Jeremiah Rawlins, the Executive Vice President & Chief Financial Officer of Ryan Specialty Holdings, Inc. (NYSE:RYAN), has sold a significant amount of company stock, according to a recent SEC filing. The transactions, which took place on August 14 and 15, involved the sale of Class A Common Stock for a total value exceeding $3.2 million.
The sales were executed in multiple transactions at weighted average prices. On August 14, Rawlins sold 26,233 shares at an average price of $65.18, with individual transactions ranging from $65.00 to $65.60. The following day, he sold another 23,767 shares at an average price of $64.40, with sales prices between $64.12 and $65.01. These transactions have adjusted Rawlins' holdings in Class A Common Stock to 1,078 shares following the sales.
It's noteworthy that these sales took place after a conversion transaction on August 13, where Rawlins converted 50,000 Common Units, which are paired with Class B Common Stock, into an equal number of Class A Common Stock shares. Class B shares, as specified in the footnotes of the SEC filing, do not represent economic interests in Ryan Specialty Holdings and are entitled to 10 votes per share on stockholder matters, unlike Class A shares which represent economic interests. Upon conversion of the Common Units for Class A shares, an equal number of Class B shares are cancelled.
The transactions come as part of the regular financial activities of company executives and are reported to the SEC for transparency and regulatory compliance. Investors often monitor such insider transactions as part of their analysis for a variety of reasons.
Ryan Specialty Holdings, based in Chicago, Illinois, operates within the insurance industry, providing specialized services and solutions. The company's stock is publicly traded on the NYSE under the ticker symbol RYAN.
In other recent news, Ryan Specialty Holdings reported a substantial 18.8% year-over-year increase in its Q2 2024 total revenue, reaching $695 million. The company has also announced its agreement to acquire US Assure, a notable entity in the builder's risk insurance market, for $1.075 billion. This acquisition is expected to be immediately accretive to the company's adjusted earnings per share (EPS).
US Assure is projected to generate $123 million in revenue in 2024, significantly contributing to Ryan Specialty's margin improvement. The company also announced strategic partnerships with MagMutual and Private Client Select, and a leadership succession introducing Tim Turner as CEO, Jeremiah Bickham as President, and Janice Hamilton as CFO.
Despite acknowledging increasing loss costs in the casualty market and higher interest expenses due to raised debt, the overall outlook remains positive. Executives are confident in US Assure's financial profile and its potential to enhance the company's brand and platform. These developments are part of the recent news concerning Ryan Specialty's financial performance and strategic growth initiatives.
InvestingPro Insights
As investors digest the news of Jeremiah Rawlins' significant stock sale, a closer look at Ryan Specialty Holdings, Inc. (NYSE:RYAN) through the lens of InvestingPro provides a deeper understanding of the company's financial health and market position. With a market capitalization of $16.83 billion, Ryan Specialty Holdings is a notable player in the insurance industry. The company's P/E ratio stands at a high 96.45, which suggests that the stock is trading at a premium relative to its earnings. Analysts have recognized this, with 8 analysts revising their earnings upwards for the upcoming period, indicating a positive outlook on the company's profitability.
InvestingPro Data also reveals that Ryan Specialty Holdings has experienced a revenue growth of 19.87% over the last twelve months as of Q2 2024, with a gross profit margin of 37.14%, reflecting its ability to maintain profitability while expanding. This aligns with the InvestingPro Tip that the company is expected to be profitable this year, a sentiment supported by its strong return over the last three months, with a price total return of 20.28%.
For investors interested in further analysis, there are additional InvestingPro Tips that could provide more nuanced perspectives on Ryan Specialty Holdings, Inc. For instance, the company's trading at a high Price/Book multiple of 27.83, which could be a point of consideration for value-focused investors. Moreover, the company has demonstrated a robust return over the last five years, which might appeal to long-term investors looking for stable growth opportunities.
To explore these metrics and more, investors can visit InvestingPro for a comprehensive set of tips and real-time data that can help in making informed investment decisions.
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