Wealth Architects LLC has purchased a new stake in GE Vernova Inc. (NYSE: GEV), acquiring 495 shares valued at approximately $262,000. This acquisition, reported by HoldingsChannel, is part of a broader trend among institutional investors showing increased interest in GE Vernova’s stock.
In the previous quarter, Brighton Jones LLC raised its holdings in GE Vernova by 29.4%, now owning 3,315 shares worth $1,091,000 after acquiring an additional 753 shares. Similarly, GAMMA Investing LLC increased its position in the company by 8.4%, bringing its total to 7,015 shares valued at $2,142,000 after a purchase of 542 shares. NorthCrest Asset Management LLC also lifted its stake by 35.4%, owning 976 shares now valued at $298,000.
Stock Yards Bank & Trust Co. expanded its holdings by 8.8%, owning 2,681 shares worth $818,000, following the acquisition of 217 shares. Additionally, Tritonpoint Wealth LLC increased its position by 15.0%, now holding 721 shares valued at $220,000.
Market Performance and Dividend Announcement
As of Monday, GE Vernova’s stock price opened at $606.30, reflecting a 4.4% decrease. The stock has experienced a range over the past year, with a low of $252.25 and a high of $677.29. The company holds a market capitalization of $165.05 billion, with a price-to-earnings (P/E) ratio of 146.10 and a beta of 1.72.
In a recent announcement, GE Vernova confirmed a quarterly dividend of $0.25 per share, set to be paid on November 17, 2023. Shareholders of record on October 20, 2023 will receive this dividend, which translates to an annualized yield of 0.2%. The company’s payout ratio currently stands at 24.10%.
Insider Transactions and Analyst Ratings
In other developments, Chief Financial Officer Kenneth Scott Parks sold 3,300 shares on August 26, 2023, at an average price of $620.00, resulting in a total transaction of $2,046,000. Following this sale, Parks holds 7,590 shares valued at approximately $4,705,800, marking a decrease in his position by 30.30%.
Market analysts have expressed varied opinions on GE Vernova’s stock. Wells Fargo & Company recently raised its price target from $474.00 to $697.00 while maintaining an “overweight” rating. Conversely, Wall Street Zen downgraded the stock from a “buy” to a “hold” rating. TD Cowen also increased its target price from $390.00 to $685.00, assigning a “buy” rating.
Currently, four analysts have given GE Vernova a “Strong Buy” rating, while nineteen have rated it as “Buy” and eight as “Hold.” According to data from MarketBeat, the stock holds an average rating of “Moderate Buy” with an average target price of $598.50.
GE Vernova operates as an energy business generating electricity through various segments, including Power, Wind, and Electrification. The Power segment focuses on generating and selling electricity through hydro, gas, nuclear, and steam power, while the Wind segment manufactures and sells wind turbine blades. The Electrification segment provides grid solutions, power conversion, solar, and storage solutions.
For additional information on GE Vernova and its stakeholders, visit HoldingsChannel.com for the latest 13F filings and insider transactions.
