JMP Securities Initiates Coverage of Ryan Specialty Holdings Inc with Market Perform Recommendation
On September 19, 2023, financial analysis platform Fintel reported that JMP Securities had initiated coverage of Ryan Specialty Holdings Inc (NYSE:RYAN) with a Market Perform recommendation. This news comes as the company continues to make waves in the insurance industry.
According to Fintel, the average one-year price target for Ryan Specialty Holdings Inc as of August 31, 2023, is 50.55. Analysts have projected a range of $44.44 to $55.65, indicating a potential upside of 2.59% from the latest reported closing price of 49.27. This positive forecast suggests that market performance for Ryan Specialty Holdings Inc is expected to improve in the coming year.
In addition to the price target, Fintel’s report also provides insights into the company’s projected annual revenue and non-GAAP EPS. The projected annual revenue for Ryan Specialty Holdings Inc is estimated to reach 2,020MM, representing an increase of 8.87%. The projected annual non-GAAP EPS is expected to be 1.36.
The report also delves into the sentiment of funds and institutions towards Ryan Specialty Holdings Inc. According to Fintel, there are currently 445 funds or institutions reporting positions in the company, representing an increase of 14 owners or 3.25% in the last quarter. The average portfolio weight of all funds dedicated to RYAN is 0.30%, with total shares owned by institutions increasing by 7.96% to 111,639K shares in the last three months. The put/call ratio of RYAN stands at 1.14, indicating a bearish outlook.
Fintel’s analysis also highlights the actions of prominent shareholders. Kayne Anderson Rudnick Investment Management holds 10,608K shares, representing 9.11% ownership of Ryan Specialty Holdings Inc. The firm increased its portfolio allocation in RYAN by 3.06% over the last quarter. Similarly, PSGAX – Virtus KAR Small-Cap Growth Fund increased its portfolio allocation in RYAN by 11.73% over the last quarter, holding 6,692K shares and representing 5.75% ownership of the company.
Other major shareholders include Capital World Investors, which holds 5,888K shares representing 5.06% ownership (an increase of 0.04% from the previous filing), and AGTHX – GROWTH FUND OF AMERICA, which holds 4,965K shares representing 4.26% ownership (an increase of 4.37% from the previous filing). Zimmer Partners increased its portfolio allocation in RYAN by 28.13% over the last quarter, holding 4,816K shares representing 4.14% ownership (a decrease of 3.82% from the previous filing).
Ryan Specialty Holdings Inc, founded by Patrick G. Ryan in 2010, has positioned itself as a leading service provider of specialty insurance solutions for insurance brokers, agents, and carriers. The company offers distribution, underwriting, product development, administration, and risk management services as a wholesale broker and managing underwriter. Its mission is to provide innovative specialty insurance solutions to its clients.
In conclusion, JMP Securities’ initiation of coverage with a Market Perform recommendation for Ryan Specialty Holdings Inc reflects the company’s positive outlook and growth potential in the insurance industry. With projected increases in revenue and positive sentiment from major shareholders, Ryan Specialty Holdings Inc is poised for continued success in the coming year.
Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect those of Nasdaq, Inc.