Jim Cramer is considering investing in BlackRock, the largest asset manager globally, and has added it to our Bullpen stocks-to-watch list. BlackRock’s shares hit a record high after they reported impressive third-quarter earnings and announced their assets under management reached $11.5 trillion. CEO Larry Fink noted that they added $2 trillion in assets over the past five years, equivalent to the size of the sixth largest asset manager.
Fink also highlighted BlackRock’s recent acquisition of Global Infrastructure Partners for $12.5 billion, which added over $100 billion in assets. Other financial companies like Wells Fargo also reported strong results, while Morgan Stanley is set to report next week. The financial environment remains complex due to ongoing interest rate changes from the Federal Reserve.
BlackRock’s strong performance makes it a candidate for investment. Its shares have risen over 12% recently, outpacing the S&P 500’s 4% gain. Cramer believes there is still potential for further growth, even with the recent increases. He has delayed making a move to focus on other companies like Wells Fargo and Morgan Stanley.
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