Jim Cramer is considering investing in BlackRock, the largest asset manager in the world. We are adding it to our Bullpen stocks-to-watch list.
BlackRock shares reached a record high after strong third-quarter earnings surpassed expectations. The company also announced a record $11.5 trillion in assets under management, driven by significant inflows. CEO Larry Fink highlighted that they have added $2 trillion over five years, comparable to the sixth-largest asset managers.
Fink praised the recent $12.5 billion acquisition of Global Infrastructure Partners, which added over $100 billion in assets.
The financial sector has just started reporting quarterly earnings, with Wells Fargo reporting strong results as well. Morgan Stanley will report next Wednesday. The banking environment has been challenging due to high interest rates, but the Federal Reserve recently cut rates.
Despite BlackRock’s recent stock surge—up over 12% in the last month compared to the S&P 500’s 4% gain—Cramer believes there’s still potential for further increase. He has been focused on Wells Fargo and Morgan Stanley but is now considering this stock.
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