National Bank of Canada FI Grows Stake in GE Vernova Inc. (NYSE:GEV)

National Bank of Canada FI lifted its stake in GE Vernova Inc. (NYSE:GEV) by 17.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,749 shares of the company’s stock after purchasing an additional 1,559 shares during the quarter. National Bank of Canada FI’s holdings in GE Vernova were worth $2,741,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of GEV. Waverton Investment Management Ltd lifted its stake in shares of GE Vernova by 10.0% in the third quarter. Waverton Investment Management Ltd now owns 727,704 shares of the company’s stock worth $185,459,000 after buying an additional 66,455 shares in the last quarter. Hanlon Investment Management Inc. bought a new position in GE Vernova in the 3rd quarter valued at approximately $1,101,000. Atria Investments Inc boosted its stake in GE Vernova by 127.0% during the 3rd quarter. Atria Investments Inc now owns 5,088 shares of the company’s stock valued at $1,297,000 after purchasing an additional 2,847 shares during the last quarter. Fractal Investments LLC bought a new stake in shares of GE Vernova in the 3rd quarter worth $1,530,000. Finally, Legal & General Group Plc purchased a new position in shares of GE Vernova in the second quarter worth $293,699,000.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on GEV shares. Wolfe Research assumed coverage on GE Vernova in a report on Wednesday, December 4th. They issued an “outperform” rating and a $403.00 price objective for the company. Bank of America lifted their price target on shares of GE Vernova from $300.00 to $320.00 and gave the stock a “buy” rating in a research note on Thursday, October 24th. Royal Bank of Canada restated an “outperform” rating and set a $376.00 price objective on shares of GE Vernova in a research report on Wednesday. BMO Capital Markets lifted their target price on shares of GE Vernova from $245.00 to $288.00 and gave the stock an “outperform” rating in a research report on Monday, October 14th. Finally, TD Cowen started coverage on shares of GE Vernova in a research note on Thursday, December 5th. They set a “buy” rating and a $400.00 target price for the company. Seven research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, GE Vernova presently has a consensus rating of “Moderate Buy” and an average price target of $314.35.

GE Vernova Stock Performance

Shares of GEV stock opened at $332.01 on Friday. The company’s fifty day moving average price is $312.53 and its 200-day moving average price is $232.46. GE Vernova Inc. has a one year low of $115.00 and a one year high of $357.09.

GE Vernova Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 28th. Stockholders of record on Friday, December 20th will be given a $0.25 dividend. The ex-dividend date is Friday, December 20th. This represents a $1.00 annualized dividend and a dividend yield of 0.30%.

GE Vernova announced that its board has initiated a stock repurchase program on Tuesday, December 10th that allows the company to buyback $6.00 billion in shares. This buyback authorization allows the company to reacquire up to 6.7% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

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.