Truist Financial Corp Grows Holdings in GE Vernova Inc. $GEV

Key Points

• Truist Financial Corp increased its stake in GE Vernova Inc. by 6.0% in Q2, acquiring an additional 4,418 shares, bringing its total holdings to 78,589 shares valued at approximately $41.6 million.
• GE Vernova reported earnings of $1.86 per share, exceeding estimates and generating revenues of $9.11 billion, marking an 11.1% increase year-over-year.
• The company announced a quarterly dividend of $0.25 per share, with an annualized yield of 0.2%, to be paid on November 17.

Truist Financial Corp increased its stake in GE Vernova Inc. (NYSE:GEV - Free Report) by 6.0% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 78,589 shares of the company's stock after buying an additional 4,418 shares during the period. Truist Financial Corp's holdings in GE Vernova were worth $41,585,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in GEV. Westhampton Capital LLC bought a new position in shares of GE Vernova during the second quarter worth about $339,000. Parkside Investments LLC acquired a new position in shares of GE Vernova in the 2nd quarter worth approximately $260,000. BCU Wealth Advisors LLC bought a new stake in shares of GE Vernova in the 2nd quarter valued at approximately $275,000. Bosman Wealth Management LLC acquired a new stake in shares of GE Vernova during the 2nd quarter valued at approximately $2,237,000. Finally, Chicago Capital LLC lifted its stake in GE Vernova by 2.1% during the second quarter. Chicago Capital LLC now owns 5,305 shares of the company's stock worth $2,807,000 after purchasing an additional 108 shares during the last quarter.

GE Vernova Price Performance

GEV opened at $606.80 on Friday. The stock's 50 day moving average price is $624.20 and its 200 day moving average price is $496.99. The stock has a market cap of $165.18 billion, a P/E ratio of 146.22, a P/E/G ratio of 4.42 and a beta of 1.72. GE Vernova Inc. has a 12 month low of $250.89 and a 12 month high of $677.29.

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 (EPS) for the quarter, topping the consensus estimate of $1.63 by $0.23. The company had revenue of $9.11 billion during the quarter, compared to analysts' expectations of $8.78 billion. GE Vernova had a return on equity of 13.23% and a net margin of 3.16%.The company's revenue for the quarter was up 11.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $4.65 earnings per share. GE Vernova has set its FY 2025 guidance at EPS. Equities analysts anticipate that GE Vernova Inc. will post 6.59 EPS for the current year.

GE Vernova Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, November 17th. Shareholders of record on Monday, October 20th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date is Monday, October 20th. GE Vernova's payout ratio is 24.10%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on GEV shares. Barclays raised their price target on shares of GE Vernova from $580.00 to $706.00 and gave the stock an "overweight" rating in a research report on Thursday, July 24th. Jefferies Financial Group raised their target price on shares of GE Vernova from $658.00 to $668.00 and gave the stock a "hold" rating in a report on Friday, September 12th. Royal Bank Of Canada set a $605.00 target price on GE Vernova and gave the company a "sector perform" rating in a report on Wednesday. Wells Fargo & Company raised their price target on GE Vernova from $474.00 to $697.00 and gave the stock an "overweight" rating in a report on Thursday, July 24th. Finally, Melius upgraded GE Vernova from a "hold" rating to a "buy" rating and set a $740.00 price objective for the company in a research report on Monday, September 15th. Four equities research analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat.com, GE Vernova has a consensus rating of "Moderate Buy" and a consensus price target of $598.50.

Insider Buying and Selling at GE Vernova

In other news, CFO Kenneth Scott Parks sold 3,300 shares of the stock in a transaction that occurred on Tuesday, August 26th. The shares were sold at an average price of $620.00, for a total value of $2,046,000.00. Following the completion of the transaction, the chief financial officer directly owned 7,590 shares in the company, valued at $4,705,800. This trade represents a 30.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.15% of the company's stock.

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.

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