094,000 after acquiring an additional 26 shares in the last quarter.

GE Vernova Stock Performance

Shares of NYSE GEV opened at $628.11 on Thursday. GE Vernova Inc. has a 1 year low of $247.07 and a 1 year high of $677.29. The company has a market capitalization of $170.98 billion, a PE ratio of 151.35, a price-to-earnings-growth ratio of 4.62 and a beta of 1.87. The company's fifty day moving average price is $621.67 and its 200 day moving average price is $484.28.

GE Vernova (NYSE:GEV - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The company reported $1.86 earnings per share for the quarter, topping the consensus estimate of $1.63 by $0.23. The business had revenue of $9.11 billion during the quarter, compared to the consensus estimate of $8.78 billion. GE Vernova had a return on equity of 13.23% and a net margin of 3.16%.The business's quarterly revenue was up 11.1% on a year-over-year basis. During the same period in the prior year, the company posted $4.65 EPS. GE Vernova has set its FY 2025 guidance at EPS. On average, equities analysts expect that GE Vernova Inc. will post 6.59 EPS for the current year.

Analyst Ratings Changes

GEV has been the subject of several analyst reports. Citigroup increased their price target on shares of GE Vernova from $544.00 to $670.00 and gave the company a "neutral" rating in a research report on Thursday, July 24th. JPMorgan Chase & Co. upped their price target on GE Vernova from $620.00 to $715.00 and gave the stock an "overweight" rating in a research report on Thursday, July 24th. Melius upgraded GE Vernova from a "hold" rating to a "buy" rating and set a $740.00 price objective for the company in a report on Monday, September 15th. Jefferies Financial Group boosted their target price on GE Vernova from $658.00 to $668.00 and gave the stock a "hold" rating in a research note on Friday, September 12th. Finally, Wall Street Zen cut GE Vernova from a "buy" rating to a "hold" rating in a research note on Saturday, July 26th. Four equities research analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and nine have given a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $592.35.

Insiders Place Their Bets

In other news, CFO Kenneth Scott Parks sold 3,300 shares of the company's stock in a transaction on Tuesday, August 26th. The stock was sold at an average price of $620.00, for a total value of $2,046,000.00. Following the transaction, the chief financial officer owned 7,590 shares of the company's stock, valued at $4,705,800. This represents a 30.30% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.15% of the company's stock.

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.

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