Ryan Specialty (NYSE:RYAN) Price Target Raised to $56.00

Ryan Specialty (NYSE:RYAN) had its price objective raised by JPMorgan Chase & Co. from $54.00 to $56.00 in a research note released on Friday morning, Benzinga reports. JPMorgan Chase & Co. currently has an underweight rating on the stock.

A number of other equities research analysts also recently commented on the stock. Keefe, Bruyette & Woods restated an outperform rating and issued a $62.00 price objective on shares of Ryan Specialty in a research report on Tuesday, July 2nd. JMP Securities reaffirmed a market perform rating on shares of Ryan Specialty in a research note on Monday, April 15th. Wolfe Research lowered Ryan Specialty from an outperform rating to a peer perform rating in a research note on Monday, May 6th. Wells Fargo & Company upped their price objective on Ryan Specialty from $60.00 to $63.00 and gave the stock an equal weight rating in a report on Friday. Finally, Bank of America assumed coverage on Ryan Specialty in a report on Wednesday, May 22nd. They issued a buy rating and a $67.00 price target for the company. One analyst has rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, Ryan Specialty presently has an average rating of Hold and a consensus price target of $61.00.

Ryan Specialty Stock Down 4.7 %

RYAN stock traded down $3.25 on Friday, hitting $65.32. 1,617,444 shares of the company’s stock were exchanged, compared to its average volume of 912,582. The firm has a 50 day moving average price of $57.18 and a two-hundred day moving average price of $52.74. Ryan Specialty has a 12-month low of $41.49 and a 12-month high of $69.03. The company has a debt-to-equity ratio of 1.99, a quick ratio of 1.15 and a current ratio of 1.15. The stock has a market cap of $17.01 billion, a P/E ratio of 129.38, a price-to-earnings-growth ratio of 1.62 and a beta of 0.62.

Ryan Specialty (NYSE:RYAN) last posted its quarterly earnings results on Thursday, August 1st. The company reported $0.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.56 by $0.02. Ryan Specialty had a return on equity of 49.43% and a net margin of 10.21%. The business had revenue of $695.40 million during the quarter, compared to analyst estimates of $695.56 million. During the same period in the prior year, the business earned $0.45 earnings per share. The business’s revenue was up 18.9% compared to the same quarter last year. As a group, equities research analysts expect that Ryan Specialty will post 1.77 EPS for the current fiscal year.

Ryan Specialty Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 27th. Shareholders of record on Tuesday, August 13th will be given a $0.11 dividend. The ex-dividend date is Tuesday, August 13th. This represents a $0.44 annualized dividend and a yield of 0.67%. Ryan Specialty’s dividend payout ratio is 83.02%.

Hedge Funds Weigh In On Ryan Specialty

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RYAN. Nebula Research & Development LLC acquired a new stake in shares of Ryan Specialty during the fourth quarter worth $1,284,000. Capstone Investment Advisors LLC acquired a new position in shares of Ryan Specialty in the first quarter valued at approximately $727,000. Embree Financial Group acquired a new stake in Ryan Specialty during the first quarter worth approximately $1,701,000. Geneva Capital Management LLC grew its position in Ryan Specialty by 12.0% during the first quarter. Geneva Capital Management LLC now owns 475,552 shares of the company’s stock worth $26,393,000 after buying an additional 50,947 shares in the last quarter. Finally, Seven Eight Capital LP acquired a new stake in shares of Ryan Specialty in the 4th quarter valued at $1,075,000. 84.82% of the stock is currently owned by institutional investors and hedge funds.

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.