Jim Cramer is considering investing in BlackRock, the largest asset manager in the world, and is adding it to the Bullpen stocks-to-watch list. Recently, BlackRock’s shares hit a record high after the company reported strong third-quarter earnings and reached $11.5 trillion in assets, bolstered by significant market inflows. CEO Larry Fink stated that the firm added $2 trillion in assets over the past five years.
Moreover, BlackRock’s recent $12.5 billion acquisition of Global Infrastructure Partners contributed over $100 billion in assets. The financial industry recently began reporting quarterly earnings, with strong results not only from BlackRock but also Wells Fargo. Morgan Stanley will report next.
Despite a challenging environment with prolonged high interest rates, BlackRock’s impressive results support a potential investment. While the stock has already risen over 12% in the last month, Cramer believes it could go even higher. He has been more focused on Wells Fargo and Morgan Stanley, which is why he hasn’t acted on BlackRock sooner.
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