Jim Cramer is looking into investing in BlackRock, the largest asset manager globally, and it’s now on our “Bullpen” watchlist. BlackRock’s shares hit a record high after reporting strong third-quarter earnings and reaching $11.5 trillion in assets, boosted by significant market inflows. CEO Larry Fink highlighted that they added $2 trillion over the last five years, equating to the sixth largest asset manager in the world. Fink also noted their recent $12.5 billion acquisition of Global Infrastructure Partners, which brought in over $100 billion in assets.
The financial sector began releasing quarterly earnings, with BlackRock and Wells Fargo showing solid results. Morgan Stanley will report next week. It has been challenging for Wall Street firms due to persistent high-interest rates until the Federal Reserve made cuts last month, with the next moves still debated.
BlackRock’s impressive earnings are convincing us to consider this stock. The company’s performance has been notable, with shares gaining over 12% in the last month, compared to a 4% rise in the S&P 500. Jim Cramer acknowledges the recent run-up but believes theres still room for growth. He mentioned that timing is crucial, especially with ongoing evaluations of Wells Fargo and Morgan Stanley. Cramers Charitable Trust holds positions in both.
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