Canandaigua National Bank & Trust Co. Boosts Stake in GE Vernova Inc. (NYSE:GEV)

Canandaigua National Bank & Trust Co. boosted its position in shares of GE Vernova Inc. (NYSE:GEV) by 1.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,691 shares of the company’s stock after buying an additional 45 shares during the period. Canandaigua National Bank & Trust Co.’s holdings in GE Vernova were worth $885,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. CWA Asset Management Group LLC boosted its position in shares of GE Vernova by 15.3% during the 4th quarter. CWA Asset Management Group LLC now owns 1,338 shares of the company’s stock valued at $440,000 after acquiring an additional 178 shares during the last quarter. GAMMA Investing LLC raised its stake in GE Vernova by 11.8% during the fourth quarter. GAMMA Investing LLC now owns 6,473 shares of the company’s stock valued at $2,129,000 after purchasing an additional 681 shares in the last quarter. Versant Capital Management Inc lifted its position in 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 during the last quarter. Cacti Asset Management LLC grew its stake in shares of GE Vernova by 3.2% in the 4th quarter. Cacti Asset Management LLC now owns 6,020 shares of the company’s stock worth $1,988,000 after buying an additional 187 shares in the last quarter. Finally, Old Port Advisors increased its holdings in shares of GE Vernova by 8.2% in the 4th quarter. Old Port Advisors now owns 1,420 shares of the company’s stock worth $467,000 after buying an additional 108 shares during the last quarter.

Wall Street Analyst Weigh In

Several research analysts recently commented on GEV shares. HSBC reiterated a “hold” rating and issued a $255.00 price target (up previously from $240.00) on shares of GE Vernova in a research report on Friday, October 4th. William Blair reiterated an “outperform” rating on shares of GE Vernova in a report on Wednesday, December 11th. Bank of America increased their price target on GE Vernova from $300.00 to $320.00 and gave the company a “buy” rating in a report on Thursday, October 24th. Wells Fargo & Company lifted their price objective on shares of GE Vernova from $385.00 to $411.00 and gave the stock an “overweight” rating in a research note on Friday, December 13th. Finally, Wolfe Research began coverage on shares of GE Vernova in a research note on Wednesday, December 4th. They issued an “outperform” rating and a $403.00 target price on the stock. Seven investment 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 stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $314.35.

GE Vernova Stock Up 4.5 %

Shares of GEV opened at $370.00 on Tuesday. The company has a 50 day moving average price of $333.20 and a 200-day moving average price of $252.19. GE Vernova Inc. has a fifty-two week low of $115.00 and a fifty-two week high of $376.30.

GE Vernova Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 28th. Stockholders of record on Friday, December 20th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Friday, December 20th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.27%.

GE Vernova declared that its Board of Directors has approved a share buyback program on Tuesday, December 10th that permits the company to repurchase $6.00 billion in shares. This repurchase authorization permits the company to purchase up to 6.7% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

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.