Mark Stephen Katz, Executive Vice President and General Counsel of Ryan Specialty Holdings, Inc. (NYSE:RYAN), recently sold a significant portion of his holdings in the company. On November 8, Katz sold 14,790 shares of Class A Common Stock at an average price of $71.3864, totaling approximately $1,055,804. Following this transaction, Katz's direct ownership now stands at 12,386 shares.
In addition to the sale, Katz also engaged in several conversion transactions. He converted 5,000 shares of Class B Common Stock and 9,790 Class C Common Incentive Units into Class A Common Stock. These conversions did not involve any cash transactions.
These activities were disclosed in a Form 4 filing with the Securities and Exchange Commission, providing transparency about the changes in Katz's equity position within the company.
In other recent news, Ryan Specialty Holdings reported a significant rise in third-quarter revenue and earnings, marking a 20.5% increase in total revenue to $605 million, and a 29.4% increase in adjusted earnings before interest, taxes, depreciation, amortization, and changes in acquisition costs (EBITDAC) to $190 million. The earnings per share (EPS) also saw a 28% growth, reaching $0.41. These figures reflect the company's strategic acquisitions and commitment to organic growth, which contributed 11.8% to the total revenue.
The company's recent acquisitions, including US Assure and Innovisk, have made significant contributions to this growth. Furthermore, 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 managed to gain market share, and it expects to maintain organic revenue growth guidance of 13.0% to 14.0% for 2024.
The company's leadership transition was smoothly executed, with a continued focus on organic growth, innovation, strategic acquisitions, and returning excess cash to shareholders. Ryan Specialty's recent developments highlight its ability to navigate market challenges and capitalize on strategic initiatives, positioning it well for sustained success in the specialty insurance sector.
InvestingPro Insights
The recent sale of shares by Mark Stephen Katz, Executive Vice President and General Counsel of Ryan Specialty Holdings, Inc. (NYSE:RYAN), comes at a time when the company's stock is trading near its 52-week high. According to InvestingPro data, RYAN's stock price is currently at 98.02% of its 52-week high, with a previous closing price of $71.8 USD.
This sale occurs against a backdrop of strong financial performance for Ryan Specialty. InvestingPro Tips indicate that the company has shown a high return over the last year, with a 62.45% price total return over the past 12 months. Additionally, the company has demonstrated impressive growth, with revenue increasing by 20.14% in the last twelve months as of Q3 2023, reaching $2.32 billion USD.
Despite the positive growth indicators, investors should note that RYAN is trading at a high P/E ratio of 83.93, which suggests a premium valuation. This aligns with another InvestingPro Tip highlighting that the company is trading at a high earnings multiple.
For those interested in a deeper analysis, InvestingPro offers 11 additional tips for RYAN, providing a more comprehensive view of the company's financial health and market position.
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