Jennison Associates LLC Trims Stock Position in Ryan Specialty Holdings Inc. $RYAN

Jennison Associates LLC decreased its stake in Ryan Specialty Holdings Inc. (NYSE:RYAN) by 72.4% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 85,994 shares of the company’s stock after selling 225,150 shares during the period. Jennison Associates LLC’s holdings in Ryan Specialty were worth $2,901,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the stock. Los Angeles Capital Management LLC purchased a new stake in Ryan Specialty in the fourth quarter valued at $25,000. Advisory Services Network LLC acquired a new position in Ryan Specialty in the third quarter valued at $28,000. SBI Securities Co. Ltd. grew its holdings in shares of Ryan Specialty by 6,322.2% during the fourth quarter. SBI Securities Co. Ltd. now owns 578 shares of the company’s stock worth $30,000 after purchasing an additional 569 shares during the last quarter. Caitong International Asset Management Co. Ltd grew its holdings in shares of Ryan Specialty by 173.7% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 709 shares of the company’s stock worth $37,000 after purchasing an additional 450 shares during the last quarter. Finally, Quarry LP acquired a new stake in shares of Ryan Specialty during the third quarter worth about $37,000. 84.82% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Chairman Patrick G. Ryan acquired 120,000 shares of the stock in a transaction that occurred on Friday, June 5th. The shares were purchased at an average cost of $32.50 per share, for a total transaction of $3,900,000.00. Following the transaction, the chairman directly owned 13,817,859 shares in the company, valued at approximately $449,080,417.50. This represents a 0.88% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Mark Stephen Katz acquired 3,215 shares of the company’s stock in a transaction on Wednesday, June 3rd. The stock was purchased at an average cost of $31.07 per share, for a total transaction of $99,890.05. Following the completion of the purchase, the executive vice president directly owned 4,332 shares in the company, valued at $134,595.24. This trade represents a 287.82% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders purchased a total of 130,715 shares of company stock valued at $4,263,590 over the last three months. 52.03% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

RYAN has been the subject of several research reports. Mizuho boosted their target price on Ryan Specialty from $35.00 to $39.00 and gave the company a “neutral” rating in a report on Thursday, July 9th. Piper Sandler lifted their price target on Ryan Specialty from $40.00 to $44.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 15th. Barclays boosted their price objective on Ryan Specialty from $39.00 to $46.00 and gave the company an “overweight” rating in a research note on Tuesday, July 7th. Keefe, Bruyette & Woods increased their price objective on Ryan Specialty from $44.00 to $48.00 and gave the company an “outperform” rating in a report on Wednesday, July 8th. Finally, Morgan Stanley upped their price target on shares of Ryan Specialty from $39.00 to $42.00 and gave the company an “overweight” rating in a research report on Monday, July 6th. Eight equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $50.00.

Ryan Specialty Stock Performance

Shares of RYAN stock opened at $40.81 on Wednesday. The stock has a market capitalization of $10.76 billion, a PE ratio of 53.00, a price-to-earnings-growth ratio of 0.91 and a beta of 0.61. Ryan Specialty Holdings Inc. has a 52-week low of $29.28 and a 52-week high of $66.27. The stock’s 50-day moving average price is $36.04 and its 200 day moving average price is $38.80. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 2.90.

Ryan Specialty (NYSE:RYAN) last posted its quarterly earnings data on Thursday, April 30th. The company reported $0.47 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.04. Ryan Specialty had a return on equity of 41.33% and a net margin of 8.21%.The company had revenue of $795.23 million during the quarter, compared to analysts’ expectations of $781.44 million. During the same period last year, the firm earned $0.39 EPS. The firm’s revenue for the quarter was up 15.2% on a year-over-year basis. As a group, equities research analysts forecast that Ryan Specialty Holdings Inc. will post 2.06 EPS for the current year.

Ryan Specialty declared that its board has authorized a share buyback program on Tuesday, May 26th that authorizes the company to repurchase $300.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 3.5% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

Ryan Specialty Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, May 26th. Stockholders of record on Tuesday, May 12th were paid a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 1.3%. The ex-dividend date was Tuesday, May 12th. Ryan Specialty’s dividend payout ratio is 67.53%.

About Ryan Specialty

Ryan Specialty Group, Inc (NYSE: RYAN) is a global specialty insurance and reinsurance platform that partners with a network of insurers and reinsurers to deliver tailored risk solutions. The company focuses on complex and large-scale risks across multiple industry sectors, leveraging its underwriting expertise to structure coverage programs that meet clients’ unique needs.

Ryan Specialty’s core offerings span a diverse range of specialty lines, including casualty, property, professional liability, marine and energy, program administration, and sports and entertainment.