Wells Fargo & Company Forecasts Strong Price Appreciation for Ryan Specialty (NYSE:RYAN) Stock

Key Points

• Wells Fargo raised its price target on Ryan Specialty from $31 to $39 while keeping an equal weight rating, though that target still implies a slight downside from the prior close.
• Analyst views are mixed overall: recent ratings include buy, hold, and sell calls, with MarketBeat data showing a consensus Hold and an average target price of $48.59.
• Ryan Specialty reported better-than-expected quarterly earnings, boosted revenue 15.2% year over year, and also authorized a $300 million share buyback program.

Ryan Specialty (NYSE:RYAN - Get Free Report) had its target price boosted by equities research analysts at Wells Fargo & Company from $31.00 to $39.00 in a research note issued on Thursday,Benzinga reports. The firm currently has an "equal weight" rating on the stock. Wells Fargo & Company's price objective suggests a potential downside of 4.47% from the company's previous close.

A number of other equities analysts have also issued reports on RYAN. Weiss Ratings reissued a "sell (d+)" rating on shares of Ryan Specialty in a report on Monday, May 4th. Piper Sandler decreased their price objective on Ryan Specialty from $43.00 to $35.00 and set a "neutral" rating for the company in a research report on Friday, May 1st. Keefe, Bruyette & Woods lifted their target price on Ryan Specialty from $44.00 to $48.00 and gave the company an "outperform" rating in a research note on Wednesday. Zacks Research raised Ryan Specialty from a "strong sell" rating to a "hold" rating in a report on Tuesday, June 30th. Finally, Morgan Stanley upped their price target on Ryan Specialty from $39.00 to $42.00 and gave the stock an "overweight" rating in a research note on Monday. Eight equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $48.59.

Ryan Specialty Stock Performance

Shares of RYAN traded down $0.47 during mid-day trading on Thursday, reaching $40.83. 492,678 shares of the company's stock were exchanged, compared to its average volume of 2,346,874. The business's fifty day simple moving average is $34.42 and its 200-day simple moving average is $39.48. The stock has a market capitalization of $10.76 billion, a PE ratio of 52.94, a price-to-earnings-growth ratio of 1.00 and a beta of 0.61. Ryan Specialty has a 52-week low of $29.28 and a 52-week high of $67.69. The company has a debt-to-equity ratio of 2.90, a current ratio of 1.02 and a quick ratio of 1.02.

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

Ryan Specialty declared that its board has initiated a stock buyback program on Tuesday, May 26th that allows the company to repurchase $300.00 million in shares. This repurchase authorization allows the company to buy up to 3.5% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's board believes its stock is undervalued.

Insider Buying and Selling at Ryan Specialty

In related news, Chairman Patrick G. Ryan acquired 120,000 shares of Ryan Specialty stock in a transaction that occurred on Friday, June 5th. The stock was purchased at an average price of $32.50 per share, for a total transaction of $3,900,000.00. Following the completion of the purchase, the chairman directly 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 ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John W. Rogers, Jr. acquired 7,500 shares of the firm's stock in a transaction that occurred on Wednesday, June 10th. The shares were bought at an average cost of $35.16 per share, for a total transaction of $263,700.00. Following the acquisition, the director owned 117,933 shares of the company's stock, valued at $4,146,524.28. This represents a 6.79% increase in their position. The SEC filing for this purchase provides additional information. Over the last quarter, insiders acquired 130,715 shares of company stock valued at $4,263,590. 52.03% of the stock is owned by company insiders.

Institutional Investors Weigh In On Ryan Specialty

Institutional investors and hedge funds have recently modified their holdings of the company. Valeo Financial Advisors LLC acquired a new stake in Ryan Specialty during the second quarter worth about $219,000. GAMMA Investing LLC increased its stake in shares of Ryan Specialty by 90.2% in the second quarter. GAMMA Investing LLC now owns 2,107 shares of the company's stock worth $80,000 after buying an additional 999 shares during the last quarter. Confluence Investment Management LLC bought a new position in Ryan Specialty during the 2nd quarter valued at $7,137,000. Parallel Advisors LLC increased its position in shares of Ryan Specialty by 54.9% in the 1st quarter. Parallel Advisors LLC now owns 1,013 shares of the company's stock worth $34,000 after purchasing an additional 359 shares during the last quarter. Finally, Bank of America Corp DE raised its stake in shares of Ryan Specialty by 34.8% in the 1st quarter. Bank of America Corp DE now owns 1,508,083 shares of the company's stock valued at $50,883,000 after purchasing an additional 389,505 shares in the last quarter. Institutional investors and hedge funds own 84.82% of the company's stock.

Ryan Specialty Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.