David P. Bolger, a director at Ryan Specialty Holdings, Inc. (NYSE:RYAN), recently sold a portion of his holdings in the company. According to the latest SEC filing, Bolger sold 7,055 shares of Class A Common Stock on November 21 at a price of $70.88 per share, totaling approximately $500,058. Following this transaction, Bolger holds 78,149 shares indirectly through the David P. Bolger Revocable Trust dated 10/30/1995. Additionally, he directly owns 12,500 shares, which are represented as Restricted Stock Units that vested immediately upon grant.
In other recent news, Ryan Specialty Holdings reported significant growth in its third-quarter earnings and revenue. The specialty insurance services firm's total revenue surged by 20.5% to reach $605 million, with organic growth accounting for 11.8%. Adjusted earnings before interest, taxes, depreciation, amortization, and changes in acquisition costs (EBITDAC) rose by 29.4% to $190 million, and adjusted diluted earnings per share (EPS) increased by 28% to $0.41. These developments underscore the company's resilience in a challenging market.
Ryan Specialty's strategic acquisitions, including US Assure and Innovisk, were highlighted as key contributors to its financial performance. The company also maintained its focus on organic growth and disciplined M&A strategy. Amid these recent developments, Ryan Specialty is on track to achieve $60 million in annual savings from its ACCELERATE 2025 program by 2025.
Despite rate declines in the property market, the company successfully gained market share in the sector. Moving forward, Ryan Specialty aims to maintain organic revenue growth guidance of 13.0% to 14.0% for 2024, capitalizing on emerging opportunities in both property and casualty sectors. The company anticipates positive dynamics in casualty markets, particularly in high-hazard verticals, to drive growth.
InvestingPro Insights
The recent sale by director David P. Bolger comes at a time when Ryan Specialty Holdings, Inc. (NYSE:RYAN) is experiencing strong market performance. According to InvestingPro data, the company's stock is trading near its 52-week high, with a price that is 99.43% of its highest point over the past year. This aligns with the company's impressive year-to-date price total return of 76.53%, indicating significant investor confidence.
Ryan Specialty's financial metrics also paint a picture of robust growth. The company has seen a revenue growth of 20.14% over the last twelve months, with quarterly revenue growth at 20.68%. This growth trajectory is reflected in the company's market capitalization of $19.59 billion.
However, investors should note that RYAN is trading at a high P/E ratio of 87.75, which suggests the stock may be priced at a premium compared to its earnings. This is further emphasized by an InvestingPro Tip indicating that the company is trading at a high earnings multiple.
Another InvestingPro Tip highlights that net income is expected to grow this year, which could potentially justify the current valuation if realized. For those interested in a deeper analysis, InvestingPro offers 11 additional tips that could provide further insights into Ryan Specialty's financial health and market position.
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