Peapack Gladstone Financial Corp Cuts Stake in GE Vernova Inc. (NYSE:GEV)

Peapack Gladstone Financial Corp decreased its position in shares of GE Vernova Inc. (NYSE:GEV) by 11.6% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 9,487 shares of the company’s stock after selling 1,241 shares during the quarter. Peapack Gladstone Financial Corp’s holdings in GE Vernova were worth $2,419,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in GEV. Waverton Investment Management Ltd increased its holdings in GE Vernova by 10.0% during the 3rd quarter. Waverton Investment Management Ltd now owns 727,704 shares of the company’s stock worth $185,459,000 after purchasing an additional 66,455 shares during the period. Hanlon Investment Management Inc. purchased a new position in GE Vernova in the third quarter worth $1,101,000. Atria Investments Inc increased its holdings in GE Vernova by 127.0% in the third quarter. Atria Investments Inc now owns 5,088 shares of the company’s stock valued at $1,297,000 after buying an additional 2,847 shares in the last quarter. Fractal Investments LLC acquired a new position in shares of GE Vernova during the 3rd quarter worth $1,530,000. Finally, Legal & General Group Plc purchased a new stake in GE Vernova during the 2nd quarter worth about $293,699,000.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Barclays upped their price objective on GE Vernova from $320.00 to $420.00 and gave the stock an “overweight” rating in a report on Thursday, December 5th. HSBC reissued a “hold” rating and issued a $255.00 price target (up previously from $240.00) on shares of GE Vernova in a report on Friday, October 4th. Raymond James downgraded shares of GE Vernova from an “outperform” rating to a “market perform” rating in a report on Wednesday, October 2nd. Evercore ISI raised their target price on shares of GE Vernova from $385.00 to $390.00 and gave the stock an “outperform” rating in a report on Wednesday. Finally, Morgan Stanley upped their target price on GE Vernova from $301.00 to $367.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Seven research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, GE Vernova has an average rating of “Moderate Buy” and a consensus target price of $314.35.

GE Vernova Trading Up 0.6 %

NYSE GEV opened at $332.01 on Friday. The business’s 50-day moving average price is $312.53 and its two-hundred day moving average price is $232.84. GE Vernova Inc. has a 12 month low of $115.00 and a 12 month high of $357.09.

GE Vernova Dividend Announcement

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 given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 0.30%. The ex-dividend date is Friday, December 20th.

GE Vernova declared that its Board of Directors has authorized a stock repurchase plan on Tuesday, December 10th that authorizes the company to buyback $6.00 billion in outstanding shares. This buyback authorization authorizes the company to reacquire up to 6.7% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its shares are undervalued.

GE Vernova 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.