Bank of America Raises Ryan Specialty (NYSE:RYAN) Price Target to $84.00

Ryan Specialty (NYSE:RYAN) had its target price lifted by Bank of America from $75.00 to $84.00 in a research note released on Thursday, Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other research analysts have also recently commented on RYAN. BMO Capital Markets upgraded Ryan Specialty from a market perform rating to an outperform rating and boosted their price target for the stock from $65.00 to $75.00 in a research note on Tuesday, September 24th. UBS Group increased their target price on Ryan Specialty from $67.00 to $76.00 and gave the company a buy rating in a research note on Tuesday, August 13th. The Goldman Sachs Group raised their price target on shares of Ryan Specialty from $64.00 to $72.00 and gave the stock a neutral rating in a research report on Wednesday, October 9th. Citigroup upped their target price on shares of Ryan Specialty from $56.00 to $62.00 and gave the company a neutral rating in a research note on Tuesday, July 23rd. Finally, Keefe, Bruyette & Woods reaffirmed an outperform rating and set a $62.00 target price on shares of Ryan Specialty in a report on Tuesday, July 2nd. One research analyst has rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, Ryan Specialty has an average rating of Hold and an average target price of $70.33.

Ryan Specialty Price Performance

Shares of NYSE RYAN opened at $71.76 on Thursday. The company has a debt-to-equity ratio of 1.81, a current ratio of 1.09 and a quick ratio of 1.09. Ryan Specialty has a 1-year low of $41.49 and a 1-year high of $72.97. The company has a market capitalization of $18.76 billion, a price-to-earnings ratio of 112.13, a PEG ratio of 1.66 and a beta of 0.62. The business has a 50-day moving average of $65.68 and a 200-day moving average of $58.71.

Ryan Specialty (NYSE:RYAN) last released its quarterly earnings results on Thursday, August 1st. The company reported $0.58 earnings per share for the quarter, topping analysts’ consensus estimates of $0.56 by $0.02. Ryan Specialty had a return on equity of 48.08% and a net margin of 10.21%. The firm had revenue of $695.40 million during the quarter, compared to analysts’ expectations of $695.56 million. During the same quarter in the prior year, the business earned $0.45 EPS. Ryan Specialty’s quarterly revenue was up 18.9% compared to the same quarter last year. On average, equities analysts anticipate that Ryan Specialty will post 1.81 EPS for the current fiscal year.

Ryan Specialty Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, August 27th. Shareholders of record on Tuesday, August 13th were given a $0.11 dividend. The ex-dividend date of this dividend was Tuesday, August 13th. This represents a $0.44 dividend on an annualized basis and a yield of 0.61%. Ryan Specialty’s dividend payout ratio (DPR) is 68.75%.

Insider Transactions at Ryan Specialty

In other Ryan Specialty news, Director Nicholas Dominic Cortezi sold 1,500 shares of the company’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $65.02, for a total value of $97,530.00. Following the transaction, the director now owns 25,123 shares of the company’s stock, valued at approximately $1,633,497.46. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Ryan Specialty news, Director Nicholas Dominic Cortezi sold 1,500 shares of the firm’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $65.02, for a total value of $97,530.00. Following the completion of the transaction, the director now directly owns 25,123 shares in the company, valued at $1,633,497.46. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Jeremiah Rawlins Bickham sold 26,233 shares of the business’s stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $65.18, for a total transaction of $1,709,866.94. Following the sale, the executive vice president now owns 24,845 shares in the company, valued at $1,619,397.10. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,107,136 shares of company stock valued at $131,860,032 in the last quarter. Insiders own 11.10% of the company’s stock.

Hedge Funds Weigh In On Ryan Specialty

Several institutional investors and hedge funds have recently modified their holdings of the stock. Champlain Investment Partners LLC increased its position in Ryan Specialty by 28.0% in the 1st quarter. Champlain Investment Partners LLC now owns 4,937,332 shares of the company’s stock worth $274,022,000 after purchasing an additional 1,079,505 shares during the last quarter. Norden Group LLC grew its stake in shares of Ryan Specialty by 2,138.1% in the 1st quarter. Norden Group LLC now owns 778,848 shares of the company’s stock valued at $43,226,000 after buying an additional 744,049 shares in the last quarter. Bessemer Group Inc. increased its holdings in Ryan Specialty by 33.9% in the first quarter. Bessemer Group Inc. now owns 1,925,864 shares of the company’s stock worth $106,886,000 after buying an additional 488,067 shares during the last quarter. Bank of New York Mellon Corp raised its position in Ryan Specialty by 132.2% during the second quarter. Bank of New York Mellon Corp now owns 836,209 shares of the company’s stock valued at $48,425,000 after acquiring an additional 476,126 shares in the last quarter. Finally, 2Xideas AG bought a new stake in Ryan Specialty in the first quarter worth approximately $19,765,000. 84.82% of the stock is currently owned by hedge funds and other institutional investors.

About Ryan Specialty

Ryan Specialty Holdings, Inc operates as a service provider of specialty products and solutions for insurance brokers, agents, and carriers in the United States, Canada, the United Kingdom, Europe, and Singapore. It offers distribution, underwriting, product development, administration, and risk management services by acting as a wholesale broker and a managing underwriter.