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Market Update: General Electric Company (NYSE:GE) – Shares in GE’s Czech bank Moneta rise on Prague debut

[Reuters] – Shares in Czech lender Moneta Money Bank edged higher on their Prague market debut after an initial public (IPO) offering priced at the bottom of expectations, valuing the bank at 34.75 billion crowns ($1.47 billion). The bank, owned by U.S. conglomerate General Electric (GE) , priced shares at 68 crowns each, confirming a Reuters report on Thursday. GE, as part of a shift away from financial activities globally, sold a 51 stake in the Czech bank, previously named GE Money Bank, in Prague’s largest IPO since the global financial crisis hit central Europe in 2008 and one of the biggest in Europe this year. Read more on this. General Electric Company (GE) , with a current market cap of $279.06B, opened this morning at $29.68. Shares have traded today between $29.41 and $30.08 per share and has traded between $19.37 and $32.05 over the past year. Priced at 19.79x this year’s forecasted earnings, GE shares are relatively expensive compared to the industry’s 16.50x forward p/e ratio. And for those looking to make a return holding the stock, the company pays shareholders $0.92 per share annually in dividends, yielding 3.00%. In a review of the consensus earnings estimate this quarter, 13 sell-side analysts are looking at $0.43 per share, which would be $0.12 better than the year-ago quarter and a $0.15 sequential increase. Furthermore, our analysis shows the full-year EPS estimate to be $1.51, which would be a $0.20 better when compared to the last year’s annual results. The quarterly earnings estimate is predicated on a consensus revenue forecast of $30.69 Billion. If reported, that would be a 3.47% increase over the year-ago quarter. In terms of ratings, Bernstein downgraded GE from Outperform to Mkt Perform (Apr 4, 2016). Previously, UBS Initiated GE at to Buy. With the above information in mind, readers should note that the average price target is $33.23, which is 11.96% above where the stock opened this morning. See more in (NYSE:GE) Similar Articles: Company Update: General Electric Company (NYSE:GE) – Czech lender GE Money reveals IPO price range and renamed MONETA Stock Update: General Electric Company (NYSE:GE) – Diversified Machinery Equities Technical Briefing — General Electric, Danaher, Honeywell Intl., and 3M Co. Stock Update: General Electric Company (NYSE:GE) – General Electric to move headquarters to Boston – report
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