Morgan Stanley Cuts Ryan Specialty (NYSE:RYAN) Price Target to $68.00

Key Points

• Morgan Stanley has reduced the price target for Ryan Specialty (NYSE:RYAN) from $71.00 to $68.00, while maintaining an "overweight" rating on the stock.
• The stock is currently trading at $58.63, showing a 0.8% decrease during midday trading, with a potential upside of 15.98% based on the new price target.
• Ryan Specialty reported quarterly earnings of $0.66 per share, meeting expectations, and saw revenue grow by 23.0% compared to the prior year.

Ryan Specialty (NYSE:RYAN - Get Free Report) had its price target dropped by investment analysts at Morgan Stanley from $71.00 to $68.00 in a research note issued on Monday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. Morgan Stanley's target price indicates a potential upside of 15.98% from the company's previous close.

A number of other research firms have also recently issued reports on RYAN. Barclays decreased their price target on shares of Ryan Specialty from $83.00 to $79.00 and set an "overweight" rating for the company in a report on Monday, July 7th. Wells Fargo & Company decreased their price objective on shares of Ryan Specialty from $63.00 to $60.00 and set an "equal weight" rating for the company in a research note on Friday, August 1st. The Goldman Sachs Group upgraded shares of Ryan Specialty from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $74.00 to $81.00 in a research note on Tuesday, May 13th. Wall Street Zen upgraded shares of Ryan Specialty from a "sell" rating to a "hold" rating in a research note on Sunday, August 3rd. Finally, Cantor Fitzgerald upgraded shares of Ryan Specialty to a "hold" rating in a research report on Wednesday, August 13th. Four research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company's stock. According to MarketBeat.com, Ryan Specialty has a consensus rating of "Moderate Buy" and an average target price of $74.83.

Ryan Specialty Stock Down 0.8%

RYAN traded down $0.49 during midday trading on Monday, reaching $58.63. 51,630 shares of the company were exchanged, compared to its average volume of 1,069,881. Ryan Specialty has a one year low of $55.77 and a one year high of $77.16. The company's fifty day moving average price is $64.25 and its 200 day moving average price is $67.75. The company has a debt-to-equity ratio of 2.88, a quick ratio of 1.01 and a current ratio of 1.01. The company has a market cap of $15.46 billion, a price-to-earnings ratio of 167.52, a price-to-earnings-growth ratio of 1.64 and a beta of 0.64.

Ryan Specialty (NYSE:RYAN - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The company reported $0.66 EPS for the quarter, meeting analysts' consensus estimates of $0.66. Ryan Specialty had a net margin of 6.81% and a return on equity of 48.70%. The company 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 EPS. The firm's revenue was up 23.0% compared to the same quarter last year. As a group, analysts expect that Ryan Specialty will post 2.29 EPS for the current year.

Insider Buying and Selling

In other Ryan Specialty news, Director David P. Bolger sold 5,000 shares of the company's stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $70.80, for a total transaction of $354,000.00. Following the completion of the sale, the director owned 71,467 shares of the company's stock, valued at $5,059,863.60. This represents a 6.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Mark Stephen Katz sold 14,377 shares of Ryan Specialty stock in a transaction on Friday, June 13th. The shares were sold at an average price of $65.84, for a total value 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. The trade was a 92.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. 52.21% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Ryan Specialty

A number of large investors have recently added to or reduced their stakes in RYAN. Mariner LLC boosted its stake in shares of Ryan Specialty by 3.4% during the fourth quarter. Mariner LLC now owns 5,278 shares of the company's stock valued at $339,000 after purchasing an additional 172 shares in the last quarter. MAI Capital Management lifted its stake in shares of Ryan Specialty by 65.3% in the second quarter. MAI Capital Management now owns 476 shares of the company's stock worth $32,000 after acquiring an additional 188 shares during the period. Crossmark Global Holdings Inc. lifted its stake in shares of Ryan Specialty by 2.9% in the first quarter. Crossmark Global Holdings Inc. now owns 7,351 shares of the company's stock worth $543,000 after acquiring an additional 207 shares during the period. ProShare Advisors LLC lifted its stake in shares of Ryan Specialty by 5.2% in the second quarter. ProShare Advisors LLC now owns 4,772 shares of the company's stock worth $324,000 after acquiring an additional 238 shares during the period. Finally, Whittier Trust Co. of Nevada Inc. lifted its stake in shares of Ryan Specialty by 281.6% in the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 332 shares of the company's stock valued at $25,000 after purchasing an additional 245 shares during the period. 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.

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