PNC Financial Services Group Inc. Sells 7,423 Shares of GE Vernova Inc. (NYSE:GEV)

PNC Financial Services Group Inc. lowered its position in shares of GE Vernova Inc. (NYSE:GEV - Free Report) by 3.5% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 206,879 shares of the company's stock after selling 7,423 shares during the quarter. PNC Financial Services Group Inc. owned 0.08% of GE Vernova worth $63,156,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. SPC Financial Inc. raised its holdings in shares of GE Vernova by 11.8% in the 1st quarter. SPC Financial Inc. now owns 956 shares of the company's stock worth $292,000 after purchasing an additional 101 shares during the period. TIAA Trust National Association raised its holdings in shares of GE Vernova by 345.6% in the 1st quarter. TIAA Trust National Association now owns 47,830 shares of the company's stock worth $14,601,000 after purchasing an additional 37,095 shares during the period. Blueshift Asset Management LLC bought a new stake in shares of GE Vernova in the 1st quarter worth approximately $432,000. Commerce Bank raised its holdings in shares of GE Vernova by 6.9% in the 1st quarter. Commerce Bank now owns 12,300 shares of the company's stock worth $3,755,000 after purchasing an additional 790 shares during the period. Finally, Moors & Cabot Inc. raised its holdings in shares of GE Vernova by 0.8% in the 1st quarter. Moors & Cabot Inc. now owns 5,491 shares of the company's stock worth $1,676,000 after purchasing an additional 46 shares during the period.

Analyst Ratings Changes

GEV has been the topic of a number of research reports. Wolfe Research cut shares of GE Vernova from an "outperform" rating to a "peer perform" rating in a report on Friday, June 13th. TD Cowen lifted their price objective on shares of GE Vernova from $390.00 to $685.00 and gave the company a "buy" rating in a research note on Friday, July 25th. JPMorgan Chase & Co. lifted their price objective on shares of GE Vernova from $620.00 to $715.00 and gave the company an "overweight" rating in a research note on Thursday, July 24th. Robert W. Baird lifted their price objective on shares of GE Vernova from $568.00 to $706.00 and gave the company an "outperform" rating in a research note on Thursday, July 24th. Finally, Mizuho lowered shares of GE Vernova from an "outperform" rating to a "neutral" rating and set a $670.00 price objective for the company. in a research note on Monday, July 28th. Ten equities research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and four have given a strong buy rating to the company's stock. Based on data from MarketBeat, GE Vernova has a consensus rating of "Moderate Buy" and a consensus target price of $560.21.

GE Vernova Stock Performance

GE Vernova stock opened at $656.66 on Monday. The stock has a market cap of $178.76 billion, a P/E ratio of 158.23, a PEG ratio of 4.54 and a beta of 1.90. GE Vernova Inc. has a fifty-two week low of $150.01 and a fifty-two week high of $677.29. The firm's fifty day moving average price is $530.40 and its 200-day moving average price is $416.15.

GE Vernova (NYSE:GEV - Get Free Report) last released its quarterly 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 firm had revenue of $9.11 billion for the quarter, compared to analysts' expectations of $8.78 billion. GE Vernova had a net margin of 3.16% and a return on equity of 13.23%. The business's quarterly revenue was up 11.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $4.65 earnings per share. Sell-side analysts predict that GE Vernova Inc. will post 6.59 earnings per share for the current year.

GE Vernova Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, August 18th. Investors of record on Monday, July 21st will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date of this dividend is Monday, July 21st. GE Vernova's dividend payout ratio is currently 24.10%.

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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