Jim Cramer is looking into investing in BlackRock, the largest asset manager globally, and is adding it to our stocks-to-watch list. BlackRock’s shares hit a record high after an impressive third-quarter earnings report, surpassing expectations. The company announced that its assets under management reached $11.5 trillion, a significant rise from strong market inflows. CEO Larry Fink mentioned they added $2 trillion in the last five years, equating to the size of the sixth largest asset manager.
The financial sector recently began reporting quarterly earnings. Besides BlackRock, Wells Fargo also had strong results, while Morgan Stanley will report next week. The market has been challenging due to prolonged high-interest rates until the Federal Reserve cut rates last month, sparking debate about the next moves.
In summary, BlackRock’s strong performance supports considering the stock for investment. Its shares have increased over 12% in the last month, while the S&P 500 rose about 4%. Cramer noted that just because the stock has risen doesn’t mean it can’t keep going. He’s been focused on Wells Fargo and Morgan Stanley, hence the wait to invest in BlackRock.
As a member of Jim Cramer’s Investing Club, you’ll receive alerts before any trades are made. Cramer waits 45 minutes after sending a trade alert to execute trades in his charitable trust’s portfolio and 72 hours if the stock was discussed on CNBC.
`
