Washington Trust Advisors Inc. Sells 39 Shares of GE Vernova Inc. (NYSE:GEV)

Washington Trust Advisors Inc. lowered its position in shares of GE Vernova Inc. (NYSE:GEV) by 1.7% during the fourth quarter, HoldingsChannel.com reports. The fund owned 2,231 shares of the company’s stock after selling 39 shares during the quarter. Washington Trust Advisors Inc.’s holdings in GE Vernova were worth $734,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of the company. Raymond James Financial Inc. bought a new stake in GE Vernova during the fourth quarter valued at $219,187,000. Vision Financial Markets LLC bought a new stake in GE Vernova during the fourth quarter valued at $88,000. Cullen Frost Bankers Inc. boosted its position in GE Vernova by 552.5% during the fourth quarter. Cullen Frost Bankers Inc. now owns 20,187 shares of the company’s stock valued at $6,640,000 after acquiring an additional 17,093 shares during the last quarter. Arizona State Retirement System boosted its position in GE Vernova by 0.8% during the fourth quarter. Arizona State Retirement System now owns 79,243 shares of the company’s stock valued at $26,065,000 after acquiring an additional 656 shares during the last quarter. Finally, Aigen Investment Management LP bought a new stake in GE Vernova during the fourth quarter valued at $568,000.

Wall Street Analysts Forecast Growth

A number of analysts have commented on GEV shares. Robert W. Baird started coverage on shares of GE Vernova in a research report on Thursday, February 13th. They set an “outperform” rating and a $448.00 price target on the stock. JPMorgan Chase & Co. upped their price objective on shares of GE Vernova from $374.00 to $436.00 and gave the company an “overweight” rating in a report on Thursday, January 23rd. Wells Fargo & Company upped their price objective on shares of GE Vernova from $385.00 to $411.00 and gave the company an “overweight” rating in a report on Friday, December 13th. Royal Bank of Canada reiterated an “outperform” rating and set a $453.00 price objective on shares of GE Vernova in a report on Tuesday, January 28th. Finally, William Blair reiterated an “outperform” rating on shares of GE Vernova in a report on Thursday, January 23rd. Seven research analysts have rated the stock with a hold rating, twenty-two have given a buy rating and four have assigned a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $347.83.

GE Vernova Stock Performance

NYSE:GEV opened at $317.17 on Thursday. The firm has a market cap of $87.51 billion and a price-to-earnings ratio of 57.04. GE Vernova Inc. has a 52 week low of $115.00 and a 52 week high of $447.50. The firm has a 50-day moving average price of $361.95 and a two-hundred day moving average price of $308.22.

GE Vernova (NYSE:GEV) last posted its quarterly earnings data on Wednesday, January 22nd. The company reported $1.73 EPS for the quarter, missing the consensus estimate of $2.30 by ($0.57). The firm had revenue of $10.56 billion during the quarter, compared to analysts’ expectations of $10.70 billion. GE Vernova had a net margin of 4.44% and a return on equity of 6.70%. The company’s revenue for the quarter was up 5.1% on a year-over-year basis. As a group, sell-side analysts forecast that GE Vernova Inc. will post 6.59 earnings per share for the current year.

GE Vernova declared that its board has authorized a share buyback plan on Tuesday, December 10th that authorizes the company to buyback $6.00 billion in shares. This buyback authorization authorizes the company to repurchase up to 6.7% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

GE Vernova Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, January 28th. Stockholders of record on Friday, December 20th were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.32%. The ex-dividend date of this dividend was Friday, December 20th. GE Vernova’s dividend payout ratio is currently 17.99%.

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.