Jim Cramer is looking into investing in BlackRock, the largest asset manager in the world. We’re adding it to our stocks-to-watch list. BlackRock’s shares hit a record high after reporting strong third-quarter earnings, with assets under management reaching $11.5 trillion, thanks to a surge in market inflows. CEO Larry Fink noted that they’ve added $2 trillion in five years, equivalent to the sixth largest asset manager’s size. They also recently acquired Global Infrastructure Partners for $12.5 billion, adding over $100 billion in assets.
This earnings season has kicked off, and besides BlackRock, Wells Fargo also reported solid results. Morgan Stanley will announce its results next Wednesday. The financial environment has been tricky due to prolonged high interest rates from the Federal Reserve, which recently cut rates.
BlackRock’s great quarterly performance is a key reason to consider investing in it. The company has consistently shown strong inflows and stock performance, up more than 12% in the last month compared to the S&P 500’s 4% gain. Although Jim Cramer acknowledges that the stock has already increased significantly, he believes it still has room to grow. He’s been focused on Wells Fargo and Morgan Stanley and prefers not to rush investment decisions.
As a member of Jim Cramer’s Investing Club, you will get a trade alert before any trades are made. Jim waits 45 minutes after sending a trade alert before executing any trades. If mentioned on CNBC, he waits 72 hours before acting. Please review our terms, conditions, and privacy policy.
`
