General Electric Company (NYSE:GE) announced it has completed the sale of GE Asset Management (GEAM), the company’s investment management arm, to State Street Corp (NYSE:STT).
“As set forth in our announcement earlier this year about the planned sale of GE Asset Management, this transaction is consistent with GE’s efforts to simplify its financial services portfolio and maximize value for shareholders,” said GEAM Chairman, President and CEO Dmitri Stockton. “State Street is an excellent franchise and provides an outstanding environment for the GE Asset Management team to bring its world-class capabilities to an even broader investor base.”
Net sale proceeds from the transaction will be deposited into the GE Pension Trust, increasing trust assets used to pay GE pension plan benefits. GE was represented in this transaction by Credit Suisse. GEAM was previously a wholly owned subsidiary of GE, separate from GE Capital. (Original Source)

Shares of General Electric closed yesterday at $31.48, up $0.93 or 3.04%. GE has a 1-year high of $32.05 and a 1-year low of $19.37. The stock’s 50-day moving average is $30.01 and its 200-day moving average is $29.74.

On the ratings front, General Electric has been the subject of a number of recent research reports. In a report issued on June 29, J.P. Morgan analyst Stephen Tusa maintained a Sell rating on GE. Separately, on June 28, William Blair’s Nicholas Heymann reiterated a Buy rating on the stock and has a price target of $38.

According to, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Stephen Tusa and Nicholas Heymann have a total average return of 3.9% and 4.5% respectively. Tusa has a success rate of 62% and is ranked #889 out of 4001 analysts, while Heymann has a success rate of 61% and is ranked #1372.

The street is mostly Bullish on GE stock. Out of 12 analysts who cover the stock, 6 suggest a Buy rating , 5 suggest a Hold and one recommends to Sell the stock. The 12-month average price target assigned to the stock is $32.29, which represents a slight upside potential from current levels.