Nicholas Dominic Cortezi, a director at Ryan Specialty Holdings Inc. (NYSE:RYAN), a $16.7 billion market cap insurance services company, recently sold a significant portion of his holdings in the company. According to a filing with the Securities and Exchange Commission, Cortezi sold a total of 35,091 shares of Ryan Specialty's Class A common stock. The transactions were executed on December 18 and December 20, with the shares sold at prices ranging from $65.00 to $65.1796 per share. The timing is notable as RYAN shares have shown remarkable strength, gaining over 50% year-to-date.
The total value of these sales amounted to approximately $2.29 million. Following these transactions, Cortezi retains ownership of 309,600 shares through the Louise M. Cortezi Family Trust and 50,309 shares through the Louise M. Cortezi Family Resource Trust. These sales were disclosed under a trading plan designed to comply with Rule 10b5-1, which allows executives to sell a predetermined number of shares at a set time. InvestingPro data shows the company maintains a "GOOD" financial health rating, though it currently trades at a relatively high P/E ratio of 74.8. For deeper insights into insider trading patterns and comprehensive financial analysis, investors can access the full Pro Research Report, available exclusively on InvestingPro.
In other recent news, Ryan Specialty Holdings announced the issuance of an additional $600 million in 5.875% Senior Secured Notes due 2032 by its subsidiary, Ryan Specialty, LLC. This move is part of the firm's strategic growth plans, intending to allocate net proceeds towards potential future acquisitions and general corporate purposes. The company also reported a significant increase in third-quarter revenue and earnings, with revenue rising by 20.5% to $605 million and adjusted earnings per share (EPS) growing by 28% to $0.41.
Furthermore, Morgan Stanley (NYSE:MS) initiated coverage on Ryan Specialty with an Overweight rating, indicating a positive outlook for the company. The rating is based on the ongoing shift towards the Excess & Surplus (E&S) markets, where Ryan Specialty operates, and the company's impressive 20.14% revenue growth in the last twelve months.
Finally, in the company's recent earnings call, Ryan Specialty confirmed its commitment to a disciplined M&A strategy and organic growth, with recent acquisitions, including US Assure and Innovisk, contributing significantly to the firm's financial performance. The company also aims to maintain organic revenue growth guidance of 13.0% to 14.0% for 2024, indicating a positive future trajectory. These developments highlight the company's robust growth and strategic positioning in the specialty insurance sector.
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