Jim Cramer is considering investing in BlackRock, the largest asset manager in the world. We’re adding it to our Bullpen stocks-to-watch list.
BlackRock shares hit a record high after reporting impressive third-quarter earnings that exceeded expectations. The company’s assets reached $11.5 trillion, boosted by strong market inflows. CEO Larry Fink mentioned that they added $2 trillion over the past five years, making them one of the top six asset managers.
Fink also highlighted BlackRock’s $12.5 billion acquisition of Global Infrastructure Partners, adding over $100 billion in assets. The financial sector has started releasing quarterly earnings, with BlackRock and Wells Fargo reporting strong results. Morgan Stanley is set to report next week.
Despite a challenging environment due to rising interest rates, BlackRock’s recent performance makes it an attractive investment option. Cramer noted that even though shares have risen significantly, there’s still potential for more growth. He expressed regret for not investing sooner but emphasized the importance of careful decision-making.
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