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RYAN · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Ryan Specialty Holdings, Inc. (RYAN) stock moving?
Q3 2026 adjusted EPS of $0.51 beat the $0.49 estimate, and adjusted EBITDAC margin held at 30.9% versus 31.2% a year earlier. Revenue of $790.0M (+4.7%) slightly missed the $793.9M estimate, and organic growth slowed to 4.0% from 15.0% in the prior-year period. The company returned $173.7M to shareholders, including $150.0M of buybacks (3.5M shares). Analyst reactions were mixed: UBS (Buy) and RBC (Outperform) both cut targets to $52 from $55, while Wells Fargo (Equal-Weight) raised its target to $46 from $41. The stock rose from a $42.26 close on Oct 27 to a $48.13 close on Nov 5, about 14%, then pulled back to $47.20 on Nov 10. The Nov 9 session had the highest volume in the window (3.26M shares) and reversed from a $48.86 intraday high to close at $46.98. Recent lows near $46.5 to $46.8 have held, and the $48 to $49 area has capped advances so far. The $52 broker targets imply roughly 10% upside, while the $46 Wells Fargo target is already below the current price. The 10-Q filed Oct 30 was not reviewed in detail.
News behind the analysis
- UBS Maintains Buy on Ryan Specialty Holdings, Lowers Price Target to $52UBS kept its Buy rating and cut its price target to $52. The revision followed the Q3 2026 results.
- UBS Adjusts Price Target on Ryan Specialty HoldingsUBS lowered its price target to $52 from $55 and kept its Buy rating.
- Wells Fargo Raises Price Target for Ryan Specialty HoldingsWells Fargo kept its Equal-Weight rating and raised its price target to $46 from $41.
- Wells Fargo Maintains Equal-Weight on Ryan Specialty Holdings, Raises Price Target to $46Wells Fargo maintained its Equal-Weight rating and lifted its price target to $46. The target sits below the latest closing price.
- RBC Capital Maintains Outperform on Ryan Specialty Holdings, Lowers Price Target to $52RBC Capital kept its Outperform rating and cut its price target to $52 from $55.
- RBC Cuts Price Target on Ryan Specialty Holdings to $52 From $55RBC Capital Markets lowered its price target to $52 from $55 and kept its Outperform rating.
- Ryan Specialty Holdings, Inc. Reports Q3 2026 Financial ResultsQ3 2026 revenue was $790.0M, up 4.7%, and adjusted EPS rose 8.5%. Organic growth slowed to 4.0% in a difficult market.
- Ryan Specialty Hldgs Q3 Adj. EPS $0.51 Beats $0.49 Estimate, Sales $789.960M Miss $793.937M EstimateAdjusted EPS of $0.51 beat the $0.49 estimate, while sales of $789.96M missed the $793.94M estimate.
About Ryan Specialty Holdings, Inc.
Ryan Specialty is a Chicago-based specialty insurance firm founded in 2010 by Pat Ryan, who also founded Aon. It works behind the scenes for retail insurance brokers, agents and insurers, placing hard-to-insure risks as a wholesale broker and writing policies on insurers' behalf as a managing underwriter.
How it makes money
Most revenue comes from commissions and fees, which are usually a percentage of the premiums on the policies it places or underwrites. Its main businesses are wholesale brokerage (the largest share), binding authority (handling smaller commercial risks under authority delegated by insurers) and underwriting management (running programs and MGAs for carriers). It does not usually carry the insurance risk itself. It also earns some investment income on client funds it holds temporarily. Total revenue was roughly $3 billion over the past year, and acquisitions add to growth.
What usually moves RYAN
- Organic revenue growth and flow of business into the excess & surplus (E&S) market
- Specialty insurance pricing, especially property and casualty rate trends
- Pace and cost of acquisitions
- Competition from admitted insurers and new binding-authority facilities
- Adjusted EBITDAC margin and debt/interest costs