Sovereign Financial Group Inc. Sells 737 Shares of GE Vernova Inc. (NYSE:GEV)

Sovereign Financial Group Inc. lowered its stake in shares of GE Vernova Inc. (NYSE:GEV) by 25.7% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,128 shares of the company’s stock after selling 737 shares during the period. Sovereign Financial Group Inc.’s holdings in GE Vernova were worth $649,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. IAM Advisory LLC bought a new stake in shares of GE Vernova during the 1st quarter worth approximately $582,000. SeaCrest Wealth Management LLC raised its stake in GE Vernova by 3.2% in the first quarter. SeaCrest Wealth Management LLC now owns 7,157 shares of the company’s stock valued at $2,185,000 after buying an additional 223 shares during the period. Sandbox Financial Partners LLC raised its stake in GE Vernova by 6.4% in the first quarter. Sandbox Financial Partners LLC now owns 1,523 shares of the company’s stock valued at $465,000 after buying an additional 91 shares during the period. KRS Capital Management LLC raised its stake in GE Vernova by 5.8% in the first quarter. KRS Capital Management LLC now owns 1,728 shares of the company’s stock valued at $528,000 after buying an additional 95 shares during the period. Finally, Herbst Group LLC raised its stake in GE Vernova by 71.4% in the first quarter. Herbst Group LLC now owns 13,822 shares of the company’s stock valued at $4,220,000 after buying an additional 5,757 shares during the period.

Analyst Ratings Changes

GEV has been the topic of several research analyst reports. JPMorgan Chase & Co. upped their price objective on GE Vernova from $430.00 to $460.00 and gave the company an “overweight” rating in a research note on Friday, May 16th. BMO Capital Markets upped their price objective on GE Vernova from $381.00 to $522.00 and gave the company an “outperform” rating in a research note on Friday, May 30th. Morgan Stanley restated an “overweight” rating and issued a $422.00 price objective (up previously from $400.00) on shares of GE Vernova in a research note on Thursday, April 24th. Citigroup dropped their price objective on GE Vernova from $437.00 to $354.00 and set a “neutral” rating on the stock in a research note on Monday, April 14th. Finally, Barclays upped their price objective on GE Vernova from $427.00 to $500.00 and gave the company an “overweight” rating in a research note on Friday, May 30th. Seven investment analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and four have assigned a strong buy rating to the stock. According to data from MarketBeat.com, GE Vernova currently has an average rating of “Moderate Buy” and a consensus target price of $385.78.

GE Vernova Price Performance

NYSE GEV opened at $487.06 on Friday. The business has a fifty day moving average price of $389.72 and a two-hundred day moving average price of $360.64. GE Vernova Inc. has a fifty-two week low of $150.01 and a fifty-two week high of $500.72. The stock has a market capitalization of $132.94 billion, a PE ratio of 87.60, a PEG ratio of 3.03 and a beta of 1.97.

GE Vernova (NYSE:GEV) last announced its quarterly earnings results on Wednesday, April 23rd. The company reported $0.91 EPS for the quarter, beating analysts’ consensus estimates of $0.37 by $0.54. GE Vernova had a return on equity of 6.70% and a net margin of 4.44%. The company had revenue of $8.03 billion during the quarter, compared to analysts’ expectations of $7.56 billion. During the same period in the prior year, the company earned ($0.47) EPS. GE Vernova’s revenue was up 10.6% compared to the same quarter last year. As a group, sell-side analysts expect that GE Vernova Inc. will post 6.59 earnings per share for the current year.

GE Vernova Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, May 16th. Stockholders of record on Friday, April 18th were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.21%. The ex-dividend date was Thursday, April 17th. GE Vernova’s payout ratio is 14.41%.

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.