Essex Savings Bank Takes Position in GE Vernova Inc. (NYSE:GEV)

Essex Savings Bank bought a new position in GE Vernova Inc. (NYSE:GEV) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 714 shares of the company’s stock, valued at approximately $235,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Mountaineer Partners Management LLC purchased a new position in GE Vernova in the 3rd quarter worth about $2,507,296,000. Newport Trust Company LLC acquired a new position in shares of GE Vernova in the second quarter worth about $650,140,000. Marshall Wace LLP purchased a new position in shares of GE Vernova in the second quarter worth approximately $399,770,000. Legal & General Group Plc acquired a new stake in shares of GE Vernova during the second quarter valued at approximately $293,699,000. Finally, Electron Capital Partners LLC lifted its position in shares of GE Vernova by 1,641.3% in the 2nd quarter. Electron Capital Partners LLC now owns 1,694,296 shares of the company’s stock valued at $290,589,000 after acquiring an additional 1,596,996 shares in the last quarter.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on GEV shares. Citigroup lifted their price objective on shares of GE Vernova from $292.00 to $361.00 and gave the stock a “neutral” rating in a research report on Monday, December 9th. Guggenheim dropped their price target on GE Vernova from $400.00 to $380.00 and set a “buy” rating on the stock in a research report on Wednesday, December 11th. Deutsche Bank Aktiengesellschaft started coverage on GE Vernova in a research note on Monday, October 21st. They issued a “buy” rating and a $354.00 price objective for the company. Jefferies Financial Group upped their target price on GE Vernova from $348.00 to $391.00 and gave the company a “buy” rating in a report on Friday, December 13th. Finally, Bank of America increased their price target on shares of GE Vernova from $380.00 to $415.00 and gave the stock a “buy” rating in a research report on Tuesday. Seven analysts have rated the stock with a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $321.35.

GE Vernova Stock Up 1.0 %

Shares of GE Vernova stock opened at $390.86 on Friday. GE Vernova Inc. has a 12-month low of $115.00 and a 12-month high of $397.76. The stock has a 50 day moving average price of $342.29 and a two-hundred day moving average price of $261.18.

GE Vernova Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 28th. Investors of record on Friday, December 20th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 0.26%. The ex-dividend date of this dividend is Friday, December 20th.

GE Vernova declared that its Board of Directors has approved a stock repurchase program on Tuesday, December 10th that permits the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization permits the company to buy up to 6.7% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.

GE Vernova Company 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.