Peapack Gladstone Financial Corp Sells 1,241 Shares of GE Vernova Inc. (NYSE:GEV)

Peapack Gladstone Financial Corp cut its holdings in GE Vernova Inc. (NYSE:GEV) by 11.6% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor 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 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in GEV. Tidal Investments LLC grew its holdings in GE Vernova by 5.4% during the 3rd quarter. Tidal Investments LLC now owns 7,271 shares of the company’s stock worth $1,854,000 after acquiring an additional 374 shares during the last quarter. Optimist Retirement Group LLC bought a new position in shares of GE Vernova during the 3rd quarter valued at about $249,000. Blankinship & Foster LLC bought a new position in GE Vernova during the 3rd quarter worth about $204,000. Wilmington Savings Fund Society FSB raised its position in GE Vernova by 219.7% in the 3rd quarter. Wilmington Savings Fund Society FSB now owns 10,265 shares of the company’s stock valued at $2,617,000 after buying an additional 7,054 shares during the last quarter. Finally, World Investment Advisors LLC lifted its position in shares of GE Vernova by 41.4% in the third quarter. World Investment Advisors LLC now owns 2,876 shares of the company’s stock worth $733,000 after purchasing an additional 842 shares in the last quarter.

Analysts Set New Price Targets

Several analysts have issued reports on GEV shares. Jefferies Financial Group upped their price target on shares of GE Vernova from $348.00 to $391.00 and gave the stock a “buy” rating in a research report on Friday. Deutsche Bank Aktiengesellschaft assumed coverage on shares of GE Vernova in a research note on Monday, October 21st. They issued a “buy” rating and a $354.00 price objective for the company. HSBC restated a “hold” rating and issued a $255.00 price target (up previously from $240.00) on shares of GE Vernova in a research report on Friday, October 4th. Wells Fargo & Company upped their price objective on GE Vernova from $385.00 to $411.00 and gave the stock an “overweight” rating in a research report on Friday. Finally, TD Cowen began coverage on shares of GE Vernova in a research report on Thursday, December 5th. They issued a “buy” rating and a $400.00 target price on the stock. Seven analysts have rated the stock with a hold rating, twenty have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $314.35.

GE Vernova Price Performance

GEV stock opened at $332.01 on Friday. The firm has a fifty day moving average price of $312.53 and a 200 day moving average price of $232.84. GE Vernova Inc. has a fifty-two week low of $115.00 and a fifty-two week high of $357.09.

GE Vernova Dividend Announcement

The business also recently announced 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 dividend on an annualized basis and a dividend yield of 0.30%. The ex-dividend date is Friday, December 20th.

GE Vernova announced that its Board of Directors has approved a stock repurchase plan on Tuesday, December 10th that allows the company to buyback $6.00 billion in shares. This buyback authorization allows the company to buy up to 6.7% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

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.