GE Vernova Inc. $GEV Stock: First Citizens Bank & Trust Co. Raises Position

Key Points

• First Citizens Bank & Trust Co. increased its GE Vernova stake by 119.2% in the third quarter, bringing its holdings to 7,021 shares valued at approximately $6.67 million. Several other institutional investors also raised their positions.
• Analysts maintain a broadly positive outlook, with GE Vernova receiving a “Moderate Buy” consensus rating and an average price target of $1,165.87, despite some firms lowering their targets.
• GE Vernova reported quarterly revenue of $11.10 billion, up 21.9% year over year, but earnings per share of $2.47 fell short of the $3.17 consensus estimate. The company also announced a quarterly dividend of $0.50 per share.

First Citizens Bank & Trust Co. grew its stake in GE Vernova Inc. (NYSE:GEV - Free Report) by 119.2% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 7,021 shares of the company's stock after buying an additional 3,818 shares during the period. First Citizens Bank & Trust Co.'s holdings in GE Vernova were worth $6,673,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Focus Financial Network Inc. raised its stake in GE Vernova by 9.9% during the 3rd quarter. Focus Financial Network Inc. now owns 1,389 shares of the company's stock worth $1,320,000 after acquiring an additional 125 shares in the last quarter. XY Planning Network Inc. acquired a new position in GE Vernova in the third quarter valued at $255,000. Stonehearth Capital Management LLC grew its holdings in shares of GE Vernova by 20.0% during the third quarter. Stonehearth Capital Management LLC now owns 840 shares of the company's stock worth $798,000 after purchasing an additional 140 shares during the last quarter. Signal Advisors Wealth LLC grew its holdings in shares of GE Vernova by 20.5% during the third quarter. Signal Advisors Wealth LLC now owns 776 shares of the company's stock worth $738,000 after purchasing an additional 132 shares during the last quarter. Finally, BigSur Wealth Management LLC grew its holdings in shares of GE Vernova by 14.4% during the third quarter. BigSur Wealth Management LLC now owns 7,186 shares of the company's stock worth $6,830,000 after purchasing an additional 903 shares during the last quarter.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on GEV. Mizuho lifted their target price on shares of GE Vernova from $913.00 to $949.00 and gave the company a "neutral" rating in a report on Friday, July 24th. BNP Paribas Exane dropped their price objective on shares of GE Vernova from $1,190.00 to $1,090.00 and set a "neutral" rating on the stock in a research note on Thursday, August 20th. Royal Bank Of Canada upped their target price on shares of GE Vernova from $1,195.00 to $1,225.00 and gave the company an "outperform" rating in a report on Thursday, July 23rd. Guggenheim reaffirmed a "buy" rating and issued a $1,450.00 target price on shares of GE Vernova in a report on Tuesday. Finally, JPMorgan Chase & Co. decreased their target price on shares of GE Vernova from $1,330.00 to $1,150.00 and set an "overweight" rating for the company in a research note on Friday, October 9th. Two research analysts have rated the stock with a Strong Buy rating, twenty-six have assigned a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $1,165.87.

GE Vernova Price Performance

Shares of NYSE GEV opened at $1,002.72 on Wednesday. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.85 and a quick ratio of 0.62. The stock has a fifty day moving average price of $967.20 and a 200 day moving average price of $1,000.65. 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 cap of $267.05 billion, a PE ratio of 28.70, a P/E/G ratio of 3.45 and a beta of 1.14.

GE Vernova (NYSE:GEV - Get Free Report) last posted its quarterly earnings data on Wednesday, July 22nd. The company reported $2.47 earnings per share for the quarter, missing analysts' consensus estimates of $3.17 by ($0.70). The firm had revenue of $11.10 billion during the quarter, compared to analysts' expectations of $10.79 billion. GE Vernova had a net margin of 23.03% and a return on equity of 42.42%. The business's quarterly revenue was up 21.9% on a year-over-year basis. During the same quarter last year, the business earned $1.86 earnings per share. Sell-side analysts forecast that GE Vernova Inc. will post 15.04 EPS for the current year.

GE Vernova Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 24th. Stockholders of record on Tuesday, October 27th will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 0.2%. The ex-dividend date is Tuesday, October 27th. GE Vernova's dividend payout ratio (DPR) is 5.72%.

About GE Vernova

GE Vernova Inc NYSE: GEV is an energy technology company formed through the separation of General Electric's energy businesses in April 2024. The company is focused on helping generate, transmit, distribute and store electricity as power systems adapt to rising demand and the transition toward lower-carbon energy sources.

GE Vernova operates across three principal business areas: Power, Wind and Electrification. Its products and services include gas and steam power generation equipment, nuclear and hydropower technologies, onshore and offshore wind turbines, wind services, grid equipment, electrification systems, energy storage solutions and software used to monitor and manage energy infrastructure.

The company serves utilities, independent power producers, industrial customers and other energy-sector organizations in markets around the world.

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