Central Pacific Bank Trust Division Trims Stake in GE Vernova Inc. (NYSE:GEV)

Central Pacific Bank Trust Division lessened its position in GE Vernova Inc. (NYSE:GEV) by 90.6% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm 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 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in GEV. Castleview Partners LLC bought a new stake in shares of GE Vernova during the 3rd quarter valued at $28,000. Covestor Ltd boosted its stake in GE Vernova by 61.3% during the third quarter. Covestor Ltd now owns 121 shares of the company’s stock worth $31,000 after acquiring an additional 46 shares in the last quarter. Darwin Wealth Management LLC purchased a new stake in GE Vernova in the third quarter worth about $31,000. Prestige Wealth Management Group LLC increased its stake in shares of GE Vernova by 175.0% during the third 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 in the last quarter. Finally, Planning Capital Management Corp lifted its holdings in shares of GE Vernova by 1,000.0% during the third quarter. Planning Capital Management Corp now owns 143 shares of the company’s stock valued at $36,000 after purchasing an additional 130 shares during the last quarter.

GE Vernova Trading Up 4.5 %

Shares of NYSE:GEV opened at $354.03 on Monday. The stock has a 50 day moving average of $331.58 and a 200 day moving average of $250.83. GE Vernova Inc. has a 12-month low of $115.00 and a 12-month high of $357.09.

GE Vernova Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 28th. Stockholders of record on Friday, December 20th will be paid 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 0.28%.

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

Analysts Set New Price Targets

A number of research analysts recently weighed in on GEV shares. Royal Bank of Canada reaffirmed an “outperform” rating and set a $376.00 price objective on shares of GE Vernova in a research report on Wednesday, December 11th. Truist Financial raised their price target on GE Vernova from $325.00 to $400.00 and gave the company a “buy” rating in a report on Tuesday, December 10th. Jefferies Financial Group increased their price objective on shares of GE Vernova from $348.00 to $391.00 and gave the company a “buy” rating in a research report on Friday, December 13th. Morgan Stanley lifted their target price on shares of GE Vernova from $301.00 to $367.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Finally, Citigroup increased their price target on shares of GE Vernova from $292.00 to $361.00 and gave the company a “neutral” rating in a report on Monday, December 9th. Seven research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target 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.