Closed End Fund Advisors Inc. Makes New $1.26 Million Investment in Runway Growth Finance Corp. $RWAY

Closed End Fund Advisors Inc. purchased a new position in Runway Growth Finance Corp. (NASDAQ:RWAY) in the 4th quarter, Holdings Channel reports. The institutional investor purchased 141,041 shares of the company’s stock, valued at approximately $1,259,000.

Other large investors also recently modified their holdings of the company. Sound Income Strategies LLC lifted its position in shares of Runway Growth Finance by 18.6% during the 4th quarter. Sound Income Strategies LLC now owns 1,671,360 shares of the company’s stock valued at $15,694,000 after acquiring an additional 261,768 shares during the period. Alpine Global Management LLC acquired a new position in shares of Runway Growth Finance during the 3rd quarter valued at $4,145,000. UBS Group AG lifted its position in shares of Runway Growth Finance by 57.0% during the 4th quarter. UBS Group AG now owns 638,503 shares of the company’s stock valued at $5,702,000 after acquiring an additional 231,744 shares during the period. AlphaQuest LLC lifted its position in shares of Runway Growth Finance by 683.8% during the 3rd quarter. AlphaQuest LLC now owns 39,893 shares of the company’s stock valued at $405,000 after acquiring an additional 34,803 shares during the period. Finally, Osaic Holdings Inc. lifted its position in shares of 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 acquiring an additional 2,651 shares during the period. 64.61% of the stock is currently owned by institutional investors.

Runway Growth Finance Stock Performance

RWAY opened at $6.16 on Friday. The company has a current ratio of 0.44, a quick ratio of 0.44 and a debt-to-equity ratio of 1.01. The company’s fifty day moving average price is $6.58 and its two-hundred day moving average price is $7.93. Runway Growth Finance Corp. has a 1-year low of $6.16 and a 1-year high of $11.40. The company has a market cap of $261.62 million, a price-to-earnings ratio of -68.44 and a beta of 0.64.

Runway Growth Finance (NASDAQ:RWAY) last released its quarterly earnings data on Thursday, May 7th. The company reported $0.29 earnings per share for the quarter, missing the consensus estimate of $0.31 by ($0.02). Runway Growth Finance had a positive return on equity of 10.87% and a negative net margin of 2.00%.The business had revenue of $29.45 million for the quarter, compared to analyst estimates of $29.47 million. On average, analysts expect that Runway Growth Finance Corp. will post 1.23 EPS for the current fiscal year.

Runway Growth Finance Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 2nd. Shareholders of record on Monday, May 18th were issued a dividend of $0.33 per share. The ex-dividend date was Monday, May 18th. This represents a $1.32 annualized dividend and a yield of 21.4%. Runway Growth Finance’s dividend payout ratio is presently -1,466.67%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. B. Riley Financial dropped their target price on shares of Runway Growth Finance from $12.00 to $10.00 and set a “buy” rating on the stock in a research report on Tuesday, March 17th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Runway Growth Finance in a research report on Friday, March 27th. Wells Fargo & Company dropped their target price on shares of Runway Growth Finance to $6.50 and set an “equal weight” rating on the stock in a research report on Thursday, May 14th. Wall Street Zen downgraded shares of Runway Growth Finance from a “hold” rating to a “sell” rating in a research report on Saturday, May 16th. Finally, Zacks Research upgraded shares of Runway Growth Finance from a “strong sell” rating to a “hold” rating in a research report on Friday, May 15th. Two research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, Runway Growth Finance has a consensus rating of “Hold” and a consensus target price of $8.88.

Runway Growth Finance Company 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.