Principal Financial Group Inc. Increases Holdings in GE Vernova Inc. (NYSE:GEV)

Principal Financial Group Inc. increased its stake in GE Vernova Inc. (NYSE:GEV) by 2.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 577,284 shares of the company’s stock after acquiring an additional 12,323 shares during the period. Principal Financial Group Inc. owned approximately 0.21% of GE Vernova worth $147,196,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in GEV. Lord Abbett & CO. LLC bought a new stake in shares of GE Vernova in the 3rd quarter valued at approximately $25,116,000. Retirement Systems of Alabama raised its holdings in GE Vernova by 2.4% during the 3rd quarter. Retirement Systems of Alabama now owns 61,894 shares of the company’s stock valued at $15,782,000 after buying an additional 1,433 shares during the period. Franklin Resources Inc. lifted its position in GE Vernova by 3.7% in the third quarter. Franklin Resources Inc. now owns 1,978,691 shares of the company’s stock worth $533,257,000 after buying an additional 71,067 shares during the last quarter. Tidal Investments LLC boosted its stake in GE Vernova by 5.4% during the third quarter. Tidal Investments LLC now owns 7,271 shares of the company’s stock worth $1,854,000 after buying an additional 374 shares during the period. Finally, Optimist Retirement Group LLC bought a new position in GE Vernova during the third quarter valued at $249,000.

GE Vernova Price Performance

GEV opened at $342.66 on Friday. GE Vernova Inc. has a 12 month low of $115.00 and a 12 month high of $357.09. The stock has a fifty day moving average price of $319.21 and a 200-day moving average price of $237.89.

GE Vernova Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 28th. Shareholders of record on Friday, December 20th will be issued a $0.25 dividend. The ex-dividend date is Friday, December 20th. This represents a $1.00 dividend on an annualized basis and a yield of 0.29%.

GE Vernova declared that its Board of Directors has initiated a share repurchase program on Tuesday, December 10th that permits the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization permits the company to reacquire up to 6.7% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

GEV has been the subject of several analyst reports. Morgan Stanley raised 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. Oppenheimer assumed coverage on shares of GE Vernova in a research note on Thursday, September 26th. They issued a “market perform” rating for the company. Jefferies Financial Group upped their target price on GE Vernova from $348.00 to $391.00 and gave the company a “buy” rating in a research note on Friday, December 13th. Deutsche Bank Aktiengesellschaft assumed coverage on GE Vernova in a report on Monday, October 21st. They issued a “buy” rating and a $354.00 price target on the stock. Finally, Evercore ISI boosted their price objective on GE Vernova from $385.00 to $390.00 and gave the company an “outperform” rating in a report on Wednesday, December 11th. Seven analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus 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.