Wells Fargo & Company Cuts Ryan Specialty (NYSE:RYAN) Price Target to $66.00

Ryan Specialty (NYSE:RYAN) had its target price cut by Wells Fargo & Company from $69.00 to $66.00 in a research report report published on Thursday,Benzinga reports. They currently have an equal weight rating on the stock.

Several other research firms also recently commented on RYAN. Keefe, Bruyette & Woods reduced their price target on shares of Ryan Specialty from $76.00 to $75.00 and set an “outperform” rating for the company in a research report on Wednesday. TD Cowen assumed coverage on Ryan Specialty in a research note on Thursday. They issued a “buy” rating and a $89.00 target price on the stock. UBS Group upped their price target on Ryan Specialty from $82.00 to $84.00 and gave the stock a “buy” rating in a research note on Wednesday, February 26th. Finally, Royal Bank of Canada lowered their price objective on shares of Ryan Specialty from $73.00 to $72.00 and set a “sector perform” rating on the stock in a research report on Friday, February 21st. One analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, Ryan Specialty has an average rating of “Hold” and a consensus target price of $75.67.

Ryan Specialty Stock Up 1.1 %

RYAN stock opened at $72.76 on Thursday. Ryan Specialty has a twelve month low of $48.48 and a twelve month high of $77.16. The stock has a market cap of $19.06 billion, a P/E ratio of 105.45, a PEG ratio of 1.19 and a beta of 0.66. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 2.40. The company’s 50 day moving average is $70.05 and its two-hundred day moving average is $68.86.

Ryan Specialty (NYSE:RYAN) last posted its earnings results on Thursday, February 20th. The company reported $0.45 EPS for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.02). The firm had revenue of $663.53 million for the quarter, compared to analyst estimates of $658.80 million. Ryan Specialty had a return on equity of 48.01% and a net margin of 9.14%. Research analysts expect that Ryan Specialty will post 2.29 earnings per share for the current fiscal year.

Ryan Specialty Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 18th. Stockholders of record on Tuesday, March 4th were given a $0.12 dividend. The ex-dividend date of this dividend was Tuesday, March 4th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.66%. This is a boost from Ryan Specialty’s previous quarterly dividend of $0.11. Ryan Specialty’s dividend payout ratio (DPR) is currently 69.57%.

Insider Buying and Selling

In other Ryan Specialty news, EVP Brendan Martin Mulshine sold 30,000 shares of the business’s stock in a transaction on Friday, March 14th. The stock was sold at an average price of $69.30, for a total value of $2,079,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Nicholas Dominic Cortezi sold 35,000 shares of the firm’s stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $65.99, for a total value of $2,309,650.00. Following the sale, the director now owns 35,609 shares in the company, valued at $2,349,837.91. This trade represents a 49.57 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 241,360 shares of company stock worth $16,006,428 in the last three months. Corporate insiders own 11.10% of the company’s stock.

Hedge Funds Weigh In On Ryan Specialty

A number of hedge funds have recently made changes to their positions in the stock. FMR LLC raised its holdings in Ryan Specialty by 72.3% in the third quarter. FMR LLC now owns 12,875 shares of the company’s stock valued at $855,000 after buying an additional 5,402 shares during the period. Captrust Financial Advisors increased its holdings in Ryan Specialty by 9.3% in the 3rd quarter. Captrust Financial Advisors now owns 9,405 shares of the company’s stock valued at $624,000 after purchasing an additional 798 shares in the last quarter. HighTower Advisors LLC raised its position in Ryan Specialty by 101.6% in the third quarter. HighTower Advisors LLC now owns 39,969 shares of the company’s stock valued at $2,661,000 after purchasing an additional 20,139 shares during the period. Quantinno Capital Management LP acquired a new position in shares of Ryan Specialty during the third quarter worth about $888,000. Finally, State Street Corp boosted its position in shares of Ryan Specialty by 1.5% in the third quarter. State Street Corp now owns 3,273,093 shares of the company’s stock worth $217,301,000 after buying an additional 49,198 shares during the period. Institutional investors and hedge funds 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.