Progeny 3 Inc. Makes New $4.17 Million Investment in Ryan Specialty Holdings, Inc. (NYSE:RYAN)

Progeny 3 Inc. bought a new stake in shares of Ryan Specialty Holdings, Inc. (NYSE:RYAN) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 62,783 shares of the company’s stock, valued at approximately $4,168,000.

A number of other hedge funds and other institutional investors have also modified their holdings of RYAN. Principal Financial Group Inc. grew its position in shares of Ryan Specialty by 148.9% in the 3rd quarter. Principal Financial Group Inc. now owns 851,704 shares of the company’s stock worth $56,545,000 after acquiring an additional 509,548 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Ryan Specialty by 132.2% during the second quarter. Bank of New York Mellon Corp now owns 836,209 shares of the company’s stock worth $48,425,000 after purchasing an additional 476,126 shares during the period. Jennison Associates LLC lifted its position in shares of Ryan Specialty by 60.2% in the 3rd quarter. Jennison Associates LLC now owns 1,025,063 shares of the company’s stock worth $68,054,000 after buying an additional 385,366 shares during the last quarter. Eagle Asset Management Inc. boosted its holdings in shares of Ryan Specialty by 32.1% in the 3rd quarter. Eagle Asset Management Inc. now owns 1,380,510 shares of the company’s stock valued at $98,555,000 after buying an additional 335,180 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Ryan Specialty by 43.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 938,187 shares of the company’s stock valued at $62,286,000 after buying an additional 286,380 shares during the last quarter. 84.82% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director David P. Bolger sold 7,055 shares of Ryan Specialty stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $70.88, for a total value of $500,058.40. Following the transaction, the director now directly owns 78,149 shares in the company, valued at $5,539,201.12. The trade was a 8.28 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Mark Stephen Katz sold 14,790 shares of the company’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $71.39, for a total value of $1,055,858.10. Following the sale, the executive vice president now directly owns 12,386 shares of the company’s stock, valued at approximately $884,236.54. This represents a 54.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 11.10% of the stock is currently owned by company insiders.

Ryan Specialty Stock Performance

Shares of NYSE RYAN opened at $75.40 on Friday. Ryan Specialty Holdings, Inc. has a 1 year low of $41.49 and a 1 year high of $75.97. The firm has a market cap of $19.74 billion, a P/E ratio of 97.92, a PEG ratio of 1.70 and a beta of 0.62. The stock has a fifty day moving average price of $69.99 and a two-hundred day moving average price of $63.12. The company has a debt-to-equity ratio of 2.40, a quick ratio of 1.01 and a current ratio of 1.01.

Ryan Specialty (NYSE:RYAN) last announced its earnings results on Wednesday, October 30th. The company reported $0.41 earnings per share for the quarter, meeting the consensus estimate of $0.41. Ryan Specialty had a return on equity of 47.90% and a net margin of 10.31%. The business had revenue of $604.69 million during the quarter, compared to analysts’ expectations of $602.04 million. During the same quarter last year, the business posted $0.32 earnings per share. The company’s quarterly revenue was up 20.5% on a year-over-year basis. Research analysts forecast that Ryan Specialty Holdings, Inc. will post 1.8 EPS for the current fiscal year.

Ryan Specialty Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, November 26th. Investors of record on Tuesday, November 12th were issued a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a yield of 0.58%. The ex-dividend date was Tuesday, November 12th. Ryan Specialty’s payout ratio is 57.14%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on RYAN. BMO Capital Markets raised shares of Ryan Specialty from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $65.00 to $75.00 in a report on Tuesday, September 24th. JPMorgan Chase & Co. upped their price objective on Ryan Specialty from $54.00 to $56.00 and gave the stock an “underweight” rating in a research note on Friday, August 2nd. The Goldman Sachs Group increased their target price on Ryan Specialty from $64.00 to $72.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 9th. UBS Group boosted their price target on shares of Ryan Specialty from $67.00 to $76.00 and gave the company a “buy” rating in a report on Tuesday, August 13th. Finally, Bank of America lifted their price objective on shares of Ryan Specialty from $75.00 to $84.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $71.67.

Ryan Specialty Profile

Ryan Specialty Holdings, Inc operates as a service provider of specialty products and solutions for insurance brokers, agents, and carriers in the United States, Canada, the United Kingdom, Europe, and Singapore. It offers distribution, underwriting, product development, administration, and risk management services by acting as a wholesale broker and a managing underwriter.