Bank of America Corp DE Buys 389,505 Shares of Ryan Specialty Holdings Inc. $RYAN

Key Points

• Bank of America increased its Ryan Specialty stake by 34.8% in the first quarter, adding 389,505 shares to own 1.51 million shares valued at approximately $50.9 million. Institutional investors collectively hold 84.82% of the company.
• Ryan Specialty reported quarterly earnings of $0.74 per share, beating estimates of $0.60, while revenue rose 7.2% year over year to $916.65 million. The company also announced a $0.13 quarterly dividend and authorized a $300 million share-repurchase program.
• Analyst sentiment is mixed, with a consensus “Hold” rating and an average price target of $53.42, compared with shares trading near $42.16. Several firms recently raised their targets to between $54 and $55.

Bank of America Corp DE grew its stake in shares of Ryan Specialty Holdings Inc. (NYSE:RYAN - Free Report) by 34.8% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 1,508,083 shares of the company's stock after buying an additional 389,505 shares during the period. Bank of America Corp DE owned approximately 0.57% of Ryan Specialty worth $50,883,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the stock. Qsemble Capital Management LP acquired a new stake in shares of Ryan Specialty during the 4th quarter valued at about $2,823,000. Stephens Investment Management Group LLC raised its position in Ryan Specialty by 41.6% in the fourth quarter. Stephens Investment Management Group LLC now owns 1,929,094 shares of the company's stock worth $99,599,000 after purchasing an additional 566,610 shares in the last quarter. Mawer Investment Management Ltd. raised its position in Ryan Specialty by 11.9% in the fourth quarter. Mawer Investment Management Ltd. now owns 525,172 shares of the company's stock worth $27,115,000 after purchasing an additional 55,716 shares in the last quarter. Entropy Technologies LP bought a new position in Ryan Specialty during the first quarter worth about $2,189,000. Finally, Vulcan Value Partners LLC lifted its stake in Ryan Specialty by 631.7% during the fourth quarter. Vulcan Value Partners LLC now owns 4,621,079 shares of the company's stock worth $238,536,000 after purchasing an additional 3,989,502 shares during the period. Institutional investors own 84.82% of the company's stock.

Ryan Specialty Stock Down 0.7%

Shares of NYSE:RYAN opened at $42.16 on Wednesday. Ryan Specialty Holdings Inc. has a one year low of $29.28 and a one year high of $61.05. The company has a 50 day moving average of $39.30 and a 200-day moving average of $37.98. The company has a debt-to-equity ratio of 3.51, a current ratio of 1.00 and a quick ratio of 1.00. The stock has a market cap of $10.78 billion, a price-to-earnings ratio of 58.55, a P/E/G ratio of 0.84 and a beta of 0.59.

Ryan Specialty (NYSE:RYAN - Get Free Report) last posted its quarterly 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 during the quarter, compared to the consensus estimate of $873.93 million. During the same period in the previous year, the firm posted $0.66 earnings per share. Ryan Specialty's revenue for the quarter was up 7.2% compared to the same quarter last year. On average, sell-side analysts forecast that Ryan Specialty Holdings Inc. will post 2.17 earnings per share for the current year.

Ryan Specialty Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 25th. Shareholders of record on Tuesday, August 11th will be given a dividend of $0.13 per share. The ex-dividend date is Tuesday, August 11th. This represents a $0.52 annualized dividend and a dividend yield of 1.2%. Ryan Specialty's payout ratio is presently 72.22%.

Ryan Specialty announced that its Board of Directors has approved a share repurchase plan on Tuesday, May 26th that authorizes the company to repurchase $300.00 million in shares. This repurchase authorization authorizes the company to purchase up to 3.5% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

RYAN has been the topic of several recent analyst reports. Cantor Fitzgerald boosted their price target on Ryan Specialty from $34.00 to $41.00 and gave the company a "neutral" rating in a research note on Monday, August 3rd. Royal Bank Of Canada lifted their price objective on Ryan Specialty from $45.00 to $55.00 and gave the company an "outperform" rating in a report on Friday, July 31st. Wolfe Research downgraded shares of Ryan Specialty from an "outperform" rating to a "peer perform" rating in a research note on Thursday, July 9th. Keefe, Bruyette & Woods boosted their target price on shares of Ryan Specialty from $48.00 to $54.00 and gave the company an "outperform" rating in a research note on Friday, July 31st. Finally, UBS Group upped their target price on shares of Ryan Specialty from $50.00 to $55.00 and gave the stock a "buy" rating in a report on Monday, August 3rd. Eight investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, Ryan Specialty currently has a consensus rating of "Hold" and a consensus target price of $53.42.

Insider Activity

In related news, EVP Mark Stephen Katz purchased 3,215 shares of the business's stock in a transaction dated Wednesday, June 3rd. The shares were bought at an average price of $31.07 per share, with a total value of $99,890.05. Following the purchase, the executive vice president directly owned 4,332 shares in the company, valued at $134,595.24. This trade represents a 287.82% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, Director John W. Rogers, Jr. purchased 7,500 shares of Ryan Specialty stock in a transaction dated Wednesday, June 10th. The stock was bought at an average price of $35.16 per share, for a total transaction of $263,700.00. Following the completion of the transaction, the director directly owned 117,933 shares in the company, valued at $4,146,524.28. The trade was a 6.79% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have purchased a total of 130,715 shares of company stock valued at $4,263,590 in the last 90 days. 52.03% of the stock is owned by company insiders.

Ryan Specialty Company Profile

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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