JPMorgan Chase & Co. Raises Ryan Specialty (NYSE:RYAN) Price Target to $56.00

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

Other equities analysts also recently issued reports about the stock. Wolfe Research downgraded shares of Ryan Specialty from an outperform rating to a peer perform rating in a report on Monday, May 6th. UBS Group raised their price objective on shares of Ryan Specialty from $63.00 to $67.00 and gave the stock a buy rating in a report on Tuesday, July 9th. Keefe, Bruyette & Woods reiterated an outperform rating and set a $62.00 target price on shares of Ryan Specialty in a research report on Tuesday, July 2nd. Citigroup increased their target price on shares of Ryan Specialty from $56.00 to $62.00 and gave the stock a neutral rating in a research report on Tuesday, July 23rd. Finally, JMP Securities reiterated a market perform rating on shares of Ryan Specialty in a research report on Monday, April 15th. One analyst has rated the stock with a sell rating, six have given a hold rating and three have issued a buy rating to the company. According to MarketBeat, Ryan Specialty has a consensus rating of Hold and a consensus price target of $61.00.

Ryan Specialty Stock Performance

Ryan Specialty stock traded down $3.25 during mid-day trading on Friday, reaching $65.32. The company had a trading volume of 1,617,444 shares, compared to its average volume of 912,582. The company has a quick ratio of 1.15, a current ratio of 1.15 and a debt-to-equity ratio of 1.99. Ryan Specialty has a 52 week low of $41.49 and a 52 week high of $69.03. The company has a 50 day moving average of $57.18 and a 200-day moving average of $52.74. The firm has a market cap of $17.01 billion, a price-to-earnings ratio of 129.38, a PEG ratio of 1.62 and a beta of 0.62.

Ryan Specialty (NYSE:RYAN) last issued its quarterly earnings results on Thursday, August 1st. The company reported $0.58 earnings per share for the quarter, beating analysts’ consensus estimates of $0.56 by $0.02. The firm had revenue of $695.40 million during the quarter, compared to the consensus estimate of $695.56 million. Ryan Specialty had a net margin of 10.21% and a return on equity of 49.43%. The business’s revenue was up 18.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.45 EPS. On average, sell-side analysts expect that Ryan Specialty will post 1.77 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 27th. Stockholders of record on Tuesday, August 13th will be paid a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 0.67%. The ex-dividend date is Tuesday, August 13th. Ryan Specialty’s dividend payout ratio (DPR) is presently 83.02%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Champlain Investment Partners LLC increased its holdings in shares of Ryan Specialty by 28.0% in the first quarter. Champlain Investment Partners LLC now owns 4,937,332 shares of the company’s stock valued at $274,022,000 after purchasing an additional 1,079,505 shares during the last quarter. Norden Group LLC increased its position in Ryan Specialty by 2,138.1% during the 1st quarter. Norden Group LLC now owns 778,848 shares of the company’s stock valued at $43,226,000 after purchasing an additional 744,049 shares during the period. Bessemer Group Inc. increased its position in Ryan Specialty by 33.9% during the 1st quarter. Bessemer Group Inc. now owns 1,925,864 shares of the company’s stock valued at $106,886,000 after purchasing an additional 488,067 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of Ryan Specialty by 132.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 836,209 shares of the company’s stock worth $48,425,000 after buying an additional 476,126 shares in the last quarter. Finally, Norges Bank bought a new position in shares of Ryan Specialty during the 4th quarter worth approximately $16,964,000. Institutional investors 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.