Stock Buyback Plan Approved by Ryan Specialty (NYSE:RYAN) Board

Ryan Specialty (NYSE:RYAN) announced that its Board of Directors has initiated a share buyback plan on Tuesday, May 26th, RTT News reports. The company plans to repurchase $300.00 million in shares. This repurchase authorization permits the company to buy up to 3.5% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Zacks Research lowered shares of Ryan Specialty from a “hold” rating to a “strong sell” rating in a research note on Tuesday, February 24th. BMO Capital Markets lowered shares of Ryan Specialty from an “outperform” rating to a “market perform” rating and lowered their target price for the stock from $66.00 to $43.00 in a research note on Wednesday, February 25th. The Goldman Sachs Group reaffirmed a “buy” rating and set a $42.00 target price on shares of Ryan Specialty in a research note on Friday, May 1st. Piper Sandler lowered their target price on shares of Ryan Specialty from $43.00 to $35.00 and set a “neutral” rating for the company in a research note on Friday, May 1st. Finally, Barclays lowered their target price on shares of Ryan Specialty from $41.00 to $39.00 and set an “overweight” rating for the company in a research note on Friday, May 1st. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, six have issued a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $46.76.

Ryan Specialty Stock Down 1.0%

NYSE:RYAN traded down $0.33 during mid-day trading on Tuesday, hitting $32.35. The stock had a trading volume of 1,931,839 shares, compared to its average volume of 3,028,967. The stock has a 50-day simple moving average of $33.95 and a two-hundred day simple moving average of $43.93. The company has a market capitalization of $8.55 billion, a PE ratio of 42.01, a PEG ratio of 0.77 and a beta of 0.68. Ryan Specialty has a twelve month low of $29.28 and a twelve month high of $72.50. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 2.90.

Ryan Specialty (NYSE:RYAN) last issued its earnings results on Thursday, April 30th. The company reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.04. The firm had revenue of $795.23 million for the quarter, compared to analysts’ expectations of $781.44 million. Ryan Specialty had a net margin of 8.21% and a return on equity of 41.33%. The firm’s revenue was up 15.2% compared to the same quarter last year. During the same quarter last year, the company earned $0.39 earnings per share. On average, equities research analysts anticipate that Ryan Specialty will post 2.05 EPS for the current year.

Ryan Specialty Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, May 26th. Investors of record on Tuesday, May 12th will be issued a $0.13 dividend. The ex-dividend date of this dividend is Tuesday, May 12th. This represents a $0.52 annualized dividend and a yield of 1.6%. Ryan Specialty’s dividend payout ratio (DPR) is 67.53%.

About Ryan Specialty

Ryan Specialty Group, Inc (NYSE: RYAN) is a global specialty insurance and reinsurance platform that partners with a network of insurers and reinsurers to deliver tailored risk solutions. The company focuses on complex and large-scale risks across multiple industry sectors, leveraging its underwriting expertise to structure coverage programs that meet clients’ unique needs.

Ryan Specialty’s core offerings span a diverse range of specialty lines, including casualty, property, professional liability, marine and energy, program administration, and sports and entertainment.