The Manufacturers Life Insurance Company Reduces Stock Position in Ryan Specialty Holdings, Inc. (NYSE:RYAN)

The Manufacturers Life Insurance Company cut its position in Ryan Specialty Holdings, Inc. (NYSE:RYAN) by 10.0% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 83,409 shares of the company’s stock after selling 9,309 shares during the period. The Manufacturers Life Insurance Company’s holdings in Ryan Specialty were worth $5,538,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of the company. GAMMA Investing LLC increased its holdings in shares of Ryan Specialty by 96.4% during the 2nd quarter. GAMMA Investing LLC now owns 605 shares of the company’s stock valued at $35,000 after purchasing an additional 297 shares in the last quarter. SG Americas Securities LLC grew its position in shares of Ryan Specialty by 327.9% during the 2nd quarter. SG Americas Securities LLC now owns 19,481 shares of the company’s stock valued at $1,128,000 after acquiring an additional 14,928 shares during the period. Mechanics Bank Trust Department purchased a new position in shares of Ryan Specialty in the 2nd quarter valued at about $376,000. Securian Asset Management Inc. purchased a new position in Ryan Specialty during the second quarter worth approximately $474,000. Finally, Cottonwood Capital Advisors LLC acquired a new stake in Ryan Specialty in the second quarter valued at approximately $341,000. 84.82% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. BMO Capital Markets upgraded shares of Ryan Specialty from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $65.00 to $75.00 in a research report on Tuesday, September 24th. Wells Fargo & Company boosted their price objective on Ryan Specialty from $63.00 to $70.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 10th. Barclays lifted their price target on Ryan Specialty from $76.00 to $88.00 and gave the stock an “overweight” rating in a research note on Thursday, November 21st. Morgan Stanley started coverage on Ryan Specialty in a research note on Thursday. They issued an “overweight” rating and a $90.00 price objective for the company. Finally, The Goldman Sachs Group lifted their target price on shares of Ryan Specialty from $64.00 to $72.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 9th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $73.50.

Insider Activity

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

Ryan Specialty Price Performance

Ryan Specialty stock opened at $73.42 on Friday. The stock has a market cap of $19.22 billion, a P/E ratio of 95.35, a price-to-earnings-growth ratio of 1.68 and a beta of 0.67. The company has a fifty day simple moving average of $70.71 and a 200-day simple moving average of $63.77. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 2.40. Ryan Specialty Holdings, Inc. has a 12-month low of $41.49 and a 12-month high of $75.97.

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

Ryan Specialty Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, November 26th. Shareholders of record on Tuesday, November 12th were paid a $0.11 dividend. The ex-dividend date of this dividend was Tuesday, November 12th. This represents a $0.44 dividend on an annualized basis and a yield of 0.60%. Ryan Specialty’s dividend payout ratio is presently 57.14%.

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.