Jim Cramer is looking into investing in BlackRock, the largest asset manager globally, and it’s now on our watch list.
BlackRock shares hit a record high after reporting strong third-quarter earnings and reaching $11.5 trillion in assets, thanks to increased market activity. CEO Larry Fink mentioned that they added $2 trillion in assets over five years and praised their recent acquisition of Global Infrastructure Partners, boosting their assets significantly.
As the financial sector begins quarterly earnings, BlackRock is performing well, along with Wells Fargo and Morgan Stanley, which reports next Wednesday. The market is adjusting to recent changes in interest rates from the Federal Reserve.
BlackRock’s impressive results make it a strong candidate for investment. Its shares have risen over 12% in the past month, outperforming the S&P 500. Jim Cramer acknowledges the rise but believes it could continue. He indicated that while he wants to invest in BlackRock, he has been focused on other stocks and prefers not to rush decisions.
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