Jim Cramer is looking into investing in BlackRock, the largest asset manager in the world. We’ve added it to our stocks-to-watch list.
BlackRock’s shares hit a record high after strong third-quarter earnings that surpassed analysts’ expectations. The company’s assets under management reached $11.5 trillion due to rising market inflows. CEO Larry Fink mentioned the firm added $2 trillion in assets organically over five years and recently acquired Global Infrastructure Partners, boosting their assets by $100 billion.
Other financial companies like Wells Fargo also reported strong earnings. Morgan Stanley will report next week. The financial industry is adapting to prolonged high interest rates after a recent Federal Reserve rate cut.
BlackRock’s impressive results make it a strong candidate for investment. The stock has risen over 12% recently, outperforming the S&P 500’s 4% gain. Cramer acknowledges the stock’s rise but believes it can continue to grow. He’s been focused on other investments but has not rushed into a decision about BlackRock.
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