Connor Clark & Lunn Investment Management Ltd. has significantly reduced its stake in Ryan Specialty Holdings Inc., decreasing its position by 40.4% in the second quarter of 2023. According to HoldingsChannel.com, the investment management firm now holds 3,763 shares of Ryan Specialty after selling 2,553 shares during this period. As of the latest filing with the Securities and Exchange Commission (SEC), Connor Clark & Lunn’s holdings in Ryan Specialty are valued at approximately $256,000.
This reduction follows a trend observed among several hedge funds, which have either increased or decreased their investments in Ryan Specialty. SVB Wealth LLC initiated a new position valued at about $26,000 in the first quarter. Meanwhile, Golden State Wealth Management LLC made a striking increase of 10,975.0% during the second quarter, acquiring additional shares that brought its total to 443 shares worth around $30,000.
Other notable movements include Central Pacific Bank Trust Division, which bought shares valued at approximately $31,000, and WPG Advisers LLC, purchasing shares worth about $32,000. Additionally, Quarry LP raised its stake by 977.8% in the first quarter, now holding 582 shares valued at $43,000. Overall, hedge funds and institutional investors own approximately 84.82% of Ryan Specialty’s stock.
Analysts Adjust Ratings for Ryan Specialty
Recent reports from various brokerages indicate adjustments in Ryan Specialty’s stock ratings. Barclays reduced its target price from $70.00 to $65.00, maintaining an “overweight” rating. In contrast, Morgan Stanley raised its target price from $65.00 to $67.00, also issuing an “overweight” rating.
Other analysts have varied opinions; Wall Street Zen upgraded the stock from “sell” to “hold,” while Wells Fargo & Company increased their price target from $60.00 to $64.00, retaining an “overweight” rating. Citigroup initiated coverage with a “buy” rating and a target price of $74.00. Current consensus data from MarketBeat reveals one analyst rated the stock as a “Strong Buy,” nine as “Buy,” four as “Hold,” and one as “Sell,” suggesting a general consensus of “Moderate Buy” with a price target of $67.71.
Ryan Specialty’s stock performance reflects a mixed sentiment among investors. On October 30, 2023, the company reported earnings of $0.47 per share, aligning with analyst estimates. Revenue for the quarter reached $754.58 million, surpassing the expected $742.35 million. With a net margin of 7.61% and a return on equity of 47.93%, Ryan Specialty’s revenue has increased by 24.8% compared to the same quarter last year.
Dividend Announcement and Insider Activity
In addition to its financial results, Ryan Specialty recently announced a quarterly dividend of $0.12 per share, set to be paid on November 25, 2023. Investors of record on November 11, 2023 will receive this dividend, translating to an annualized dividend of $0.48 and a yield of 0.8%. The ex-dividend date is November 10, 2023, and the company currently has a dividend payout ratio of 104.35%.
In a separate development, Patrick G. Ryan, the chairman of Ryan Specialty, purchased 276,634 shares at an average price of $51.84 per share on September 12, 2023, totaling approximately $14,340,706.56. This acquisition raises Ryan’s ownership to nearly 13.7 million shares, valued at about $710.21 million, reflecting a 2.06% increase in his stake. Insider ownership accounts for approximately 52.21% of the company’s stock.
Ryan Specialty Holdings Inc. operates as a provider of specialized products and solutions for insurance brokers, agents, and carriers in multiple regions, including the United States, Canada, the United Kingdom, Europe, and Singapore. The company engages in distribution, underwriting, product development, administration, and risk management services, effectively acting as a wholesale broker and managing underwriter.
