Jim Cramer is considering investing in BlackRock, the largest asset manager in the world. Were adding it to our stocks-to-watch list.
BlackRock’s shares hit a record high after reporting strong third-quarter earnings, exceeding analysts’ expectations. CEO Larry Fink announced that assets under management reached an impressive $11.5 trillion, thanks to significant inflows during a stock market rally.
Fink mentioned, Weve added $2 trillion organically over the last five years, emphasizing the company’s growth. The recent $12.5 billion acquisition of Global Infrastructure Partners also contributed over $100 billion in assets.
Last Friday marked the start of quarterly earnings in the financial industry. Other companies, like Wells Fargo, also posted strong results. Morgan Stanley, which is part of our portfolio, will report next Wednesday. The financial sector is adjusting to prolonged high-interest rates after a recent Federal Reserve cut.
BlackRock’s impressive results reinforce our interest in the stock. Its shares have risen over 12% in the past month, outperforming the S&P 500’s 4% gain. Cramer noted, The stock has run a lot, but that doesnt mean it cant run more.
While we’ve been cautious about jumping in, Cramer has been focused on Wells Fargo and Morgan Stanley. As a member of the CNBC Investing Club, youll get trade alerts before any action is taken.
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