Trustco Bank Corp N Y Lowers Position in GE Vernova Inc. $GEV

Trustco Bank Corp N Y reduced its position in GE Vernova Inc. (NYSE:GEV) by 9.9% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 6,491 shares of the company’s stock after selling 712 shares during the period. GE Vernova accounts for about 3.8% of Trustco Bank Corp N Y’s portfolio, making the stock its 7th largest position. Trustco Bank Corp N Y’s holdings in GE Vernova were worth $4,242,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of GEV. Brighton Jones LLC boosted its holdings in shares of GE Vernova by 29.4% in the 4th quarter. Brighton Jones LLC now owns 3,315 shares of the company’s stock valued at $1,091,000 after buying an additional 753 shares in the last quarter. Schnieders Capital Management LLC. boosted its holdings in shares of GE Vernova by 1.7% in the 2nd quarter. Schnieders Capital Management LLC. now owns 1,564 shares of the company’s stock valued at $828,000 after buying an additional 26 shares in the last quarter. Jump Financial LLC bought a new stake in shares of GE Vernova in the 2nd quarter valued at about $258,000. Ossiam bought a new stake in shares of GE Vernova in the 2nd quarter valued at about $42,000. Finally, Nebula Research & Development LLC boosted its holdings in shares of GE Vernova by 23.9% in the 2nd quarter. Nebula Research & Development LLC now owns 1,674 shares of the company’s stock valued at $886,000 after buying an additional 323 shares in the last quarter.

Insider Activity 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 shares were sold at an average price of $1,059.09, for a total value 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 $3,758,710.41. This trade represents a 39.66% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Victor Abate sold 4,819 shares of the stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $948.08, for a total transaction of $4,568,797.52. Following the completion of the transaction, the chief executive officer directly owned 1,835 shares of the company’s stock, valued at $1,739,726.80. The trade was a 72.42% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.21% of the company’s stock.

GE Vernova Stock Performance

Shares of GE Vernova stock opened at $940.14 on Monday. The firm has a market capitalization of $252.63 billion, a P/E ratio of 27.39, a PEG ratio of 3.49 and a beta of 1.24. The company has a quick ratio of 0.65, a current ratio of 0.89 and a debt-to-equity ratio of 0.19. The company has a 50 day moving average price of $1,008.85 and a 200 day moving average price of $833.50. GE Vernova Inc. has a 52 week low of $474.21 and a 52 week high of $1,181.95.

GE Vernova (NYSE:GEV) last announced its quarterly earnings data on Wednesday, April 22nd. The company reported $17.44 EPS for the quarter, beating the consensus estimate of $1.95 by $15.49. The firm had revenue of $9.34 billion during the quarter, compared to analyst estimates of $9.19 billion. GE Vernova had a net margin of 23.81% and a return on equity of 43.97%. GE Vernova’s revenue was up 17.0% on a year-over-year basis. During the same period last year, the firm posted $0.91 EPS. Sell-side analysts expect that GE Vernova Inc. will post 14.99 EPS for the current year.

GE Vernova Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 14th. Investors of record on Tuesday, June 16th will be given 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 dividend payout ratio (DPR) is presently 5.83%.

Analysts Set New Price Targets

GEV has been the topic of a number of recent analyst reports. Erste Group Bank upgraded shares of GE Vernova to a “strong-buy” rating in a report on Tuesday, March 24th. Barclays raised their price target on shares of GE Vernova from $993.00 to $1,250.00 and gave the company an “overweight” rating in a report on Thursday, April 23rd. The Goldman Sachs Group restated a “buy” rating and issued a $1,328.00 price target on shares of GE Vernova in a report on Friday, April 24th. Oppenheimer set a $1,303.00 price target on shares of GE Vernova in a report on Thursday, April 23rd. Finally, Jefferies Financial Group lowered their price target on shares of GE Vernova from $1,350.00 to $1,210.00 and set a “buy” rating on the stock in a report on Thursday. Two analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $1,085.16.

GE Vernova Company 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.