Jim Cramer is considering investing in BlackRock, the largest asset manager in the world, and has added it to our stocks-to-watch list.
BlackRock’s shares hit a record high after surpassing earnings expectations for the third quarter and reaching total assets under management of $11.5 trillion, boosted by strong market inflows. CEO Larry Fink highlighted their impressive growth, adding $2 trillion over five years and praised a recent $12.5 billion acquisition that increased their assets by over $100 billion.
As the financial industry reports quarterly earnings, other companies like Wells Fargo also posted solid results. Morgan Stanley will report next week. The current interest rate environment has been challenging, but after the Fed’s recent rate cut, expectations for future cuts have adjusted.
BlackRocks strong performance makes it a candidate for investment. Its stock has risen over 12% recently, while the S&P 500 gained about 4%. Cramer acknowledged that despite the stock’s rise, it could still increase further. He has been focused on Wells Fargo and Morgan Stanley, which is why there’s been a delay in making a move.
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