Mark Stephen Katz, Executive Vice President and General Counsel of Ryan Specialty Holdings, Inc. (NYSE:RYAN), a company with a market capitalization of $17.1 billion and an impressive year-to-date return of 56%, recently sold shares in the company, according to a recent SEC filing. According to InvestingPro data, the company maintains a "GOOD" overall financial health score. On December 13, Katz sold 15,000 shares of Class A Common Stock at a weighted average price of $67.3222 per share, amounting to approximately $1,009,833. On December 16, he sold another 15,000 shares at a weighted average price of $66.5749 per share, totaling around $998,623. The combined transactions resulted in a total sale of approximately $2,008,456. Following these transactions, Katz no longer holds any Class A Common Stock of Ryan Specialty Holdings. InvestingPro analysis reveals the stock is currently trading at a high P/E ratio of 76.5, with additional insights available in the comprehensive Pro Research Report covering this and 1,400+ other US equities.
In other recent news, Ryan Specialty Holdings reported robust growth in its third-quarter earnings and revenue. The company's total revenue rose by 20.5% to $605 million, with organic growth contributing 11.8%. Adjusted earnings before interest, taxes, depreciation, amortization, and changes in acquisition costs (EBITDAC) increased by 29.4% to $190 million, while adjusted diluted earnings per share (EPS) grew by 28% to $0.41.
In addition to these financial highlights, Ryan Specialty issued $600 million in additional 5.875% Senior Secured Notes due 2032, a move that aligns with its strategic growth plans. The company plans to use the net proceeds from this offering for potential future acquisitions, investments, and general corporate purposes.
Analysts at Morgan Stanley (NYSE:MS) initiated coverage on Ryan Specialty with an Overweight rating, citing the company's strong position in the specialty distribution sector and its potential to maintain growth rates above the industry average. The company's focus on the Excess & Surplus (E&S) markets is seen as a strategic advantage as risks become more complex and demand for specialized insurance solutions grows.
These recent developments reflect Ryan Specialty's ongoing efforts to drive growth and deliver value to its shareholders. The company aims to maintain organic revenue growth guidance of 13.0% to 14.0% for 2024, highlighting its commitment to sustained success in the specialty insurance sector.
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