Jennison Associates LLC Purchases 385,366 Shares of Ryan Specialty Holdings, Inc. (NYSE:RYAN)

Jennison Associates LLC lifted its position in shares of Ryan Specialty Holdings, Inc. (NYSE:RYAN) by 60.2% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,025,063 shares of the company’s stock after purchasing an additional 385,366 shares during the quarter. Jennison Associates LLC owned 0.39% of Ryan Specialty worth $68,054,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Principal Financial Group Inc. lifted 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 worth $56,545,000 after acquiring an additional 509,548 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Ryan Specialty by 132.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 836,209 shares of the company’s stock valued at $48,425,000 after purchasing an additional 476,126 shares in the last quarter. 2Xideas AG acquired a new position in shares of Ryan Specialty in the 1st quarter valued at approximately $19,765,000. Driehaus Capital Management LLC bought a new stake in Ryan Specialty during the 2nd quarter worth approximately $16,313,000. Finally, Rhumbline Advisers raised its holdings in Ryan Specialty by 153.9% during the 2nd quarter. Rhumbline Advisers now owns 283,952 shares of the company’s stock worth $16,444,000 after buying an additional 172,101 shares during the period. Institutional investors and hedge funds own 84.82% of the company’s stock.

Insider Activity at Ryan Specialty

In related news, EVP Mark Stephen Katz sold 14,790 shares of the business’s stock in a transaction dated 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 completion of the transaction, the executive vice president now owns 12,386 shares of the company’s stock, valued at $884,236.54. The trade was a 54.42 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Nicholas Dominic Cortezi sold 1,703 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $64.66, for a total transaction of $110,115.98. Following the sale, the director now directly owns 3,800 shares of the company’s stock, valued at approximately $245,708. This trade represents a 30.95 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 24,193 shares of company stock worth $1,664,093. Corporate insiders own 11.10% of the company’s stock.

Ryan Specialty Price Performance

NYSE:RYAN opened at $70.88 on Thursday. The company has a market cap of $18.56 billion, a P/E ratio of 92.05, a P/E/G ratio of 1.60 and a beta of 0.62. The firm’s fifty day moving average price is $68.71 and its two-hundred day moving average price is $62.29. Ryan Specialty Holdings, Inc. has a one year low of $41.49 and a one year high of $73.10. 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 (NYSE:RYAN) last released its quarterly 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 net margin of 10.31% and a return on equity of 47.90%. The firm had revenue of $604.69 million for the quarter, compared to analysts’ expectations of $602.04 million. During the same period in the prior year, the firm earned $0.32 EPS. The business’s revenue was up 20.5% on a year-over-year basis. Equities analysts expect that Ryan Specialty Holdings, Inc. will post 1.8 earnings per share for the current year.

Ryan Specialty Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 26th. Stockholders of record on Tuesday, November 12th will be given a $0.11 dividend. The ex-dividend date is Tuesday, November 12th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 0.62%. Ryan Specialty’s payout ratio is presently 57.14%.

Analyst Ratings Changes

RYAN has been the topic of a number of research analyst reports. Barclays began coverage on shares of Ryan Specialty in a report on Wednesday, September 4th. They set an “overweight” rating and a $76.00 price objective on the stock. Bank of America boosted their price target on Ryan Specialty from $75.00 to $84.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Wells Fargo & Company lifted their target price on Ryan Specialty from $63.00 to $70.00 and gave the company an “equal weight” rating in a research report on Thursday, October 10th. JPMorgan Chase & Co. upped their price target on Ryan Specialty from $54.00 to $56.00 and gave the stock an “underweight” rating in a research report on Friday, August 2nd. Finally, BMO Capital Markets upgraded shares of Ryan Specialty from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $65.00 to $75.00 in a report on Tuesday, September 24th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $70.33.

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.