Portside Wealth Group LLC Reduces Position in Ryan Specialty Holdings, Inc. (NYSE:RYAN)

Portside Wealth Group LLC lowered its holdings in shares of Ryan Specialty Holdings, Inc. (NYSE:RYAN - Free Report) by 34.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,731 shares of the company's stock after selling 11,976 shares during the period. Portside Wealth Group LLC's holdings in Ryan Specialty were worth $1,679,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Raymond James Financial Inc. purchased a new position in Ryan Specialty in the 4th quarter worth about $94,484,000. Norges Bank purchased a new position in shares of Ryan Specialty during the 4th quarter valued at $78,358,000. Millennium Management LLC boosted its stake in shares of Ryan Specialty by 1,111.4% in the fourth quarter. Millennium Management LLC now owns 1,174,086 shares of the company's stock worth $75,329,000 after acquiring an additional 1,077,169 shares during the period. Principal Financial Group Inc. raised its position in shares of Ryan Specialty by 115.2% during the fourth quarter. Principal Financial Group Inc. now owns 1,833,209 shares of the company's stock valued at $117,619,000 after buying an additional 981,505 shares during the last quarter. Finally, CIBC Private Wealth Group LLC lifted its stake in Ryan Specialty by 6,911.0% in the 4th quarter. CIBC Private Wealth Group LLC now owns 785,928 shares of the company's stock worth $48,036,000 after purchasing an additional 774,718 shares in the last quarter. Hedge funds and other institutional investors own 84.82% of the company's stock.

Ryan Specialty Stock Down 1.5%

Ryan Specialty stock traded down $1.03 during trading hours on Thursday, reaching $69.05. The stock had a trading volume of 801,006 shares, compared to its average volume of 989,229. The company has a market cap of $18.12 billion, a price-to-earnings ratio of 100.08, a PEG ratio of 1.19 and a beta of 0.70. Ryan Specialty Holdings, Inc. has a 52 week low of $52.34 and a 52 week high of $77.16. The company has a debt-to-equity ratio of 2.40, a current ratio of 1.01 and a quick ratio of 1.01. The business's 50 day moving average price is $69.83 and its 200-day moving average price is $68.75.

Ryan Specialty (NYSE:RYAN - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The company reported $0.39 earnings per share for the quarter, meeting the consensus estimate of $0.39. Ryan Specialty had a return on equity of 48.01% and a net margin of 9.14%. The business had revenue of $690.17 million for the quarter, compared to the consensus estimate of $680.80 million. During the same quarter in the previous year, the business earned $0.35 EPS. The company's quarterly revenue was up 25.0% compared to the same quarter last year. Sell-side analysts anticipate that Ryan Specialty Holdings, Inc. will post 2.29 EPS for the current year.

Ryan Specialty Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, May 27th. Stockholders of record on Tuesday, May 13th were issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 0.70%. The ex-dividend date of this dividend was Tuesday, May 13th. Ryan Specialty's dividend payout ratio is currently 141.18%.

Insider Activity

In other Ryan Specialty news, Director David P. Bolger sold 5,000 shares of the business's stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $70.80, for a total value of $354,000.00. Following the transaction, the director now directly owns 71,467 shares in the company, valued at $5,059,863.60. The trade was a 6.54% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Brendan Martin Mulshine sold 30,000 shares of the stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $69.30, for a total transaction of $2,079,000.00. The disclosure for this sale can be found here. Company insiders own 52.21% of the company's stock.

Analyst Ratings Changes

RYAN has been the topic of a number of research reports. Morgan Stanley boosted their target price on shares of Ryan Specialty from $78.00 to $80.00 and gave the stock an "overweight" rating in a report on Monday, May 19th. The Goldman Sachs Group raised shares of Ryan Specialty from a "neutral" rating to a "buy" rating and lifted their price target for the stock from $74.00 to $81.00 in a research note on Tuesday, May 13th. Keefe, Bruyette & Woods reduced their price objective on shares of Ryan Specialty from $76.00 to $75.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 9th. Royal Bank of Canada dropped their target price on Ryan Specialty from $73.00 to $72.00 and set a "sector perform" rating for the company in a research report on Friday, February 21st. Finally, Wells Fargo & Company reduced their price target on Ryan Specialty from $69.00 to $66.00 and set an "equal weight" rating on the stock in a report on Thursday, April 10th. One research analyst has rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $75.58.

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.