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NEW YORK (TheStreet) -- General Electric Co. (GE)  shares are up 1.38% to $31.92 on Wednesday after the company earlier today announced that State Street Corp. (STT) will buy the company's investment management arm in a deal worth up to $485 million. 

The move to sell GE Asset Management comes as the company is working to shed its financial assets to focus more on its industrial core. 

TheStreet's Jim Cramer, Portfolio Manager of the Action Alerts PLUS Charitable Trust Portfolio, commented on GE's overall progress in an article published today titled, "General Electric's Story Has Fundamentally Changed," saying: "GE has the right people, right initiatives and even the right shareholder base (notably Nelson Peltz's Trian Fund Management, which has GE as its top holding) to drive change within the company."

Cramer noted that the company is simplifying and streamlining its business units, which should create long-term value.

Regarding the sale of State Street, GE CEO Jeff Immelt said, "This is another example reflecting the attractiveness of GE's financial services businesses in the marketplace." 

In a separate deal, GE said yesterday that it agreed to its sell its U.S. hotel real estate financing business to a unit of Western Alliance Bancorp. (WAL).

The business, which provides real estate financing to owners of limited service hotels, includes outstanding loans of about $1.4 billion.

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(GE is held in Jim Cramer's charitable trust Action Alerts PLUS. See all of his holding with a freetrial.)

(GE is also held in the Dividend Stock Advisor portfolio. See all holdings here.)

Separately, TheStreet Ratings currently has a "Buy" rating on the stock with a letter grade of B.

The company's strengths can be seen in multiple areas, such as its increase in net income and solid stock price performance. We feel its strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated.

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles' author.

You can view the full analysis from the report here: GE

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