Jim Cramer is looking into investing in BlackRock, the largest asset manager globally, and is adding it to our watch list.
BlackRock’s shares hit a record high after announcing third-quarter earnings that exceeded expectations and assets under management reached $11.5 trillion, boosted by recent inflows during a stock market rally. CEO Larry Fink highlighted that they’ve added $2 trillion in the last five years.
Recent quarterly earnings kicked off with BlackRock and Wells Fargo reporting strong results. Morgan Stanley will report next week. The financial sector has faced challenges due to long-standing high-interest rates before a recent cut by the Federal Reserve.
BlackRock’s impressive earnings increase our interest in initiating a position in the stock. Its shares have risen over 12% in the past month, compared to the S&P 500’s 4% gain. Cramer noted the stock has potential for more growth.
Cramer also mentioned that he has been focused on Wells Fargo and Morgan Stanley, and doesn’t rush into trades. Subscribers to Jim Cramer’s Investing Club receive trade alerts before he makes a transaction.
For full details on Cramer’s charitable trust and trading practices, see the club’s terms and privacy policy.
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