Ryan Specialty (NYSE:RYAN) Earns Neutral Rating from Analysts at Piper Sandler

Investment analysts at Piper Sandler began coverage on shares of Ryan Specialty (NYSE:RYAN) in a note issued to investors on Thursday, Marketbeat.com reports. The brokerage set a “neutral” rating and a $60.00 price target on the stock. Piper Sandler’s price objective would indicate a potential upside of 7.13% from the stock’s current price.

A number of other equities analysts also recently issued reports on the company. The Goldman Sachs Group cut their target price on Ryan Specialty from $71.00 to $63.00 and set a “buy” rating for the company in a research note on Friday, October 31st. Morgan Stanley upped their price objective on Ryan Specialty from $65.00 to $67.00 and gave the stock an “overweight” rating in a report on Monday. Wells Fargo & Company raised their target price on Ryan Specialty from $60.00 to $64.00 and gave the company an “overweight” rating in a report on Wednesday, October 8th. Barclays restated an “overweight” rating and set a $70.00 target price on shares of Ryan Specialty in a research report on Wednesday, October 8th. Finally, BMO Capital Markets cut their price target on shares of Ryan Specialty from $70.00 to $66.00 and set an “outperform” rating for the company in a report on Monday, November 3rd. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Ryan Specialty has an average rating of “Moderate Buy” and an average price target of $68.07.

Ryan Specialty Stock Down 1.7%

RYAN stock opened at $56.01 on Thursday. The stock has a market capitalization of $14.77 billion, a PE ratio of 121.75, a price-to-earnings-growth ratio of 1.59 and a beta of 0.62. The company has a fifty day moving average of $54.77 and a 200-day moving average of $60.91. The company has a debt-to-equity ratio of 2.72, a quick ratio of 1.00 and a current ratio of 1.00. Ryan Specialty has a one year low of $50.08 and a one year high of $77.16.

Ryan Specialty (NYSE:RYAN) last posted its quarterly earnings results on Thursday, October 30th. The company reported $0.47 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.47. The firm had revenue of $754.58 million during the quarter, compared to analysts’ expectations of $742.35 million. Ryan Specialty had a net margin of 7.61% and a return on equity of 47.93%. The firm’s revenue for the quarter was up 24.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.41 earnings per share. As a group, analysts expect that Ryan Specialty will post 2.29 EPS for the current year.

Insiders Place Their Bets

In other Ryan Specialty news, Chairman Patrick G. Ryan purchased 276,634 shares of Ryan Specialty stock in a transaction on Friday, September 12th. The shares were bought at an average price of $51.84 per share, with a total value of $14,340,706.56. Following the purchase, the chairman directly owned 13,699,959 shares in the company, valued at $710,205,874.56. This trade represents a 2.06% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 52.21% of the company’s stock.

Hedge Funds Weigh In On Ryan Specialty

Several institutional investors have recently added to or reduced their stakes in the business. Montrusco Bolton Investments Inc. purchased a new stake in Ryan Specialty in the 2nd quarter valued at about $213,852,000. Independent Franchise Partners LLP acquired a new stake in shares of Ryan Specialty in the third quarter worth approximately $95,798,000. Champlain Investment Partners LLC grew its holdings in Ryan Specialty by 76.9% in the third quarter. Champlain Investment Partners LLC now owns 3,066,011 shares of the company’s stock valued at $172,800,000 after purchasing an additional 1,332,773 shares during the period. Norges Bank acquired a new position in Ryan Specialty during the second quarter worth approximately $88,305,000. Finally, Artisan Partners Limited Partnership purchased a new position in Ryan Specialty during the second quarter worth approximately $64,961,000. 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.