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

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

A number of other hedge funds have also modified their holdings of the stock. Blair William & Co. IL grew its position in Ryan Specialty by 3.4% in the second quarter. Blair William & Co. IL now owns 2,866,003 shares of the company’s stock worth $165,970,000 after acquiring an additional 94,663 shares in the last quarter. Eagle Asset Management Inc. lifted its stake 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 purchasing an additional 335,180 shares during the last quarter. Jennison Associates LLC boosted its holdings in Ryan Specialty by 60.2% in the third quarter. Jennison Associates LLC now owns 1,025,063 shares of the company’s stock worth $68,054,000 after purchasing an additional 385,366 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in Ryan Specialty by 43.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 938,187 shares of the company’s stock worth $62,286,000 after buying an additional 286,380 shares during the last quarter. Finally, Principal Financial Group Inc. raised its holdings in Ryan Specialty by 148.9% during the third quarter. Principal Financial Group Inc. now owns 851,704 shares of the company’s stock valued at $56,545,000 after buying an additional 509,548 shares in the last quarter. 84.82% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. BMO Capital Markets upgraded Ryan Specialty from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $65.00 to $75.00 in a research note on Tuesday, September 24th. Wells Fargo & Company increased their price target on Ryan Specialty from $63.00 to $70.00 and gave the company an “equal weight” rating in a report on Thursday, October 10th. JPMorgan Chase & Co. boosted their price objective on shares of Ryan Specialty from $54.00 to $56.00 and gave the stock an “underweight” rating in a research note on Friday, August 2nd. Bank of America raised their target price on shares of Ryan Specialty from $75.00 to $84.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Finally, Barclays boosted their target price on shares of Ryan Specialty from $76.00 to $88.00 and gave the stock an “overweight” rating in a research report on Thursday, November 21st. One 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. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $71.67.

Insider Buying and Selling

In other news, EVP Mark Stephen Katz sold 14,790 shares of the company’s stock in a transaction that occurred on Friday, November 8th. The stock was 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 in the company, valued at approximately $884,236.54. This represents a 54.42 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director David P. Bolger sold 7,055 shares of the stock in a transaction that occurred 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 completion of the transaction, the director now directly owns 78,149 shares of the company’s stock, valued at approximately $5,539,201.12. The trade was a 8.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 11.10% of the stock is owned by company insiders.

Ryan Specialty Stock Performance

NYSE RYAN opened at $75.40 on Friday. The company’s fifty day moving average is $69.99 and its two-hundred day moving average is $63.12. The firm has a market capitalization of $19.74 billion, a price-to-earnings ratio of 97.92, a P/E/G ratio of 1.70 and a beta of 0.62. The company has a debt-to-equity ratio of 2.40, a current ratio of 1.01 and a quick ratio of 1.01. Ryan Specialty Holdings, Inc. has a 52-week low of $41.49 and a 52-week high of $75.97.

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

Ryan Specialty Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, November 26th. Investors 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 dividend yield of 0.58%. Ryan Specialty’s payout ratio is 57.14%.

About Ryan Specialty

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.