Pinnacle Financial Partners Inc Sells 553 Shares of GE Vernova Inc. (NYSE:GEV)

Pinnacle Financial Partners Inc reduced its position in shares of GE Vernova Inc. (NYSE:GEV - Free Report) by 31.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,198 shares of the company's stock after selling 553 shares during the period. Pinnacle Financial Partners Inc's holdings in GE Vernova were worth $366,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC increased its stake in GE Vernova by 79.4% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 221,507 shares of the company's stock valued at $67,622,000 after acquiring an additional 98,034 shares during the last quarter. Grandview Asset Management LLC boosted its position in GE Vernova by 48.8% during the 1st quarter. Grandview Asset Management LLC now owns 2,149 shares of the company's stock valued at $656,000 after acquiring an additional 705 shares in the last quarter. GAMMA Investing LLC boosted its holdings in shares of GE Vernova by 8.4% during the 1st quarter. GAMMA Investing LLC now owns 7,015 shares of the company's stock valued at $2,142,000 after buying an additional 542 shares in the last quarter. Oppenheimer Asset Management Inc. bought a new position in shares of GE Vernova during the first quarter valued at approximately $328,000. Finally, State of Alaska Department of Revenue raised its stake in GE Vernova by 2.9% during the first quarter. State of Alaska Department of Revenue now owns 32,340 shares of the company's stock valued at $9,872,000 after buying an additional 910 shares during the last quarter.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on GEV shares. Citigroup dropped their target price on shares of GE Vernova from $437.00 to $354.00 and set a "neutral" rating on the stock in a research note on Monday, April 14th. Jefferies Financial Group cut shares of GE Vernova from a "buy" rating to a "hold" rating and lifted their price target for the stock from $427.00 to $517.00 in a research note on Thursday, May 29th. JPMorgan Chase & Co. increased their target price on shares of GE Vernova from $430.00 to $460.00 and gave the stock an "overweight" rating in a report on Friday, May 16th. Robert W. Baird raised their price target on GE Vernova from $387.00 to $405.00 and gave the company an "outperform" rating in a report on Thursday, April 24th. Finally, Glj Research assumed coverage on shares of GE Vernova in a report on Monday, June 23rd. They issued a "buy" rating on the stock. Seven investment analysts have rated the stock with a hold rating, twenty have issued a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $440.04.

GE Vernova Trading Up 2.4%

Shares of NYSE GEV traded up $12.28 during midday trading on Friday, hitting $517.35. The company's stock had a trading volume of 1,809,150 shares, compared to its average volume of 3,306,722. The business's 50 day moving average is $458.30 and its two-hundred day moving average is $381.43. GE Vernova Inc. has a 12-month low of $150.01 and a 12-month high of $532.59. The firm has a market cap of $141.20 billion, a P/E ratio of 74.55, a price-to-earnings-growth ratio of 3.89 and a beta of 1.86.

GE Vernova (NYSE:GEV - Get Free Report) last issued its earnings results on Wednesday, April 23rd. The company reported $0.91 EPS for the quarter, topping analysts' consensus estimates of $0.37 by $0.54. The business had revenue of $8.03 billion for the quarter, compared to the consensus estimate of $7.56 billion. GE Vernova had a net margin of 5.42% and a return on equity of 10.10%. The company's revenue for the quarter was up 10.6% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.47) EPS. On average, analysts predict that GE Vernova Inc. will post 6.59 earnings per share for the current fiscal year.

GE Vernova Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 18th. Shareholders of record on Monday, July 21st will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 0.19%. The ex-dividend date is Monday, July 21st. GE Vernova's dividend payout ratio (DPR) is 14.41%.

GE Vernova 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.