BlackRock shares close higher on Tuesday, Rachel Lord appointed as head of APAC business

BlackRock Inc (BLK) on Tuesday announced the appointment of Rachel Lord as its new Chairman of Asia Pacific business.

Lord’s appointment is effective from May 1st, subject to regulatory approval, the asset manager said.

BlackRock shares closed higher for a second consecutive trading session in New York on Tuesday. The stock edged up 0.32% ($2.35) to $728.80, after touching an intraday low at $719.34 and an intraday high at $731.31 respectively.

Shares of BlackRock Inc have risen 1.01% so far in 2021 compared with a 4.13% gain for the benchmark index, S&P 500 (SPX).

In 2020, BlackRock Inc’s stock went up 43.53%, thus, it outperformed the S&P 500, which registered a 16.26% gain.

Rachel Lord is to replace Geraldine Buckingham as APAC Chairman, after Buckingham said last week that she intended to step down from the position. Buckingham will remain with the firm as an advisor.

Lord became part of BlackRock’s team in 2013 from Citigroup. Most recently, she was head of the asset manager’s business in Europe, the Middle East and Africa.

Analyst stock price forecast and recommendation

According to CNN Money, the 15 analysts, offering 12-month forecasts regarding BlackRock Inc’s stock price, have a median target of $840.00, with a high estimate of $890.00 and a low estimate of $715.00. The median estimate represents a 15.26% upside compared to the closing price of $728.80 on February 9th.

The same media also reported that at least 14 out of 17 surveyed investment analysts had rated BlackRock Inc’s stock as “Buy”, while 3 – as “Hold”.