Jim Cramer is looking into investing in BlackRock, the largest asset manager in the world, adding it to our stocks-to-watch list. BlackRock’s shares hit a record high after reporting third-quarter earnings that exceeded analysts’ expectations. CEO Larry Fink stated that the companys assets reached an all-time high of $11.5 trillion, largely due to strong market inflows.
BlackRock has also recently acquired Global Infrastructure Partners for $12.5 billion, adding over $100 billion in assets. The earnings season for the financial industry began on Friday with several companies, including Wells Fargo and Morgan Stanley, also reporting strong results. The financial sector is currently navigating a challenging environment with fluctuating interest rates.
BlackRock’s excellent quarterly performance makes it an attractive option for investment. The stock has been performing well, gaining over 12% in the past month compared to the S&P 500’s 4% gain. Cramer mentioned he is cautious but optimistic about BlackRocks potential for further growth.
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