Jim Cramer is looking into investing in BlackRock, the largest asset manager in the world, and adding it to our watchlist.
BlackRock’s stock reached a record high after posting impressive third-quarter earnings and reporting assets under management of $11.5 trillion. CEO Larry Fink mentioned that the company added $2 trillion over five years, making it equivalent to the sixth-largest asset manager. He also highlighted a recent $12.5 billion acquisition that increased BlackRock’s assets by over $100 billion.
This Friday marked the start of quarterly earnings for financial firms. Alongside BlackRock, Wells Fargo also reported strong results, and Morgan Stanley will report next Wednesday. The industry is navigating a challenging environment due to fluctuating interest rates.
Overall, BlackRock’s successful earnings make it an attractive option for us. The stock has risen over 12% recently, outperforming the S&P 500. Although Cramer acknowledges the stock has surged, he believes there is still room for growth.
Cramer has delayed the investment to prioritize Wells Fargo and Morgan Stanley, emphasizing careful decision-making in his strategy.
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