Jim Cramer is considering investing in BlackRock, the largest asset manager in the world. We’re adding it to our Bullpen stocks-to-watch list.
BlackRock’s shares hit a record high after strong third-quarter earnings that surpassed expectations. The firm reported assets under management have grown to $11.5 trillion, boosted by significant inflows. CEO Larry Fink mentioned they’ve added $2 trillion over five years, making them comparable to the sixth largest asset managers. He also highlighted a recent $12.5 billion acquisition that increased their assets by over $100 billion.
The financial sector has begun reporting quarterly earnings, with BlackRock and Wells Fargo among the companies posting strong results. Morgan Stanley will report next Wednesday. The industry is navigating high interest rates, but the Federal Reserve recently cut rates, sparking discussions about future cuts.
BlackRock’s impressive earnings make it a candidate for investment. The stock has gained over 12% in the past month, outperforming the S&P 500’s 4% increase. Cramer acknowledged that the stock has risen significantly, but that doesn’t rule out further gains.
Though Cramer wishes he had acted sooner, he has been focused on Wells Fargo and Morgan Stanley and prefers to avoid rushed decisions. Subscribers to Cramer’s Investing Club receive alerts before he trades and he waits a set time before executing trades.
**Disclaimer:** Information from the Investing Club is subject to terms and conditions. No guaranteed outcomes or profits are promised.
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