Ryan Specialty (NYSE:RYAN) Shares Gap Down Following Weak Earnings

Shares of Ryan Specialty Holdings, Inc. (NYSE:RYAN) gapped down before the market opened on Friday following a dissappointing earnings announcement. The stock had previously closed at $68.60, but opened at $62.50. Ryan Specialty shares last traded at $66.02, with a volume of 362,389 shares trading hands.

The company reported $0.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.47 by ($0.02). Ryan Specialty had a return on equity of 47.90% and a net margin of 10.31%. The firm had revenue of $663.53 million during the quarter, compared to analysts’ expectations of $658.80 million.

Ryan Specialty Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 18th. Stockholders of record on Tuesday, March 4th will be issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 0.73%. This is a boost from Ryan Specialty’s previous quarterly dividend of $0.11. The ex-dividend date is Tuesday, March 4th. Ryan Specialty’s payout ratio is presently 63.77%.

Analysts Set New Price Targets

RYAN has been the subject of a number of research reports. Morgan Stanley initiated coverage on shares of Ryan Specialty in a report on Thursday, December 5th. They set an “overweight” rating and a $90.00 target price for the company. Wells Fargo & Company upped their target price on shares of Ryan Specialty from $64.00 to $69.00 and gave the company an “equal weight” rating in a report on Friday. Royal Bank of Canada reduced their target price on shares of Ryan Specialty from $73.00 to $72.00 and set a “sector perform” rating for the company in a report on Friday. Keefe, Bruyette & Woods dropped their price target on shares of Ryan Specialty from $77.00 to $76.00 and set an “outperform” rating for the company in a research report on Friday. Finally, Barclays upped their target price on shares of Ryan Specialty from $76.00 to $88.00 and gave the stock an “overweight” rating in a research report on Thursday, November 21st. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $74.55.

Insiders Place Their Bets

In other news, Director Nicholas Dominic Cortezi sold 29,466 shares of the firm’s stock in a transaction dated Monday, January 13th. The shares were sold at an average price of $65.06, for a total value of $1,917,057.96. Following the sale, the director now directly owns 45,409 shares in the company, valued at approximately $2,954,309.54. This trade represents a 39.35 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have sold a total of 316,451 shares of company stock worth $20,907,793 in the last three months. Corporate insiders own 11.10% of the company’s stock.

Institutional Trading of Ryan Specialty

Institutional investors have recently modified their holdings of the company. Jennison Associates LLC boosted its holdings in shares of Ryan Specialty by 60.2% in the 3rd quarter. Jennison Associates LLC now owns 1,025,063 shares of the company’s stock valued at $68,054,000 after buying an additional 385,366 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in Ryan Specialty by 107.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 459,464 shares of the company’s stock worth $30,504,000 after purchasing an additional 238,064 shares in the last quarter. Geneva Partners LLC acquired a new stake in Ryan Specialty in the 3rd quarter worth approximately $2,537,000. Bar Harbor Wealth Management boosted its stake in Ryan Specialty by 5.9% in the 4th quarter. Bar Harbor Wealth Management now owns 168,871 shares of the company’s stock worth $10,835,000 after purchasing an additional 9,482 shares in the last quarter. Finally, Barclays PLC boosted its stake in Ryan Specialty by 1.1% in the 3rd quarter. Barclays PLC now owns 1,641,743 shares of the company’s stock worth $108,994,000 after purchasing an additional 17,267 shares in the last quarter. 84.82% of the stock is currently owned by institutional investors.

Ryan Specialty Stock Down 4.4 %

The business’s 50 day moving average is $65.57 and its 200 day moving average is $67.26. The company has a market capitalization of $17.16 billion, a price-to-earnings ratio of 85.13, a PEG ratio of 1.21 and a beta of 0.72. The company has a debt-to-equity ratio of 2.40, a quick ratio of 1.01 and a current ratio of 1.01.

Ryan Specialty Company Profile

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.