1,409,592 Shares in Runway Growth Finance Corp. $RWAY Acquired by Sound Income Strategies LLC

Sound Income Strategies LLC purchased a new stake in shares of Runway Growth Finance Corp. (NASDAQ:RWAY) during the third quarter, HoldingsChannel.com reports. The institutional investor purchased 1,409,592 shares of the company’s stock, valued at approximately $13,842,000.

Several other large investors also recently bought and sold shares of the business. Invesco Ltd. lifted its stake in Runway Growth Finance by 4.6% during the 2nd quarter. Invesco Ltd. now owns 22,034 shares of the company’s stock valued at $236,000 after acquiring an additional 969 shares during the period. Tidal Investments LLC lifted its position in Runway Growth Finance by 2.2% during the second quarter. Tidal Investments LLC now owns 46,333 shares of the company’s stock valued at $497,000 after purchasing an additional 1,018 shares during the period. State of Wyoming boosted its holdings in Runway Growth Finance by 18.2% in the second quarter. State of Wyoming now owns 11,252 shares of the company’s stock worth $121,000 after purchasing an additional 1,732 shares during the last quarter. Franklin Resources Inc. grew its position in Runway Growth Finance by 0.4% in the 2nd quarter. Franklin Resources Inc. now owns 461,975 shares of the company’s stock worth $4,957,000 after purchasing an additional 1,973 shares during the period. Finally, Osaic Holdings Inc. raised its stake in Runway Growth Finance by 92.6% during the 2nd quarter. Osaic Holdings Inc. now owns 5,515 shares of the company’s stock valued at $59,000 after buying an additional 2,651 shares during the last quarter. 64.61% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have recently issued reports on RWAY. Weiss Ratings restated a “hold (c)” rating on shares of Runway Growth Finance in a research note on Wednesday, October 8th. UBS Group dropped their target price on Runway Growth Finance from $12.50 to $12.00 and set a “buy” rating on the stock in a research report on Wednesday, November 19th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Runway Growth Finance from $10.50 to $10.00 and set a “neutral” rating for the company in a research report on Wednesday, October 1st. Three research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, Runway Growth Finance presently has a consensus rating of “Hold” and an average target price of $11.10.

Runway Growth Finance Stock Performance

Shares of RWAY opened at $8.90 on Friday. The business has a 50-day simple moving average of $9.48 and a two-hundred day simple moving average of $10.18. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.91. Runway Growth Finance Corp. has a 52 week low of $8.35 and a 52 week high of $11.73. The stock has a market cap of $321.56 million, a price-to-earnings ratio of 6.05 and a beta of 0.67.

Runway Growth Finance (NASDAQ:RWAY) last announced its quarterly earnings data on Thursday, November 6th. The company reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.05. The company had revenue of $36.75 million during the quarter, compared to the consensus estimate of $35.11 million. Runway Growth Finance had a return on equity of 11.94% and a net margin of 38.92%. On average, analysts expect that Runway Growth Finance Corp. will post 1.67 EPS for the current year.

Runway Growth Finance Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, December 3rd. Shareholders of record on Monday, November 17th were paid a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 14.8%. The ex-dividend date was Monday, November 17th. Runway Growth Finance’s dividend payout ratio is presently 89.80%.

Runway Growth Finance Profile

Runway Growth Finance, Inc is a publicly traded business development company that provides customized debt and equity financing solutions to high‐growth, venture‐backed companies. The firm specializes in structuring senior secured loans, unitranche facilities, second‐lien financings, convertible notes and equity co‐investments designed to extend the cash runway for late‐stage companies. Runway’s flexible capital offerings are aimed at supporting technology, life sciences and other innovation‐driven sectors as they pursue growth initiatives and prepare for liquidity events.

Originally launched in 2017 under the name Saratoga Investment Corp., the company rebranded as Runway Growth Finance in 2020 following the acquisition of an established middle‐market credit manager.