GE Vernova Inc. (NYSE:GEV) Position Decreased by M&T Bank Corp

M&T Bank Corp cut its holdings in shares of GE Vernova Inc. (NYSE:GEV) by 4.5% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 50,352 shares of the company’s stock after selling 2,354 shares during the period. M&T Bank Corp’s holdings in GE Vernova were worth $12,839,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the stock. Waverton Investment Management Ltd increased its position 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 acquiring an additional 66,455 shares in the last quarter. Hanlon Investment Management Inc. acquired a new position in GE Vernova during the third quarter valued at $1,101,000. Atria Investments Inc boosted its position in GE Vernova by 127.0% during the 3rd quarter. Atria Investments Inc now owns 5,088 shares of the company’s stock worth $1,297,000 after acquiring an additional 2,847 shares during the period. Fractal Investments LLC acquired a new position in shares of GE Vernova in the 3rd quarter valued at about $1,530,000. Finally, Legal & General Group Plc acquired a new stake in shares of GE Vernova during the second quarter worth approximately $293,699,000.

GE Vernova Price Performance

Shares of GEV stock opened at $342.66 on Friday. GE Vernova Inc. has a 12-month low of $115.00 and a 12-month high of $357.09. The firm has a fifty day moving average of $319.21 and a 200-day moving average of $238.41.

GE Vernova announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, December 10th that allows the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization allows the company to repurchase up to 6.7% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.

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. The ex-dividend date is Friday, December 20th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.29%.

Analyst Ratings Changes

A number of equities research analysts have issued reports on GEV shares. Royal Bank of Canada restated an “outperform” rating and set a $376.00 price target on shares of GE Vernova in a report on Wednesday, December 11th. Morgan Stanley upped their target price on GE Vernova from $301.00 to $367.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Guggenheim reduced their price target on GE Vernova from $400.00 to $380.00 and set a “buy” rating for the company in a report on Wednesday, December 11th. Barclays raised their price objective on shares of GE Vernova from $320.00 to $420.00 and gave the company an “overweight” rating in a research report on Thursday, December 5th. Finally, Wolfe Research initiated coverage on shares of GE Vernova in a research note on Wednesday, December 4th. They set an “outperform” rating and a $403.00 price target on the stock. Seven equities research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, GE Vernova has a consensus rating of “Moderate Buy” and an average target price of $314.35.

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.