Pier 88 Investment Partners LLC Acquires New Position in Ryan Specialty Holdings, Inc. (NYSE:RYAN)

Pier 88 Investment Partners LLC bought a new stake in Ryan Specialty Holdings, Inc. (NYSE:RYAN) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 14,760 shares of the company’s stock, valued at approximately $947,000.

Several other hedge funds have also made changes to their positions in the company. JPMorgan Chase & Co. lifted its position in Ryan Specialty by 107.5% in the third quarter. JPMorgan Chase & Co. now owns 459,464 shares of the company’s stock valued at $30,504,000 after buying an additional 238,064 shares during the last quarter. Bar Harbor Wealth Management increased its holdings in Ryan Specialty by 5.9% in the 4th quarter. Bar Harbor Wealth Management now owns 168,871 shares of the company’s stock valued at $10,835,000 after purchasing an additional 9,482 shares during the last quarter. Barclays PLC raised its position in Ryan Specialty by 1.1% in the third quarter. Barclays PLC now owns 1,641,743 shares of the company’s stock valued at $108,994,000 after purchasing an additional 17,267 shares during the period. Teachers Retirement System of The State of Kentucky lifted its stake in Ryan Specialty by 51.5% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 30,760 shares of the company’s stock worth $2,042,000 after purchasing an additional 10,460 shares in the last quarter. Finally, HighTower Advisors LLC boosted its position in shares of Ryan Specialty by 101.6% during the third quarter. HighTower Advisors LLC now owns 39,969 shares of the company’s stock worth $2,661,000 after buying an additional 20,139 shares during the period. Hedge funds and other institutional investors own 84.82% of the company’s stock.

Ryan Specialty Stock Performance

Shares of RYAN opened at $72.98 on Monday. The stock has a market capitalization of $19.11 billion, a P/E ratio of 105.77, a P/E/G ratio of 1.19 and a beta of 0.71. The company has a debt-to-equity ratio of 2.40, a quick ratio of 1.01 and a current ratio of 1.01. Ryan Specialty Holdings, Inc. has a 1 year low of $48.48 and a 1 year high of $75.97. The company’s fifty day moving average is $68.74 and its two-hundred day moving average is $68.32.

Ryan Specialty (NYSE:RYAN) last issued its quarterly earnings results on Thursday, February 20th. The company reported $0.45 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.02). The firm had revenue of $663.53 million for the quarter, compared to analyst estimates of $658.80 million. Ryan Specialty had a return on equity of 48.01% and a net margin of 9.14%. On average, sell-side analysts predict that Ryan Specialty Holdings, Inc. will post 2.29 earnings per share for the current year.

Ryan Specialty Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 18th. Investors of record on Tuesday, March 4th were paid a $0.12 dividend. The ex-dividend date of this dividend was Tuesday, March 4th. This is an increase from Ryan Specialty’s previous quarterly dividend of $0.11. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.66%. Ryan Specialty’s payout ratio is 69.57%.

Insider Buying and Selling

In other Ryan Specialty news, EVP Brendan Martin Mulshine sold 30,000 shares of the business’s stock in a transaction 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 transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Nicholas Dominic Cortezi sold 35,000 shares of the firm’s stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $65.99, for a total value of $2,309,650.00. Following the completion of the transaction, the director now owns 35,609 shares of the company’s stock, valued at approximately $2,349,837.91. This represents a 49.57 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 241,360 shares of company stock valued at $16,006,428 over the last quarter. Company insiders own 11.10% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Keefe, Bruyette & Woods decreased their target price on Ryan Specialty from $77.00 to $76.00 and set an “outperform” rating on the stock in a research note on Friday, February 21st. UBS Group raised their price objective on shares of Ryan Specialty from $82.00 to $84.00 and gave the company a “buy” rating in a research note on Wednesday, February 26th. Royal Bank of Canada cut their target price on shares of Ryan Specialty from $73.00 to $72.00 and set a “sector perform” rating on the stock in a research note on Friday, February 21st. Wells Fargo & Company raised their price target on shares of Ryan Specialty from $64.00 to $69.00 and gave the company an “equal weight” rating in a research report on Friday, February 21st. Finally, Morgan Stanley assumed coverage on Ryan Specialty in a research report on Thursday, December 5th. They set an “overweight” rating and a $90.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, Ryan Specialty has an average rating of “Hold” and an average price target of $75.27.

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.