Jim Cramer is looking into investing in BlackRock, the largest asset manager worldwide, and has added it to our watchlist.
BlackRock’s shares reached a record high on Friday after impressive third-quarter earnings that exceeded expectations. The company now manages $11.5 trillion in assets, largely due to significant inflows as the stock market improved. CEO Larry Fink highlighted that they have added $2 trillion in the past five years alone.
Fink also mentioned their $12.5 billion acquisition of Global Infrastructure Partners, adding $100 billion in assets.
This earnings season, both BlackRock and Wells Fargo reported strong results. Morgan Stanley will report next Wednesday. Although the financial market has faced challenges with persistent interest rates, there are talks about possible rate cuts from the Federal Reserve.
BlackRock’s excellent quarterly results make it a strong candidate for investment. The stock has gained over 12% in the past month, outpacing the S&P 500’s 4% rise. Cramer noted that even though the stock has risen significantly, it could still go higher.
Jim has been hesitant to invest immediately as he’s been focused on Wells Fargo and Morgan Stanley. As a member of Jim Cramer’s Investing Club, you’ll receive notifications before any trades are made. Jim waits 45 minutes after a trade alert before executing, and if discussed on TV, he waits 72 hours.
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