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Market Update (NYSE:GE): GE Completes Sale of GE Asset Management to State Street

[Business Wire] – GE today announced it has completed the sale of GE Asset Management , the company’s investment management arm, to State Street Corporation . Read more on this. General Electric Company (GE) , valued at $289.66B, opened at $31.33. A quick look at the market, the company’s stock traded between $31.32 and $31.63 and has traded between $19.37 and $32.05 over the past year. GE shares are currently priced at 20.99x this year’s forecasted earnings, which makes them relatively expensive compared to the industry’s 13.71x earnings multiple. And for those looking to make a return holding the stock, the company pays shareholders $0.92 per share annually in dividends, yielding 3.07%. Consensus earnings for the current quarter by the 14 sell-side analysts covering the stock is an estimate of $0.46 per share, which would be $0.15 better than the year-ago quarter and a $0.18 sequential increase. Investors should also note that the full-year EPS estimate of $1.50 is a $0.19 improvement when compared to the previous year’s annual results. The quarterly earnings estimate is based on a consensus revenue forecast of the current quarter of $31.55 Billion. If realized, that would be a 7.61% increase over the year-ago quarter. In terms of ratings, Cowen Initiated GE at Market Perform (Jun 7, 2016). Previously, Bernstein downgraded GE from Outperform to Mkt Perform. The average price target for GE shares by the analysts covering it is $32.53, which is 3.83% above where the stock opened. See more in (NYSE:GE) Similar Articles: Market Update (NYSE:STT): State Street Completes Acquisition of GE Asset Management Company Update: State Street Corporation (NYSE:STT) – GE and State Street Corporation Announce Agreement for State Street to Acquire GE Asset Management for up to $485 Million Stock Update: General Electric Company (NYSE:GE) – GE and State Street Corporation Announce Agreement for State Street to Acquire GE Asset Management for up to $485 Million
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