Nicholas Dominic Cortezi, a director at Ryan Specialty Holdings, Inc. (NYSE:RYAN), has recently sold shares totaling approximately $7.01 million, according to a recent SEC filing. The transactions, which took place over several days, involved the sale of Class A Common Stock at prices ranging from $66.0232 to $67.1716 per share. The sales come as the company, currently valued at $17.4 billion, trades near its 52-week high with a remarkable 53% return over the past year. According to InvestingPro analysis, the company maintains a GOOD financial health score.
On January 16, Cortezi executed multiple sales. The first transaction involved 23,472 shares sold at an average price of $66.802, followed by 6,628 shares sold at $67.1018, and another 4,900 shares sold at $66.4426. These sales were conducted through the Louise M. Cortezi Family Trust dated April 7, 2012, and the Louise M. Cortezi Family Resource Trust dated January 1, 2018. With analyst price targets ranging from $56 to $89, InvestingPro subscribers can access 8 additional key insights about RYAN’s valuation and growth prospects.
The following day, January 17, saw additional sales of 30,100 shares at $67.1716 and 4,900 shares at $67.0052. The sales continued on January 21 with 21,865 shares sold at $66.0232, 8,235 shares at $66.8774, and 4,900 shares at $66.9306.
Post-transaction, Cortezi holds 134,534 shares indirectly through the Louise M. Cortezi Family Trust. These transactions reflect a strategic move by Cortezi to adjust his holdings in the company, which operates in the insurance services sector.
In other recent news, Ryan Specialty Group has had a series of significant developments. The insurance organization announced a definitive agreement to acquire Velocity Risk Underwriters, LLC from Oaktree Capital Management, L.P., a move expected to complete in early 2025. The acquisition, valued at an upfront cash consideration of $525 million, will enhance Ryan Specialty’s property catastrophe offerings and improve services to wholesale clients.
In financial performance, Ryan Specialty reported a substantial increase in third-quarter revenue and earnings. The company’s total revenue rose by 20.5% to $605 million, while adjusted earnings increased by 29.4% to $190 million.
Additionally, Ryan Specialty Holdings issued $600 million in additional 5.875% Senior Secured Notes due 2032, a strategic move intended to fund potential future acquisitions and investments. This aligns with the company’s growth plans, including the repayment of up to $400 million of the outstanding borrowings under the Revolving Credit Facility.
In a recent analyst note, Morgan Stanley (NYSE:MS) initiated coverage on Ryan Specialty with an Overweight rating, indicating a positive outlook on the company’s position in the Excess & Surplus markets.
Finally, Ryan Specialty aims to maintain organic revenue growth guidance of 13.0% to 14.0% for 2024, demonstrating a focus on sustained growth in the specialty insurance sector. These recent developments highlight Ryan Specialty’s strategic initiatives and commitment to growth in the specialty insurance sector.
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