Jim Cramer is considering investing in BlackRock, the world’s largest asset manager, and has added it to our stocks-to-watch list. BlackRock’s shares recently hit a record high after they reported strong third-quarter earnings, exceeding analysts’ expectations. The firm now manages $11.5 trillion, bolstered by a $2 trillion increase in assets over the past five years, as noted by CEO Larry Fink.
Fink also highlighted BlackRock’s acquisition of Global Infrastructure Partners, adding over $100 billion in assets. The financial industry has begun reporting quarterly earnings, with BlackRock and Wells Fargo showing positive results. Morgan Stanley, another Club favorite, will report next week.
The environment for Wall Street has been challenging due to prolonged high-interest rates, but there is speculation about future cuts from the Federal Reserve. Despite recent strong performanceBlackRock shares are up more than 12% this past month, compared to the S&P 500’s 4% gainCramer notes he hasn’t rushed into a decision, preferring to consider multiple factors carefully.
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