Runway Growth Finance (NASDAQ:RWAY) Issues Quarterly Earnings Results

Runway Growth Finance (NASDAQ:RWAY) issued its quarterly earnings data on Thursday. The company reported $0.43 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.05, Zacks reports. The company had revenue of $36.75 million during the quarter, compared to analysts’ expectations of $35.11 million. Runway Growth Finance had a return on equity of 11.85% and a net margin of 38.92%.

Runway Growth Finance Stock Performance

NASDAQ RWAY traded up $0.18 during trading hours on Friday, hitting $9.89. 338,706 shares of the stock were exchanged, compared to its average volume of 306,290. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.03. The company has a market cap of $358.22 million, a price-to-earnings ratio of 6.73 and a beta of 0.67. Runway Growth Finance has a 12-month low of $8.35 and a 12-month high of $11.73. The stock has a 50-day moving average of $10.14 and a 200 day moving average of $10.24.

Runway Growth Finance Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 3rd. Stockholders of record on Monday, November 17th will be paid a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 13.3%. The ex-dividend date is Monday, November 17th. Runway Growth Finance’s payout ratio is 69.47%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. LADENBURG THALM/SH SH raised shares of Runway Growth Finance to a “hold” rating in a report on Monday, August 11th. B. Riley lifted their price objective on shares of Runway Growth Finance from $11.00 to $12.00 and gave the company a “buy” rating in a research note on Monday, August 11th. UBS Group reduced their target price on shares of Runway Growth Finance from $12.75 to $12.50 and set a “buy” rating for the company in a report on Tuesday, October 14th. Weiss Ratings reissued a “hold (c)” rating on shares of Runway Growth Finance in a report on Wednesday, October 8th. Finally, JPMorgan Chase & Co. dropped their price target on Runway Growth Finance from $10.50 to $10.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 1st. Three research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $11.20.

Hedge Funds Weigh In On Runway Growth Finance

A number of large investors have recently modified their holdings of the business. Bank of America Corp DE lifted its holdings in shares of Runway Growth Finance by 32.9% in the 2nd quarter. Bank of America Corp DE now owns 379,143 shares of the company’s stock valued at $4,068,000 after buying an additional 93,755 shares during the period. Jump Financial LLC lifted its position in shares of Runway Growth Finance by 704.0% during the 2nd quarter. Jump Financial LLC now owns 102,912 shares of the company’s stock valued at $1,104,000 after acquiring an additional 90,112 shares during the period. Engineers Gate Manager LP raised its holdings in Runway Growth Finance by 136.2% during the second quarter. Engineers Gate Manager LP now owns 59,009 shares of the company’s stock worth $633,000 after purchasing an additional 34,029 shares during the last quarter. Tidal Investments LLC boosted 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 worth $497,000 after purchasing an additional 1,018 shares in the last quarter. Finally, Man Group plc purchased a new stake in shares of Runway Growth Finance in the 2nd quarter worth about $262,000. 64.61% of the stock is owned by hedge funds and other institutional investors.

Runway Growth Finance Company Profile

Runway Growth Finance Corp. is a business development company specializing investments in senior-secured loans to late stage and growth companies. It prefers to make investments in companies engaged in the technology, life sciences, healthcare and information services, business services and select consumer services and products sectors.