Jim Cramer is looking into investing in BlackRock, the largest asset manager in the world, and has added it to our stocks-to-watch list.
Recently, BlackRock’s shares hit an all-time high after reporting strong third-quarter earnings and revealing that their assets under management reached a record $11.5 trillion, helped by significant market inflows. CEO Larry Fink highlighted that they added $2 trillion to their portfolio over the last five years, equivalent to the size of the sixth-largest asset manager.
Additionally, Fink praised their recent acquisition of Global Infrastructure Partners, which brought in over $100 billion in assets.
This earnings season has started strong, with Wells Fargo also reporting solid results. Morgan Stanley, part of the same portfolio, is set to report next Wednesday. The current market landscape is challenging due to persistent high-interest rates, but expectations for the Federal Reserves next move are shifting.
BlackRock’s outstanding results strengthen our interest in initiating a position. Their stock has gained over 12% in the last month, far exceeding the S&P 500’s 4% increase. Cramer acknowledges the stock’s rise but believes there may still be room for growth.
Although we haven’t acted yet, Cramer has been focusing on Wells Fargo and Morgan Stanley, preferring not to rush into decisions. As a subscriber to Jim Cramer’s Investing Club, you’ll receive advance notifications before any trades are made.
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