Comerica Bank Buys 123,662 Shares of Ryan Specialty Holdings Inc. $RYAN

Key Points

• Comerica Bank increased its stake in Ryan Specialty Holdings by 59.1%, owning 332,741 shares valued at approximately $24.58 million after acquiring an additional 123,662 shares during the first quarter.
• Analysts have shown mixed perceptions on Ryan Specialty, with UBS lowering its price target from $84 to $80 while Goldman Sachs upgraded it from "neutral" to "buy" with a new target price of $81.
• Ryan Specialty recently announced a quarterly dividend of $0.12 per share, with an annualized yield of 0.8%, although the company's dividend payout ratio is relatively high at 137.14%.

Comerica Bank grew its position in shares of Ryan Specialty Holdings Inc. (NYSE:RYAN - Free Report) by 59.1% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 332,741 shares of the company's stock after buying an additional 123,662 shares during the quarter. Comerica Bank owned 0.13% of Ryan Specialty worth $24,580,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of the company. Mariner LLC raised its holdings in shares of Ryan Specialty by 3.4% in the 4th quarter. Mariner LLC now owns 5,278 shares of the company's stock worth $339,000 after purchasing an additional 172 shares during the period. Tower Research Capital LLC TRC raised its holdings in shares of Ryan Specialty by 386.2% in the 4th quarter. Tower Research Capital LLC TRC now owns 10,041 shares of the company's stock worth $644,000 after purchasing an additional 7,976 shares during the period. Stifel Financial Corp raised its holdings in shares of Ryan Specialty by 14.2% in the 4th quarter. Stifel Financial Corp now owns 106,313 shares of the company's stock worth $6,821,000 after purchasing an additional 13,239 shares during the period. Hsbc Holdings PLC raised its holdings in shares of Ryan Specialty by 16.4% in the 4th quarter. Hsbc Holdings PLC now owns 3,654 shares of the company's stock worth $234,000 after purchasing an additional 514 shares during the period. Finally, Susquehanna International Group LLP raised its holdings in shares of Ryan Specialty by 31.1% in the 4th quarter. Susquehanna International Group LLP now owns 39,593 shares of the company's stock worth $2,540,000 after purchasing an additional 9,393 shares during the period. Institutional investors own 84.82% of the company's stock.

Insider Activity

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

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. Morgan Stanley lowered their price target on shares of Ryan Specialty from $71.00 to $68.00 and set an "overweight" rating on the stock in a report on Monday, August 18th. Citigroup assumed coverage on shares of Ryan Specialty in a report on Wednesday, August 13th. They issued a "buy" rating and a $74.00 price target on the stock. The Goldman Sachs Group raised shares of Ryan Specialty from a "neutral" rating to a "buy" rating and lifted their price target for the stock from $74.00 to $81.00 in a report on Tuesday, May 13th. Barclays lowered their target price on shares of Ryan Specialty from $83.00 to $79.00 and set an "overweight" rating on the stock in a report on Monday, July 7th. Finally, Cantor Fitzgerald raised shares of Ryan Specialty to a "hold" rating in a report on Wednesday, August 13th. Nine research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $74.83.

Ryan Specialty Price Performance

NYSE:RYAN traded down $0.18 during midday trading on Friday, hitting $56.47. The company had a trading volume of 992,978 shares, compared to its average volume of 1,455,772. Ryan Specialty Holdings Inc. has a 52-week low of $55.77 and a 52-week high of $77.16. The stock's fifty day moving average price is $62.69 and its 200-day moving average price is $67.09. The company has a market capitalization of $14.89 billion, a PE ratio of 161.36, a P/E/G ratio of 1.57 and a beta of 0.64. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 2.88.

Ryan Specialty (NYSE:RYAN - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The company reported $0.66 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.66. Ryan Specialty had a net margin of 6.81% and a return on equity of 48.70%. The business had revenue of $855.17 million during the quarter, compared to analyst estimates of $837.52 million. During the same period in the prior year, the business posted $0.58 earnings per share. The company's revenue was up 23.0% on a year-over-year basis. As a group, research analysts expect that Ryan Specialty Holdings Inc. will post 2.29 earnings per share for the current year.

Ryan Specialty Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 26th. Shareholders of record on Tuesday, August 12th were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 0.8%. The ex-dividend date was Tuesday, August 12th. Ryan Specialty's dividend payout ratio is presently 137.14%.

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.