Eastern Bank Purchases 166 Shares of GE Vernova Inc. $GEV

Eastern Bank grew its position in shares of GE Vernova Inc. (NYSE:GEV) by 7.1% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,512 shares of the company’s stock after buying an additional 166 shares during the quarter. Eastern Bank’s holdings in GE Vernova were worth $1,329,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Aberdeen Group plc lifted its holdings in shares of GE Vernova by 18.3% during the 2nd quarter. Aberdeen Group plc now owns 109,420 shares of the company’s stock valued at $58,110,000 after buying an additional 16,902 shares during the period. PDS Planning Inc lifted its holdings in shares of GE Vernova by 10.8% during the 2nd quarter. PDS Planning Inc now owns 1,820 shares of the company’s stock valued at $963,000 after buying an additional 177 shares during the period. JB Capital LLC bought a new position in shares of GE Vernova during the 2nd quarter valued at $317,000. Blue Trust Inc. lifted its holdings in shares of GE Vernova by 3.6% during the 2nd quarter. Blue Trust Inc. now owns 2,193 shares of the company’s stock valued at $1,161,000 after buying an additional 76 shares during the period. Finally, Fourpath Capital Management LLC bought a new position in shares of GE Vernova during the 2nd quarter valued at $302,000.

Insider Activity at GE Vernova

In related news, CFO Kenneth Scott Parks sold 3,300 shares of the stock in a transaction that occurred on Tuesday, August 26th. The stock was sold at an average price of $620.00, for a total transaction of $2,046,000.00. Following the completion of the transaction, the chief financial officer directly owned 7,590 shares of the company’s stock, valued at approximately $4,705,800. This represents a 30.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.15% of the company’s stock.

Wall Street Analysts Forecast Growth

GEV has been the topic of a number of recent research reports. JPMorgan Chase & Co. raised their target price on GE Vernova from $620.00 to $715.00 and gave the stock an “overweight” rating in a report on Thursday, July 24th. Wall Street Zen cut GE Vernova from a “buy” rating to a “hold” rating in a report on Saturday, July 26th. HSBC raised their target price on GE Vernova from $570.00 to $580.00 and gave the stock a “hold” rating in a report on Friday, September 5th. Seaport Res Ptn raised GE Vernova to a “strong-buy” rating in a report on Thursday, July 10th. Finally, TD Cowen raised their target price on GE Vernova from $390.00 to $685.00 and gave the stock a “buy” rating in a report on Friday, July 25th. Four research analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat, GE Vernova presently has an average rating of “Moderate Buy” and a consensus price target of $598.50.

GE Vernova Stock Performance

Shares of GEV stock opened at $606.30 on Friday. GE Vernova Inc. has a 52-week low of $252.25 and a 52-week high of $677.29. The firm has a market capitalization of $165.05 billion, a PE ratio of 146.10, a PEG ratio of 4.40 and a beta of 1.72. The stock has a fifty day simple moving average of $619.64 and a two-hundred day simple moving average of $509.80.

GE Vernova (NYSE:GEV) last issued its quarterly earnings results on Wednesday, July 23rd. The company reported $1.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.63 by $0.23. GE Vernova had a return on equity of 13.23% and a net margin of 3.16%.The business had revenue of $9.11 billion during the quarter, compared to analyst estimates of $8.78 billion. During the same quarter in the prior year, the business posted $4.65 EPS. GE Vernova’s revenue for the quarter was up 11.1% compared to the same quarter last year. GE Vernova has set its FY 2025 guidance at EPS. On average, sell-side analysts forecast that GE Vernova Inc. will post 6.59 EPS for the current fiscal year.

GE Vernova Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, November 17th. Stockholders of record on Monday, October 20th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend is Monday, October 20th. GE Vernova’s payout ratio is 24.10%.

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.