Jim Cramer is considering investing in BlackRock, the largest asset manager globally, and it’s now added to our watchlist.
Recently, BlackRock’s shares hit a record high after their third-quarter earnings exceeded expectations. They reported assets under management at an all-time high of $11.5 trillion, boosted by strong market inflows. CEO Larry Fink highlighted that they’ve added $2 trillion in the past five years.
Fink also mentioned a recent $12.5 billion acquisition that increased their assets significantly. Despite a tricky financial environment, other institutions like Wells Fargo and Morgan Stanley also released strong earnings, with Morgan Stanley reporting next week.
With interest rates in flux, BlackRock’s impressive results make it a compelling option. The stock has risen over 12% in the past month, outpacing the S&P 500’s 4% gain. Cramer noted that despite the stock’s rise, it could continue to grow.
Previously, Cramer focused on Wells Fargo and Morgan Stanley before making a quick decision on BlackRock. Subscribers to Jim Cramer’s Investing Club will receive trade alerts before any transactions. Note that no specific outcomes or guarantees are provided.
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