Sound Income Strategies LLC Makes New Investment in Runway Growth Finance Corp. $RWAY

Sound Income Strategies LLC acquired a new stake in shares of Runway Growth Finance Corp. (NASDAQ:RWAY) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,409,592 shares of the company’s stock, valued at approximately $13,842,000. Sound Income Strategies LLC owned about 3.89% of Runway Growth Finance at the end of the most recent quarter.

Several other large investors also recently modified their holdings of RWAY. Raymond James Financial Inc. bought a new position in Runway Growth Finance during the 2nd quarter valued at approximately $51,000. Osaic Holdings Inc. increased its stake in shares of Runway Growth Finance by 92.6% during the second 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 period. Tower Research Capital LLC TRC increased its stake in shares of Runway Growth Finance by 74,437.5% during the second quarter. Tower Research Capital LLC TRC now owns 5,963 shares of the company’s stock valued at $64,000 after buying an additional 5,955 shares during the period. Quarry LP raised its holdings in shares of Runway Growth Finance by 117.4% during the first quarter. Quarry LP now owns 5,979 shares of the company’s stock valued at $62,000 after acquiring an additional 3,229 shares in the last quarter. Finally, State of Wyoming lifted its stake 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 acquiring an additional 1,732 shares during the period. 64.61% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. Weiss Ratings reissued a “hold (c)” rating on shares of Runway Growth Finance in a research report on Wednesday, October 8th. UBS Group cut their target price on shares of Runway Growth Finance from $12.50 to $12.00 and set a “buy” rating on the stock in a research note on Wednesday, November 19th. Finally, JPMorgan Chase & Co. decreased 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 note on Wednesday, October 1st. Three analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $11.10.

Runway Growth Finance Stock Down 1.7%

Shares of Runway Growth Finance stock opened at $8.90 on Friday. Runway Growth Finance Corp. has a 1 year low of $8.35 and a 1 year high of $11.73. The firm has a market cap of $321.56 million, a price-to-earnings ratio of 6.05 and a beta of 0.67. The company has a 50-day moving average of $9.48 and a 200 day moving average of $10.18. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.54 and a quick ratio of 0.54.

Runway Growth Finance (NASDAQ:RWAY) last announced its quarterly earnings data on Thursday, November 6th. The company reported $0.43 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.05. The business had revenue of $36.75 million for the quarter, compared to analysts’ expectations of $35.11 million. Runway Growth Finance had a net margin of 38.92% and a return on equity of 11.94%. As a group, sell-side analysts anticipate that Runway Growth Finance Corp. will post 1.67 earnings per share for the current fiscal year.

Runway Growth Finance Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, December 3rd. Stockholders of record on Monday, November 17th were issued a dividend of $0.33 per share. The ex-dividend date was Monday, November 17th. This represents a $1.32 annualized dividend and a dividend yield of 14.8%. Runway Growth Finance’s dividend payout ratio (DPR) 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.