Patriot Financial Group Insurance Agency LLC Increases Stock Position in GE Vernova Inc. $GEV

Patriot Financial Group Insurance Agency LLC increased its stake in GE Vernova Inc. (NYSE:GEV) by 96.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 7,232 shares of the company’s stock after purchasing an additional 3,560 shares during the quarter. Patriot Financial Group Insurance Agency LLC’s holdings in GE Vernova were worth $6,313,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Auto Owners Insurance Co grew its stake in shares of GE Vernova by 110,973.4% during the 4th quarter. Auto Owners Insurance Co now owns 34,858,156 shares of the company’s stock valued at $2,278,224,000 after purchasing an additional 34,826,773 shares during the period. Vanguard Group Inc. lifted its stake in shares of GE Vernova by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 25,023,625 shares of the company’s stock worth $16,354,691,000 after purchasing an additional 208,162 shares during the period. State Street Corp grew its position in GE Vernova by 2.1% during the fourth quarter. State Street Corp now owns 11,469,670 shares of the company’s stock valued at $7,496,232,000 after buying an additional 231,392 shares during the period. Geode Capital Management LLC grew its position in GE Vernova by 1.1% during the fourth quarter. Geode Capital Management LLC now owns 6,249,193 shares of the company’s stock valued at $4,074,039,000 after buying an additional 68,894 shares during the period. Finally, Morgan Stanley increased its holdings in GE Vernova by 12.8% during the fourth quarter. Morgan Stanley now owns 6,054,474 shares of the company’s stock valued at $3,957,024,000 after buying an additional 685,466 shares during the last quarter.

Insider Transactions at GE Vernova

In related news, CAO Matthew Joseph Potvin sold 2,333 shares of the stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $1,059.09, for a total transaction of $2,470,856.97. Following the completion of the transaction, the chief accounting officer directly owned 3,549 shares of the company’s stock, valued at approximately $3,758,710.41. This represents a 39.66% 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. Also, CEO Victor Abate sold 4,819 shares of the firm’s stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $948.08, for a total value of $4,568,797.52. Following the transaction, the chief executive officer owned 1,835 shares of the company’s stock, valued at $1,739,726.80. This represents a 72.42% decrease in their position. The SEC filing for this sale provides additional information. 0.21% of the stock is currently owned by insiders.

GE Vernova Stock Performance

GEV opened at $1,045.74 on Friday. The stock has a market capitalization of $281.01 billion, a price-to-earnings ratio of 30.46, a PEG ratio of 3.87 and a beta of 1.23. The company has a fifty day moving average of $1,031.16 and a 200 day moving average of $863.97. GE Vernova Inc. has a fifty-two week low of $482.20 and a fifty-two week high of $1,181.95. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.65 and a current ratio of 0.89.

GE Vernova (NYSE:GEV) last announced its quarterly earnings results on Wednesday, April 22nd. The company reported $17.44 EPS for the quarter, topping the consensus estimate of $1.95 by $15.49. GE Vernova had a net margin of 23.81% and a return on equity of 43.97%. The business had revenue of $9.34 billion for the quarter, compared to analysts’ expectations of $9.19 billion. During the same quarter in the previous year, the company earned $0.91 EPS. The business’s quarterly revenue was up 17.0% compared to the same quarter last year. As a group, sell-side analysts forecast that GE Vernova Inc. will post 14.99 earnings per share for the current fiscal year.

GE Vernova Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 14th. Stockholders of record on Tuesday, June 16th will be issued a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend is Tuesday, June 16th. GE Vernova’s payout ratio is 5.83%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on GEV shares. Barclays upped their price objective on GE Vernova from $993.00 to $1,250.00 and gave the stock an “overweight” rating in a research note on Thursday, April 23rd. Citigroup boosted their price target on GE Vernova from $779.00 to $1,110.00 and gave the company a “neutral” rating in a report on Monday, April 13th. Weiss Ratings upgraded GE Vernova from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, April 24th. Oppenheimer set a $1,303.00 price objective on GE Vernova in a research note on Thursday, April 23rd. Finally, Royal Bank Of Canada lifted their price objective on GE Vernova from $996.00 to $1,195.00 and gave the company an “outperform” rating in a research report on Thursday, April 23rd. Three research analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, GE Vernova currently has a consensus rating of “Moderate Buy” and an average price target of $1,089.88.

GE Vernova Profile

GE Vernova is the energy-focused company formed from the energy businesses of General Electric and operates as a publicly listed entity on the NYSE under the ticker GEV. It is organized to design, manufacture and service equipment and systems used across the power generation and energy transition value chain, bringing together legacy capabilities in conventional power, renewables and grid technologies under a single corporate platform.

The company’s offerings span large-scale power-generation equipment such as gas and steam turbines and associated generators and controls, as well as renewable energy technologies including onshore and offshore wind platforms and hydro solutions.