Jim Cramer is considering investing in BlackRock, the largest asset manager, and it’s now on our Bullpen stocks-to-watch list.
BlackRock shares hit a record high after posting strong Q3 earnings, exceeding expectations. Their assets reached $11.5 trillion, driven by $2 trillion in organic growth over five years, as stated by CEO Larry Fink.
Additionally, BlackRock acquired Global Infrastructure Partners for $12.5 billion, adding over $100 billion in assets.
This week’s earnings report also included strong results from Wells Fargo, with Morgan Stanley reporting next Wednesday. Wall Street is dealing with ongoing high interest rates but saw a recent rate cut from the Federal Reserve.
Considering BlackRock’s impressive quarterly results, we are inclined to initiate a position in the stock. Despite its recent surge (up over 12% in the past month), Cramer believes theres potential for more gains.
While we haven’t acted yet, Cramer has been preoccupied with other investments. As a CNBC Investing Club member, you’ll receive trade alerts ahead of Cramer’s transactions, with specific waiting times for execution.
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