Ryan Specialty (NYSE:RYAN) Reaches New 52-Week High on Analyst Upgrade

Shares of Ryan Specialty Holdings, Inc. (NYSE:RYAN) hit a new 52-week high during trading on Friday after Barclays raised their price target on the stock from $76.00 to $88.00. Barclays currently has an overweight rating on the stock. Ryan Specialty traded as high as $73.40 and last traded at $72.91, with a volume of 45315 shares traded. The stock had previously closed at $71.73.

RYAN has been the subject of a number of other reports. JPMorgan Chase & Co. lifted their price objective on Ryan Specialty from $54.00 to $56.00 and gave the company an “underweight” rating in a research note on Friday, August 2nd. Bank of America lifted their price objective on shares of Ryan Specialty from $75.00 to $84.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. The Goldman Sachs Group increased their price target on shares of Ryan Specialty from $64.00 to $72.00 and gave the company a “neutral” rating in a research note on Wednesday, October 9th. BMO Capital Markets upgraded Ryan Specialty from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $65.00 to $75.00 in a research report on Tuesday, September 24th. Finally, Wells Fargo & Company increased their price target on shares of Ryan Specialty from $63.00 to $70.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 10th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $71.67.

Insiders Place Their Bets

In related news, Director Nicholas Dominic Cortezi sold 2,325 shares of Ryan Specialty stock in a transaction on Monday, August 26th. The shares were sold at an average price of $64.60, for a total transaction of $150,195.00. Following the transaction, the director now owns 3,463 shares in the company, valued at approximately $223,709.80. The trade was a 40.17 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Mark Stephen Katz sold 14,790 shares of the firm’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 sale, the executive vice president now owns 12,386 shares in the company, valued at approximately $884,236.54. The trade was a 54.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 22,490 shares of company stock worth $1,553,977. 11.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Ryan Specialty

Several hedge funds and other institutional investors have recently bought and sold shares of the business. State Street Corp increased its holdings in Ryan Specialty by 1.5% in the third quarter. State Street Corp now owns 3,273,093 shares of the company’s stock valued at $217,301,000 after buying an additional 49,198 shares during the last quarter. Janus Henderson Group PLC boosted its holdings in shares of Ryan Specialty by 0.4% during the third quarter. Janus Henderson Group PLC now owns 3,148,916 shares of the company’s stock valued at $209,058,000 after acquiring an additional 13,986 shares during the period. Blair William & Co. IL grew its position in Ryan Specialty by 3.4% in the 2nd quarter. Blair William & Co. IL now owns 2,866,003 shares of the company’s stock worth $165,970,000 after purchasing an additional 94,663 shares during the last quarter. Barclays PLC grew its holdings in Ryan Specialty by 1.1% in the 3rd quarter. Barclays PLC now owns 1,641,743 shares of the company’s stock worth $108,994,000 after buying an additional 17,267 shares in the last quarter. Finally, Eagle Asset Management Inc. increased its holdings in shares of Ryan Specialty by 32.1% during the third quarter. Eagle Asset Management Inc. now owns 1,380,510 shares of the company’s stock valued at $98,555,000 after purchasing an additional 335,180 shares during the period. 84.82% of the stock is currently owned by hedge funds and other institutional investors.

Ryan Specialty Stock Performance

The stock has a market cap of $19.13 billion, a price-to-earnings ratio of 93.16, a PEG ratio of 1.60 and a beta of 0.62. The company’s 50 day simple moving average is $68.88 and its 200 day simple moving average is $62.35. The company has a debt-to-equity ratio of 2.40, a quick ratio of 1.01 and a current ratio of 1.01.

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, equities research analysts anticipate that Ryan Specialty Holdings, Inc. will post 1.8 earnings per share for the current year.

Ryan Specialty Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 26th. Investors of record on Tuesday, November 12th will be paid a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 0.60%. The ex-dividend date of this dividend is Tuesday, November 12th. Ryan Specialty’s dividend payout ratio is currently 57.14%.

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.