Chairman and CEO of Ryan Specialty (NYSE:RYAN), Patrick G. Ryan, has been raising his stakes in the company this week. Ryan is also the founder and owner of more than 10% of the company’s shares. The latest transaction is his fourth informative buy over the past seven days.
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Based in Chicago, Ryan Specialty is an international specialty insurance firm that caters to the needs of brokers, agents, and insurance carriers.
Ryan bought 571,253 shares of the company at a weighted average price of $11.85 per share. The total value of the transaction is about $11 million. The executive had also bought shares worth $6.92 million, $6.36 million, and $6.18 million on November 21, November 17, and November 16, respectively. The total value of the transactions made this week is $30.4 million.
Generally, insider purchases are reflective of their confidence in the stock’s long-term prospects. Interestingly, RYAN stock has risen nearly 10% since the CEO’s first buy. Furthermore, the CEO has had a 100% success rate in his transactions in Ryan stock so far, with an average 10.6% return per transaction.
Insider Confidence Signal is Positive on RYAN
Overall, TipRanks’ Insider Trading Activity tool shows that insiders are currently bullish on RYAN stock, as corporate insiders have bought RYAN stock worth $30.3 million in the last three months.
TipRanks offers daily insider transactions as well as a list of top corporate insiders. It also provides a list of hot stocks that boast either a Very Positive or Positive insider confidence signal.
Is RYAN Stock a Good Buy?
On TipRanks, Ryan Specialty has a Hold consensus rating based on two Buy, two Hold, and one Sell recommendations. The average RYAN stock price target of $44.60 implies upside potential of 19.47%.
