Herbst Group LLC Makes New Investment in GE Vernova Inc. (NYSE:GEV)

Herbst Group LLC purchased a new position in shares of GE Vernova Inc. (NYSE:GEV) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 8,065 shares of the company’s stock, valued at approximately $2,653,000.

A number of other institutional investors have also recently made changes to their positions in GEV. Castleview Partners LLC purchased a new position in GE Vernova in the 3rd quarter worth approximately $28,000. Pathway Financial Advisers LLC acquired a new position in shares of GE Vernova during the 2nd quarter valued at about $29,000. Covestor Ltd grew its holdings in shares of GE Vernova by 61.3% in the third quarter. Covestor Ltd now owns 121 shares of the company’s stock valued at $31,000 after purchasing an additional 46 shares during the period. Darwin Wealth Management LLC purchased a new position in GE Vernova during the third quarter worth about $31,000. Finally, Prestige Wealth Management Group LLC boosted its holdings in GE Vernova by 175.0% in the 3rd quarter. Prestige Wealth Management Group LLC now owns 121 shares of the company’s stock valued at $31,000 after purchasing an additional 77 shares during the last quarter.

Analysts Set New Price Targets

Several brokerages recently issued reports on GEV. Truist Financial boosted their price objective on shares of GE Vernova from $400.00 to $420.00 and gave the company a “buy” rating in a report on Thursday. Wells Fargo & Company raised their price objective on shares of GE Vernova from $385.00 to $411.00 and gave the company an “overweight” rating in a research note on Friday, December 13th. Deutsche Bank Aktiengesellschaft began coverage on GE Vernova in a research report on Monday, October 21st. They set a “buy” rating and a $354.00 price objective on the stock. Raymond James lowered shares of GE Vernova from an “outperform” rating to a “market perform” rating in a report on Wednesday, October 2nd. Finally, Evercore ISI upped their price target on GE Vernova from $385.00 to $390.00 and gave the company an “outperform” rating in a report on Wednesday, December 11th. Seven investment analysts have rated the stock with a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $321.35.

GE Vernova Price Performance

GE Vernova stock opened at $401.84 on Friday. GE Vernova Inc. has a fifty-two week low of $115.00 and a fifty-two week high of $404.13. The firm’s 50 day simple moving average is $344.59 and its 200-day simple moving average is $263.70.

GE Vernova Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 28th. Shareholders of record on Friday, December 20th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 0.25%. The ex-dividend date is Friday, December 20th.

GE Vernova declared that its Board of Directors has authorized a share 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 reacquire up to 6.7% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board of directors believes its shares are undervalued.

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.