Wells Fargo & Company Cuts Ryan Specialty (NYSE:RYAN) Price Target to $60.00

Ryan Specialty (NYSE:RYAN) had its target price lowered by Wells Fargo & Company from $63.00 to $60.00 in a report released on Friday morning,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the stock.

Several other research analysts have also recently weighed in on the company. The Goldman Sachs Group upgraded Ryan Specialty from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $74.00 to $81.00 in a research report on Tuesday, May 13th. TD Cowen began coverage on Ryan Specialty in a research report on Thursday, April 10th. They issued a “buy” rating and a $89.00 price target on the stock. Barclays decreased their price target on Ryan Specialty from $83.00 to $79.00 and set an “overweight” rating on the stock in a research report on Monday, July 7th. Wall Street Zen cut Ryan Specialty from a “hold” rating to a “sell” rating in a research report on Saturday, July 26th. Finally, Morgan Stanley decreased their price target on Ryan Specialty from $80.00 to $78.00 and set an “overweight” rating on the stock in a research report on Monday, July 14th. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $77.70.

Ryan Specialty Stock Down 5.3%

RYAN stock opened at $57.97 on Friday. The company has a debt-to-equity ratio of 2.88, a current ratio of 1.01 and a quick ratio of 1.05. The stock has a market capitalization of $15.21 billion, a price-to-earnings ratio of 165.63, a PEG ratio of 1.57 and a beta of 0.64. The business’s fifty day moving average price is $66.47 and its two-hundred day moving average price is $68.22. Ryan Specialty has a fifty-two week low of $55.77 and a fifty-two week high of $77.16.

Ryan Specialty (NYSE:RYAN) last posted its quarterly earnings data on Thursday, July 31st. The company reported $0.66 earnings per share for the quarter, hitting the consensus estimate of $0.66. The firm had revenue of $855.17 million for the quarter, compared to analysts’ expectations of $837.52 million. Ryan Specialty had a return on equity of 48.70% and a net margin of 6.81%. The company’s quarterly revenue was up 23.0% compared to the same quarter last year. During the same quarter last year, the business earned $0.58 EPS. On average, equities analysts anticipate that Ryan Specialty will post 2.29 earnings per share for the current year.

Ryan Specialty Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 26th. Shareholders of record on Tuesday, August 12th will be given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date is Tuesday, August 12th. Ryan Specialty’s payout ratio is currently 137.14%.

Insider Transactions at Ryan Specialty

In other Ryan Specialty news, EVP Mark Stephen Katz sold 14,377 shares of Ryan Specialty stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $65.84, for a total value of $946,581.68. Following the transaction, the executive vice president owned 1,117 shares in the company, valued at $73,543.28. The trade was a 92.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director David P. Bolger sold 5,000 shares of Ryan Specialty stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $70.80, for a total value of $354,000.00. Following the completion of the transaction, the director owned 71,467 shares in the company, valued at approximately $5,059,863.60. This represents a 6.54% decrease in their position. The disclosure for this sale can be found here. Insiders own 52.21% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Jennison Associates LLC grew its position in Ryan Specialty by 1.4% in the second quarter. Jennison Associates LLC now owns 1,000,807 shares of the company’s stock valued at $68,045,000 after acquiring an additional 13,655 shares during the last quarter. AlphaQuest LLC boosted its stake in shares of Ryan Specialty by 2,138.6% during the second quarter. AlphaQuest LLC now owns 3,134 shares of the company’s stock valued at $213,000 after purchasing an additional 2,994 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its stake in shares of Ryan Specialty by 9.7% during the second quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,353,520 shares of the company’s stock valued at $92,026,000 after purchasing an additional 120,214 shares in the last quarter. Asset Management One Co. Ltd. acquired a new stake in shares of Ryan Specialty during the second quarter valued at about $1,636,000. Finally, Ethic Inc. boosted its stake in shares of Ryan Specialty by 58.0% during the second quarter. Ethic Inc. now owns 7,683 shares of the company’s stock valued at $519,000 after purchasing an additional 2,819 shares in the last quarter. Institutional investors own 84.82% of the company’s stock.

Ryan Specialty Company Profile

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.