Mizuho Increases Ryan Specialty (NYSE:RYAN) Price Target to $39.00

Key Points

• Mizuho raised its price target on Ryan Specialty to $39 from $35, while keeping a neutral rating; that target still implies a small downside from the stock’s prior close.
• Other analysts remain mixed on the name, with the current consensus rating at Hold and an average price target of $48.47 based on multiple recent target changes.
• Ryan Specialty has shown solid fundamentals, recently beating earnings and revenue estimates, and its board approved a $300 million share repurchase program that could signal confidence in the stock.

Ryan Specialty (NYSE:RYAN - Get Free Report) had its target price upped by stock analysts at Mizuho from $35.00 to $39.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a "neutral" rating on the stock. Mizuho's price target indicates a potential downside of 4.02% from the stock's previous close.

Several other brokerages also recently commented on RYAN. Bank of America reduced their target price on shares of Ryan Specialty from $70.00 to $68.00 and set a "buy" rating on the stock in a research note on Tuesday, April 14th. Royal Bank Of Canada assumed coverage on shares of Ryan Specialty in a report on Tuesday, March 17th. They set an "outperform" rating and a $45.00 price target for the company. Citigroup reduced their price target on shares of Ryan Specialty from $55.00 to $50.00 and set a "buy" rating on the stock in a research report on Monday, May 4th. The Goldman Sachs Group upped their price objective on shares of Ryan Specialty from $35.00 to $40.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 1st. Finally, UBS Group cut their target price on shares of Ryan Specialty from $52.00 to $50.00 and set a "buy" rating for the company in a research note on Wednesday. Eight analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, Ryan Specialty presently has an average rating of "Hold" and a consensus price target of $48.47.

Ryan Specialty Price Performance

Shares of Ryan Specialty stock opened at $40.63 on Thursday. The firm has a market cap of $10.71 billion, a P/E ratio of 52.89, a price-to-earnings-growth ratio of 1.00 and a beta of 0.61. The firm's 50-day simple moving average is $34.42 and its 200-day simple moving average is $39.48. Ryan Specialty has a twelve month low of $29.28 and a twelve month high of $67.69. The company has a debt-to-equity ratio of 2.90, a quick ratio of 1.02 and a current ratio of 1.02.

Ryan Specialty (NYSE:RYAN - Get Free Report) last issued its earnings results on Thursday, April 30th. The company reported $0.47 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.43 by $0.04. Ryan Specialty had a return on equity of 41.33% and a net margin of 8.21%.The business had revenue of $795.23 million during the quarter, compared to analysts' expectations of $781.44 million. During the same period in the prior year, the firm posted $0.39 EPS. Ryan Specialty's quarterly revenue was up 15.2% compared to the same quarter last year. As a group, research analysts expect that Ryan Specialty will post 2.05 EPS for the current fiscal year.

Ryan Specialty announced that its Board of Directors has approved a share repurchase plan on Tuesday, May 26th that authorizes the company to repurchase $300.00 million in shares. This repurchase authorization authorizes the company to purchase up to 3.5% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's board of directors believes its stock is undervalued.

Insider Buying and Selling

In other news, EVP Mark Stephen Katz acquired 3,215 shares of Ryan Specialty stock in a transaction that occurred on Wednesday, June 3rd. The shares were acquired at an average price of $31.07 per share, with a total value of $99,890.05. Following the purchase, the executive vice president directly owned 4,332 shares of the company's stock, valued at $134,595.24. The trade was a 287.82% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Patrick G. Ryan acquired 120,000 shares of the firm's stock in a transaction that occurred on Friday, June 5th. The shares were purchased at an average price of $32.50 per share, with a total value of $3,900,000.00. Following the acquisition, the chairman owned 13,817,859 shares of the company's stock, valued at approximately $449,080,417.50. This trade represents a 0.88% increase in their position. The SEC filing for this purchase provides additional information. Insiders have bought 130,715 shares of company stock valued at $4,263,590 in the last 90 days. 52.03% of the stock is owned by insiders.

Institutional Trading of Ryan Specialty

Hedge funds have recently added to or reduced their stakes in the business. T. Rowe Price Investment Management Inc. grew its stake in Ryan Specialty by 79.9% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 7,552,002 shares of the company's stock valued at $389,910,000 after acquiring an additional 3,353,926 shares during the period. Capital World Investors grew its position in shares of Ryan Specialty by 0.3% in the 4th quarter. Capital World Investors now owns 6,640,638 shares of the company's stock valued at $342,856,000 after purchasing an additional 17,082 shares during the period. Vulcan Value Partners LLC increased its stake in Ryan Specialty by 631.7% during the 4th quarter. Vulcan Value Partners LLC now owns 4,621,079 shares of the company's stock worth $238,536,000 after purchasing an additional 3,989,502 shares in the last quarter. Principal Financial Group Inc. increased its stake in Ryan Specialty by 0.9% during the 1st quarter. Principal Financial Group Inc. now owns 4,411,837 shares of the company's stock worth $148,856,000 after purchasing an additional 37,339 shares in the last quarter. Finally, Montrusco Bolton Investments Inc. raised its holdings in Ryan Specialty by 9.3% during the 4th quarter. Montrusco Bolton Investments Inc. now owns 4,343,116 shares of the company's stock worth $218,010,000 after buying an additional 368,247 shares during the period. Institutional investors and hedge funds own 84.82% of the company's stock.

About Ryan Specialty

Ryan Specialty Group, Inc NYSE: RYAN is a global specialty insurance and reinsurance platform that partners with a network of insurers and reinsurers to deliver tailored risk solutions. The company focuses on complex and large-scale risks across multiple industry sectors, leveraging its underwriting expertise to structure coverage programs that meet clients' unique needs.

Ryan Specialty's core offerings span a diverse range of specialty lines, including casualty, property, professional liability, marine and energy, program administration, and sports and entertainment.

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