Jim Cramer is considering investing in BlackRock, the largest asset manager worldwide. We’re adding it to our Bullpen watch list.
BlackRock’s shares hit a record high after announcing third-quarter earnings that exceeded expectations. They also reported assets under management at $11.5 trillion, boosted by strong stock market inflows. CEO Larry Fink said they gained $2 trillion organically over five years, comparable to the sixth largest asset management firm.
Fink highlighted BlackRock’s recent $12.5 billion acquisition of Global Infrastructure Partners, which added over $100 billion in assets. This week marked the start of the financial industry’s quarterly earnings, with Wells Fargo also showing strong results. Morgan Stanley will report next Wednesday amid a challenging environment due to high interest rates, which the Fed recently cut.
BlackRock’s impressive results encourage us to consider investing. Its stock has risen over 12% in the past month, outpacing the S&P 500’s 4% gain. Although Jim acknowledges the stock has risen significantly, he believes theres still potential for more growth. He has delayed deciding on the stock while focusing on Wells Fargo and Morgan Stanley.
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