Jim Cramer is considering investing in BlackRock, the largest asset manager in the world, and is adding it to the Bullpen stocks-to-watch list. Recently, BlackRock’s shares hit a record high after the company reported strong third-quarter earnings and reached $11.5 trillion in assets, bolstered by significant market inflows. CEO Larry Fink stated that the firm added $2 trillion in assets over the past five years.
Moreover, BlackRock’s recent $12.5 billion acquisition of Global Infrastructure Partners contributed over $100 billion in assets. The financial industry recently began reporting quarterly earnings, with strong results not only from BlackRock but also Wells Fargo. Morgan Stanley will report next.
Despite a challenging environment with prolonged high interest rates, BlackRock’s impressive results support a potential investment. While the stock has already risen over 12% in the last month, Cramer believes it could go even higher. He has been more focused on Wells Fargo and Morgan Stanley, which is why he hasn’t acted on BlackRock sooner.
Subscribers to the CNBC Investing Club get trade alerts before Cramer makes any transactions. The club’s policies include waiting periods before buying or selling stocks after alerts or discussions on TV.
Note: Club information is subject to terms, conditions, and privacy policy. No specific outcomes or profits are guaranteed.
`
