Ryan Specialty is the IBD Stock Of The Day for Thursday. RYAN stock made a strong rebound back toward a buy point in Thursday's regular session. The insurance broker signaled a further big gain overnight on key news, back above the official entry.
Chicago-based Ryan Specialty provides a range of insurance, underwriting services and risk management solutions for retail agents, brokers and insurance carriers. The company was founded in 2010 and went public on the New York Stock Exchange in July 2021 at 23.5 per share.
Ryan Specialty's earnings growth has accelerated over the last five quarters to a 35% increase for its May 2 results. Meanwhile, revenue gains have been muscular, ranging from 15% to 22% growth during that time.
Bank of America initiated coverage of the stock in May with a buy rating and a 12-month price target of 67. In early May Ryan announced it had completed its acquisition of London- based Castel Underwriting Agencies, also giving the company offices in Netherlands, Belgium and Singapore.
Ryan Specialty leads the Insurance-Brokers group, according to the IBD Stock Checkup. The group has advanced nearly 14% so far this year and ranks 67th out of the 197 industry groups tracked by IBD.
Ryan Specialty Stock
RYAN stock pulled back just short of 7% after clearing a 56 buy point for a cup-with-handle base in early June. That avoided triggering the automatic sell rule. That left the 56 buy point still in play.
Shares are actionable as they rebound strongly from support at their 50-day moving average. The move past the 21-day exponential line. offers an additional point of early entry.
Ryan Specialty rose 2.7% to 55.36 in Thursday's trading.
After the close, S&P Dow Jones Indices said Ryan Specialty would join the S&P MidCap 400 before the open on June 28.
RYAN stock jumped 6.1% to 58.74 in late trading, signaling a move back above the official buy point.
Ryan Specialty has a perfect 99 Composite Rating and EPS Rating out of a best-possible 99. The Composite Rating combines various technical indicators into one easy-to-read score. RYAN stock's relative strength line is trending back toward its early June highs and it has an 83 RS Rating.
Ryan Specialty rallied nearly 29% so far this year.
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