PNC Financial Services Group Inc. Purchases 807 Shares of Ryan Specialty Holdings Inc. (NYSE:RYAN)

PNC Financial Services Group Inc. grew its stake in Ryan Specialty Holdings Inc. (NYSE:RYAN) by 17.2% in the 1st quarter, Holdings Channel reports. The firm owned 5,503 shares of the company’s stock after purchasing an additional 807 shares during the period. PNC Financial Services Group Inc.’s holdings in Ryan Specialty were worth $406,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in RYAN. Principal Financial Group Inc. grew its position in shares of Ryan Specialty by 66.4% in the 1st quarter. Principal Financial Group Inc. now owns 3,051,356 shares of the company’s stock worth $225,404,000 after buying an additional 1,218,147 shares during the period. Stephens Investment Management Group LLC boosted its holdings in shares of Ryan Specialty by 2.2% during the 1st quarter. Stephens Investment Management Group LLC now owns 1,642,527 shares of the company’s stock valued at $121,333,000 after acquiring an additional 34,932 shares during the last quarter. Millennium Management LLC lifted its stake in shares of Ryan Specialty by 1,111.4% in the 4th quarter. Millennium Management LLC now owns 1,174,086 shares of the company’s stock worth $75,329,000 after purchasing an additional 1,077,169 shares during the period. Northern Trust Corp lifted its stake in shares of Ryan Specialty by 20.5% in the 4th quarter. Northern Trust Corp now owns 891,112 shares of the company’s stock worth $57,174,000 after purchasing an additional 151,391 shares during the period. Finally, Artemis Investment Management LLP bought a new stake in Ryan Specialty during the 1st quarter worth approximately $57,023,000. 84.82% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, EVP Mark Stephen Katz sold 14,377 shares of the business’s stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $65.84, for a total transaction of $946,581.68. Following the completion of the sale, the executive vice president owned 1,117 shares in the company, valued at $73,543.28. The trade was a 92.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director David P. Bolger sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $70.80, for a total value of $354,000.00. Following the completion of the transaction, the director directly owned 71,467 shares in the company, valued at approximately $5,059,863.60. The trade was a 6.54% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 52.21% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on RYAN. The Goldman Sachs Group upgraded shares of Ryan Specialty from a “neutral” rating to a “buy” rating and raised their target price for the stock from $74.00 to $81.00 in a research note on Tuesday, May 13th. Morgan Stanley cut their target price on shares of Ryan Specialty from $78.00 to $71.00 and set an “overweight” rating for the company in a report on Friday, August 8th. Citigroup initiated coverage on shares of Ryan Specialty in a report on Wednesday. They issued a “buy” rating and a $74.00 target price for the company. Wall Street Zen raised shares of Ryan Specialty from a “sell” rating to a “hold” rating in a report on Sunday, August 3rd. Finally, Cantor Fitzgerald raised shares of Ryan Specialty to a “hold” rating in a research note on Wednesday. Four equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $75.08.

Ryan Specialty Stock Performance

RYAN opened at $59.56 on Friday. The firm’s 50-day moving average price is $64.43 and its 200-day moving average price is $67.77. The company has a market cap of $15.71 billion, a P/E ratio of 170.18, a price-to-earnings-growth ratio of 1.69 and a beta of 0.64. Ryan Specialty Holdings Inc. has a 52-week low of $55.77 and a 52-week high of $77.16. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 2.88.

Ryan Specialty (NYSE:RYAN) last released its quarterly earnings data on Thursday, July 31st. The company reported $0.66 EPS for the quarter, hitting the consensus estimate of $0.66. Ryan Specialty had a return on equity of 48.70% and a net margin of 6.81%. The business had revenue of $855.17 million for the quarter, compared to analyst estimates of $837.52 million. During the same quarter in the prior year, the firm posted $0.58 EPS. The business’s quarterly revenue was up 23.0% compared to the same quarter last year. As a group, equities analysts anticipate that Ryan Specialty Holdings Inc. will post 2.29 EPS for the current fiscal year.

Ryan Specialty Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, August 26th. Stockholders of record on Tuesday, August 12th will be issued a dividend of $0.12 per share. The ex-dividend date is Tuesday, August 12th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.8%. Ryan Specialty’s dividend payout ratio is currently 137.14%.

Ryan Specialty 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.