Vancity Investment Management Ltd acquired a new stake in Ryan Specialty Holdings Inc. (NYSE:RYAN – Free Report) during the 2nd quarter, Holdings Channel reports. The fund acquired 16,457 shares of the company’s stock, valued at approximately $621,000.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. California State Teachers Retirement System boosted its position in Ryan Specialty by 3,567.5% during the 2nd quarter. California State Teachers Retirement System now owns 4,817,496 shares of the company’s stock worth $181,909,000 after acquiring an additional 4,686,140 shares during the last quarter. Vulcan Value Partners LLC raised its holdings in shares of Ryan Specialty by 631.7% in the fourth quarter. Vulcan Value Partners LLC now owns 4,621,079 shares of the company’s stock valued at $238,536,000 after purchasing an additional 3,989,502 shares during the last quarter. T. Rowe Price Investment Management Inc. raised its holdings in shares of Ryan Specialty by 79.9% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 7,552,002 shares of the company’s stock valued at $389,910,000 after purchasing an additional 3,353,926 shares during the last quarter. Adage Capital Partners GP L.L.C. lifted its position in shares of Ryan Specialty by 1,510.0% in the fourth quarter. Adage Capital Partners GP L.L.C. now owns 1,610,000 shares of the company’s stock worth $83,124,000 after purchasing an additional 1,510,000 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of Ryan Specialty in the fourth quarter worth $60,546,000. 84.82% of the stock is owned by institutional investors and hedge funds.
Insider Activity at Ryan Specialty
In other news, Director John Rogers, Jr. acquired 7,500 shares of the stock in a transaction dated Wednesday, June 10th. The shares were bought at an average cost of $35.16 per share, for a total transaction of $263,700.00. Following the purchase, the director directly owned 117,933 shares of the company’s stock, valued at approximately $4,146,524.28. This trade represents a 6.79% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 52.03% of the stock is currently owned by company insiders.
Ryan Specialty Trading Down 0.0%
Ryan Specialty (NYSE:RYAN – Get Free Report) last issued its earnings results on Thursday, July 30th. The company reported $0.74 earnings per share for the quarter, topping analysts’ consensus estimates of $0.60 by $0.14. Ryan Specialty had a net margin of 7.55% and a return on equity of 43.97%. The business had revenue of $916.65 million for the quarter, compared to the consensus estimate of $873.93 million. During the same period in the previous year, the company earned $0.66 earnings per share. The firm’s revenue for the quarter was up 7.2% on a year-over-year basis. On average, equities research analysts anticipate that Ryan Specialty Holdings Inc. will post 2.18 EPS for the current fiscal year.
Ryan Specialty declared that its board has approved a share repurchase program on Tuesday, May 26th that allows the company to buyback $300.00 million in shares. This buyback authorization allows the company to reacquire up to 3.5% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its stock is undervalued.
Ryan Specialty Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 25th. Stockholders of record on Tuesday, August 11th were given a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend was Tuesday, August 11th. Ryan Specialty’s dividend payout ratio (DPR) is 72.22%.
Analysts Set New Price Targets
RYAN has been the subject of several recent research reports. JPMorgan Chase & Co. raised their target price on shares of Ryan Specialty from $39.00 to $45.00 and gave the company an “underweight” rating in a research report on Monday, August 3rd. Keefe, Bruyette & Woods boosted their price target on shares of Ryan Specialty from $48.00 to $54.00 and gave the stock an “outperform” rating in a research report on Friday, July 31st. Barclays boosted their price target on shares of Ryan Specialty from $46.00 to $48.00 and gave the stock an “overweight” rating in a research report on Friday, July 31st. Cantor Fitzgerald raised their price objective on Ryan Specialty from $34.00 to $41.00 and gave the company a “neutral” rating in a report on Monday, August 3rd. Finally, Piper Sandler lifted their target price on Ryan Specialty from $44.00 to $48.00 and gave the company a “neutral” rating in a research report on Friday, July 31st. Eight research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $53.86.
View Our Latest Analysis on RYAN
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.
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