Lord Abbett & CO. LLC Takes $27.93 Million Position in Ryan Specialty Holdings Inc. $RYAN

Key Points

• Lord Abbett & CO. LLC has acquired a new position in Ryan Specialty Holdings Inc., purchasing 378,074 shares valued at approximately $27.93 million. This represents 0.14% of the company.
• Wall Street analysts have shown mixed sentiments about Ryan Specialty, with ratings ranging from buy to hold, and a consensus target price currently set at $75.08.
• Ryan Specialty announced a quarterly dividend of $0.12 per share, which translates to an annualized dividend yield of 0.8%, despite a high payout ratio of 137.14%.

Lord Abbett & CO. LLC purchased a new position in Ryan Specialty Holdings Inc. (NYSE:RYAN - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 378,074 shares of the company's stock, valued at approximately $27,928,000. Lord Abbett & CO. LLC owned approximately 0.14% of Ryan Specialty as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Whittier Trust Co. of Nevada Inc. grew its stake in Ryan Specialty by 281.6% during the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 332 shares of the company's stock worth $25,000 after purchasing an additional 245 shares in the last quarter. Golden State Wealth Management LLC acquired a new stake in Ryan Specialty in the 1st quarter valued at about $35,000. Kapitalo Investimentos Ltda purchased a new position in shares of Ryan Specialty in the 4th quarter valued at about $36,000. Fifth Third Bancorp grew its position in shares of Ryan Specialty by 202.5% during the first quarter. Fifth Third Bancorp now owns 484 shares of the company's stock worth $36,000 after buying an additional 324 shares in the last quarter. Finally, Covestor Ltd increased its stake in shares of Ryan Specialty by 404.7% during the first quarter. Covestor Ltd now owns 858 shares of the company's stock worth $63,000 after buying an additional 688 shares during the period. 84.82% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Ryan Specialty

In other Ryan Specialty news, EVP Mark Stephen Katz sold 14,377 shares of the business's stock in a transaction on Friday, June 13th. The stock was sold at an average price of $65.84, for a total transaction of $946,581.68. Following the sale, the executive vice president directly owned 1,117 shares in the company, valued at approximately $73,543.28. The trade was a 92.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director David P. Bolger sold 5,000 shares of Ryan Specialty stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $70.80, for a total value of $354,000.00. Following the transaction, the director owned 71,467 shares of the company's stock, valued at $5,059,863.60. This represents a 6.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. 52.21% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. Morgan Stanley decreased their price target on shares of Ryan Specialty from $71.00 to $68.00 and set an "overweight" rating for the company in a research note on Monday. Wall Street Zen raised shares of Ryan Specialty from a "sell" rating to a "hold" rating in a research report on Sunday, August 3rd. Cantor Fitzgerald upgraded shares of Ryan Specialty to a "hold" rating in a research note on Wednesday, August 13th. Wells Fargo & Company dropped their price objective on Ryan Specialty from $63.00 to $60.00 and set an "equal weight" rating on the stock in a report on Friday, August 1st. Finally, The Goldman Sachs Group raised shares of Ryan Specialty from a "neutral" rating to a "buy" rating and raised their price objective for the stock from $74.00 to $81.00 in a research report on Tuesday, May 13th. Nine analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $74.83.

Ryan Specialty Price Performance

RYAN stock traded up $0.6020 on Wednesday, reaching $59.8020. 1,055,666 shares of the company's stock were exchanged, compared to its average volume of 1,571,151. The firm has a market cap of $15.77 billion, a PE ratio of 170.87, a P/E/G ratio of 1.64 and a beta of 0.64. Ryan Specialty Holdings Inc. has a twelve month low of $55.77 and a twelve month high of $77.16. The stock has a fifty day moving average of $63.87 and a 200-day moving average of $67.58. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 2.88.

Ryan Specialty (NYSE:RYAN - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The company reported $0.66 earnings per share for the quarter, hitting analysts' consensus estimates of $0.66. Ryan Specialty had a net margin of 6.81% and a return on equity of 48.70%. The business had revenue of $855.17 million for the quarter, compared to analysts' expectations of $837.52 million. During the same period in the prior year, the company posted $0.58 EPS. The business's revenue for the quarter was up 23.0% on a year-over-year basis. As a group, equities analysts predict that Ryan Specialty Holdings Inc. will post 2.29 EPS for the current fiscal year.

Ryan Specialty Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 26th. Stockholders of record on Tuesday, August 12th will be given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date is Tuesday, August 12th. Ryan Specialty's dividend payout ratio (DPR) is presently 137.14%.

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.