Central Pacific Bank Trust Division Sells 2,129 Shares of GE Vernova Inc. (NYSE:GEV)

Central Pacific Bank Trust Division lowered its stake in shares of GE Vernova Inc. (NYSE:GEV) by 90.6% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 221 shares of the company’s stock after selling 2,129 shares during the quarter. Central Pacific Bank Trust Division’s holdings in GE Vernova were worth $73,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of GEV. GAMMA Investing LLC increased its holdings in GE Vernova by 11.8% in the 4th quarter. GAMMA Investing LLC now owns 6,473 shares of the company’s stock valued at $2,129,000 after acquiring an additional 681 shares during the last quarter. Versant Capital Management Inc grew its position in shares of GE Vernova by 18.0% during the fourth quarter. Versant Capital Management Inc now owns 4,515 shares of the company’s stock valued at $1,485,000 after purchasing an additional 688 shares in the last quarter. Cacti Asset Management LLC increased its holdings in shares of GE Vernova by 3.2% in the fourth quarter. Cacti Asset Management LLC now owns 6,020 shares of the company’s stock worth $1,988,000 after purchasing an additional 187 shares during the last quarter. Old Port Advisors lifted its position in shares of GE Vernova by 8.2% in the fourth quarter. Old Port Advisors now owns 1,420 shares of the company’s stock worth $467,000 after buying an additional 108 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its position in shares of GE Vernova by 2.2% in the third quarter. Principal Financial Group Inc. now owns 577,284 shares of the company’s stock worth $147,196,000 after buying an additional 12,323 shares in the last quarter.

GE Vernova Stock Up 4.5 %

Shares of NYSE GEV opened at $354.03 on Monday. GE Vernova Inc. has a twelve month low of $115.00 and a twelve month high of $357.09. The business has a fifty day simple moving average of $331.58 and a two-hundred day simple moving average of $250.83.

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

GE Vernova Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 28th. Investors of record on Friday, December 20th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 0.28%. The ex-dividend date of this dividend is Friday, December 20th.

Analysts Set New Price Targets

A number of analysts have issued reports on GEV shares. HSBC reaffirmed a “hold” rating and issued a $255.00 price objective (up previously from $240.00) on shares of GE Vernova in a research note on Friday, October 4th. Truist Financial increased their price objective on shares of GE Vernova from $325.00 to $400.00 and gave the company a “buy” rating in a research report on Tuesday, December 10th. Hsbc Global Res downgraded shares of GE Vernova from a “strong-buy” rating to a “hold” rating in a report on Friday, October 4th. Barclays increased their price target on shares of GE Vernova from $320.00 to $420.00 and gave the company an “overweight” rating in a report on Thursday, December 5th. Finally, Wells Fargo & Company boosted their price objective on GE Vernova from $385.00 to $411.00 and gave the stock an “overweight” rating in a research note on Friday, December 13th. Seven analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $314.35.

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.