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Ryan Specialty (NYSE:RYAN) Coverage Initiated at Citigroup

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Key Points

  • Citigroup has initiated coverage on Ryan Specialty (NYSE:RYAN) with a buy rating and a price target of $74, indicating a potential upside of 24.17% from the last closing price.
  • Goldman Sachs upgraded its rating on Ryan Specialty from "neutral" to "buy," raising its price target from $74 to $81, while other analysts have varied their targets between $60 and $83.
  • Ryan Specialty reported second quarter earnings of $0.66 per share, surpassing revenue expectations with a 23% year-over-year increase, significantly bolstered by a strong return on equity of 48.70%.
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Citigroup started coverage on shares of Ryan Specialty (NYSE:RYAN - Free Report) in a research report sent to investors on Wednesday morning, MarketBeat.com reports. The firm issued a buy rating and a $74.00 target price on the stock.

RYAN has been the subject of several other reports. Wall Street Zen raised shares of Ryan Specialty from a "sell" rating to a "hold" rating in a research report on Sunday, August 3rd. UBS Group dropped their target price on shares of Ryan Specialty from $84.00 to $80.00 and set a "buy" rating on the stock in a research note on Monday, August 4th. Cantor Fitzgerald began coverage on shares of Ryan Specialty in a research note on Tuesday. They issued a "neutral" rating and a $61.00 target price on the stock. Wells Fargo & Company dropped their price target on shares of Ryan Specialty from $63.00 to $60.00 and set an "equal weight" rating on the stock in a research note on Friday, August 1st. Finally, Morgan Stanley dropped their price target on shares of Ryan Specialty from $78.00 to $71.00 and set an "overweight" rating on the stock in a research note on Friday, August 8th. Four equities 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, the company has an average rating of "Moderate Buy" and a consensus target price of $75.08.

Check Out Our Latest Stock Report on RYAN

Ryan Specialty Trading Down 0.6%

Shares of NYSE:RYAN traded down $0.37 during mid-day trading on Wednesday, reaching $59.14. 731,805 shares of the company's stock were exchanged, compared to its average volume of 1,523,210. The firm has a market capitalization of $15.60 billion, a price-to-earnings ratio of 168.98, a PEG ratio of 1.65 and a beta of 0.64. The business's fifty day moving average price is $64.25 and its 200-day moving average price is $67.73. The company has a debt-to-equity ratio of 2.88, a quick ratio of 1.01 and a current ratio of 1.01. Ryan Specialty has a twelve month low of $55.77 and a twelve month high of $77.16.

Ryan Specialty (NYSE:RYAN - Get Free Report) last released its 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 for the quarter, compared to analyst estimates of $837.52 million. During the same quarter in the previous year, the business earned $0.58 earnings per share. Ryan Specialty's revenue for the quarter was up 23.0% on a year-over-year basis. On average, research analysts predict that Ryan Specialty will post 2.29 EPS for the current fiscal year.

Ryan Specialty Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 26th. Investors of record on Tuesday, August 12th will be issued a dividend of $0.12 per share. The ex-dividend date of this dividend is Tuesday, August 12th. This represents a $0.48 annualized dividend and a dividend yield of 0.8%. Ryan Specialty's dividend payout ratio (DPR) is currently 137.14%.

Insider Buying and Selling at Ryan Specialty

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

Several institutional investors have recently added to or reduced their stakes in the company. Montrusco Bolton Investments Inc. purchased a new stake in shares of Ryan Specialty in the 2nd quarter worth about $213,852,000. Norges Bank purchased a new position in Ryan Specialty during the 2nd quarter valued at about $88,305,000. Principal Financial Group Inc. lifted its position in Ryan Specialty by 66.4% during the 1st quarter. Principal Financial Group Inc. now owns 3,051,356 shares of the company's stock valued at $225,404,000 after acquiring an additional 1,218,147 shares during the period. Millennium Management LLC increased its stake in Ryan Specialty by 1,111.4% during the 4th quarter. Millennium Management LLC now owns 1,174,086 shares of the company's stock valued at $75,329,000 after purchasing an additional 1,077,169 shares in the last quarter. Finally, Artisan Partners Limited Partnership bought a new stake in Ryan Specialty during the 2nd quarter valued at about $64,961,000. Hedge funds and other institutional investors own 84.82% of the company's stock.

About Ryan Specialty

(Get Free Report)

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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