Jim Cramer is considering investing in BlackRock, the largest asset manager in the world, and has added it to our stocks-to-watch list.
BlackRock’s shares reached a record high after reporting strong third-quarter earnings, exceeding expectations once again. The firm also announced a record $11.5 trillion in assets under management due to significant inflows from a rising stock market. CEO Larry Fink stated, “We’ve added $2 trillion organically over the last five years,” which positions BlackRock among the top asset managers.
Fink highlighted the recent $12.5 billion acquisition of Global Infrastructure Partners, adding over $100 billion in assets to BlackRock’s portfolio. The financial sector has begun its quarterly earnings, with Wells Fargo and Morgan Stanley also reporting strong results.
Despite challenges from long-term high-interest rates, BlackRock’s impressive quarterly results support our interest in the stock. BlackRock shares have risen over 12% in the past month, compared to about 4% for the S&P 500. Jim Cramer acknowledged the stocks growth but believes theres potential for more gains.
We have been cautious about investing quickly due to other priorities involving Wells Fargo and Morgan Stanley. As a member of Jim Cramer’s Investing Club, you will receive trade alerts before any transactions are made. Jim waits a duration after sending alerts to ensure strategic buying or selling.
`
