Jim Cramer is looking at investing in BlackRock, the largest asset manager in the world, and has added it to our watch list.
BlackRock’s shares hit a record high after it reported strong third-quarter earnings, surpassing analysts’ predictions. The company now manages $11.5 trillion in assets, driven by significant market inflows. CEO Larry Fink noted they’ve added $2 trillion over five years, which is like being the sixth largest asset manager. He also highlighted their recent $12.5 billion acquisition, which boosted their assets by over $100 billion.
The financial sector has started releasing quarterly earnings, with BlackRock and Wells Fargo showing solid results. Morgan Stanley will report next week. These large firms have been adjusting to prolonged high-interest rates, with market speculation around future Federal Reserve rate cuts changing over time.
BlackRock’s outstanding results make us more inclined to consider investing. Their stock has increased more than 12% in the last month, outperforming the S&P 500. Cramer acknowledges the stock’s surge but believes it may continue to rise.
We’ve delayed action on the investment because Cramer has been focused on Wells Fargo and Morgan Stanley, indicating a cautious approach. As a subscriber to Jim Cramer’s Investing Club, youll receive alerts before any trades are made.
Note: Theres no guarantee of profit or outcome from this investment club, and all information provided is subject to terms and conditions.
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