Jim Cramer is looking at investing in BlackRock, the largest asset manager in the world, and it’s now on our watchlist.
BlackRock’s stock hit a record high after reporting third-quarter earnings that exceeded analysts’ expectations. They also announced a new peak in assets under management, reaching $11.5 trillion, thanks to strong market inflows. CEO Larry Fink noted they’ve added $2 trillion in the last five years, making them competitive with the sixth largest asset managers. He also praised a recent $12.5 billion acquisition that increased their assets by over $100 billion.
Friday marked the start of earnings season for financial companies. Along with BlackRock, Wells Fargo also reported strong results, while Morgan Stanley will report next week. The financial sector has been adjusting to higher interest rates but is now anticipating rate cuts from the Federal Reserve.
BlackRocks impressive results make it an attractive option for our watchlist. The stock has risen over 12% in the past month, significantly outperforming the S&P 500. Jim Cramer believes the stock still has potential for growth.
Jim has taken time to also focus on Wells Fargo and Morgan Stanley before making any moves. As part of Jim Cramer’s Investing Club, members receive alerts before he trades, with a waiting period before execution.
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