Following these transactions, Cortezi holds 339,700 shares indirectly through the Louise M. Cortezi Family Trust and 55,300 shares through the Louise M. Cortezi Family Resource Trust. These sales were part of a pre-arranged trading plan, indicating a strategic approach to managing his holdings in the company. InvestingPro data shows Ryan Specialty maintains a GOOD financial health score, with strong revenue growth of 20% in the last twelve months. Subscribers can access 8 additional ProTips and a comprehensive Pro Research Report for deeper insights into the company's performance and valuation metrics. InvestingPro data shows Ryan Specialty maintains a GOOD financial health score, with strong revenue growth of 20% in the last twelve months. Subscribers can access 8 additional ProTips and a comprehensive Pro Research Report for deeper insights into the company's performance and valuation metrics.
Following these transactions, Cortezi holds 339,700 shares indirectly through the Louise M. Cortezi Family Trust and 55,300 shares through the Louise M. Cortezi Family Resource Trust. These sales were part of a pre-arranged trading plan, indicating a strategic approach to managing his holdings in the company.
In other recent news, Ryan Specialty Holdings has reported robust growth in its third-quarter earnings and revenue. The company saw a 20.5% increase in total revenue to $605 million, with organic growth contributing 11.8%. Adjusted earnings before interest, taxes, depreciation, amortization, and changes in acquisition costs (EBITDAC) rose by 29.4% to $190 million, while adjusted diluted earnings per share (EPS) grew by 28% to $0.41.
Ryan Specialty has also issued $600 million in additional 5.875% Senior Secured Notes due 2032 through its indirect subsidiary, Ryan Specialty, LLC. The issuance is part of the company's strategic growth plans, with the proceeds set to fund potential future acquisitions and investments, as well as repay up to $400 million of outstanding borrowings under the Revolving Credit Facility.
Morgan Stanley (NYSE:MS) has initiated coverage on Ryan Specialty, setting an Overweight rating for the company's shares. The firm's positive outlook is based on the ongoing industry shift towards Excess & Surplus (E&S) markets, which positions Ryan Specialty for potential growth.
These recent developments underscore Ryan Specialty's resilience in a challenging market, driven by strategic acquisitions, disciplined M&A strategy, and commitment to organic growth. The company aims to maintain organic revenue growth guidance of 13.0% to 14.0% for 2024 and expects to capitalize on emerging opportunities in both property and casualty sectors.
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