Wells Fargo & Company Cuts Ryan Specialty (NYSE:RYAN) Price Target to $64.00

Ryan Specialty (NYSE:RYAN) had its price target cut by Wells Fargo & Company from $68.00 to $64.00 in a research note published on Tuesday morning,Benzinga reports. They currently have an equal weight rating on the stock.

Several other research firms have also issued reports on RYAN. Morgan Stanley started coverage on shares of Ryan Specialty in a research report on Thursday, December 5th. They issued an “overweight” rating and a $90.00 price target on the stock. Keefe, Bruyette & Woods decreased their target price on Ryan Specialty from $79.00 to $77.00 and set an “outperform” rating on the stock in a report on Friday, January 10th. Barclays upped their target price on Ryan Specialty from $76.00 to $88.00 and gave the company an “overweight” rating in a report on Thursday, November 21st. The Goldman Sachs Group lifted their price target on Ryan Specialty from $64.00 to $72.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 9th. Finally, Bank of America upped their price objective on shares of Ryan Specialty from $75.00 to $84.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $74.40.

Ryan Specialty Trading Up 1.9 %

Shares of RYAN stock opened at $66.25 on Tuesday. The stock has a 50-day simple moving average of $68.19 and a 200 day simple moving average of $65.80. The stock has a market capitalization of $17.35 billion, a P/E ratio of 86.04, a P/E/G ratio of 1.52 and a beta of 0.72. Ryan Specialty has a fifty-two week low of $42.21 and a fifty-two week high of $75.97. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 2.40.

Ryan Specialty (NYSE:RYAN) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $0.41 earnings per share for the quarter, meeting the consensus estimate of $0.41. The company had revenue of $604.69 million during the quarter, compared to analyst estimates of $602.04 million. Ryan Specialty had a net margin of 10.31% and a return on equity of 47.90%. The business’s revenue for the quarter was up 20.5% on a year-over-year basis. During the same quarter last year, the firm posted $0.32 EPS. On average, sell-side analysts expect that Ryan Specialty will post 1.82 earnings per share for the current fiscal year.

Ryan Specialty Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, November 26th. Stockholders of record on Tuesday, November 12th were issued a $0.11 dividend. The ex-dividend date was Tuesday, November 12th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 0.66%. Ryan Specialty’s dividend payout ratio is 57.14%.

Insider Buying and Selling

In related news, Director Nicholas Dominic Cortezi sold 35,000 shares of the stock in a transaction on Friday, December 13th. The stock was sold at an average price of $67.39, for a total transaction of $2,358,650.00. Following the completion of the sale, the director now directly owns 65,100 shares in the company, valued at approximately $4,387,089. This trade represents a 34.97 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Mark Stephen Katz sold 14,790 shares of the business’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $71.39, for a total value of $1,055,858.10. Following the completion of the transaction, the executive vice president now owns 12,386 shares in the company, valued at $884,236.54. This trade represents a 54.42 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 126,936 shares of company stock worth $8,536,282. 11.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On Ryan Specialty

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Xponance Inc. grew its position in Ryan Specialty by 67.2% in the second quarter. Xponance Inc. now owns 20,686 shares of the company’s stock worth $1,198,000 after acquiring an additional 8,312 shares in the last quarter. Jennison Associates LLC lifted its stake in shares of Ryan Specialty by 60.2% in the 3rd quarter. Jennison Associates LLC now owns 1,025,063 shares of the company’s stock valued at $68,054,000 after purchasing an additional 385,366 shares during the last quarter. Geneva Partners LLC acquired a new position in Ryan Specialty during the third quarter worth $2,537,000. JPMorgan Chase & Co. increased its position in Ryan Specialty by 107.5% during the third quarter. JPMorgan Chase & Co. now owns 459,464 shares of the company’s stock worth $30,504,000 after buying an additional 238,064 shares during the last quarter. Finally, Barclays PLC raised its holdings in Ryan Specialty by 1.1% during the third quarter. Barclays PLC now owns 1,641,743 shares of the company’s stock valued at $108,994,000 after buying an additional 17,267 shares in the last quarter. Institutional investors own 84.82% of the company’s stock.

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.