Runway Growth Finance (NASDAQ:RWAY) Posts Quarterly Earnings Results, Beats Expectations By $0.05 EPS

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

Runway Growth Finance Trading Up 1.9%

Shares of NASDAQ:RWAY traded up $0.18 during midday trading on Friday, reaching $9.89. The company’s stock had a trading volume of 338,706 shares, compared to its average volume of 306,290. The firm has a market cap of $358.22 million, a price-to-earnings ratio of 6.73 and a beta of 0.67. The business has a 50 day moving average price of $10.14 and a 200 day moving average price of $10.24. Runway Growth Finance has a 1 year low of $8.35 and a 1 year high of $11.73. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.03.

Runway Growth Finance Cuts Dividend

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

Institutional Trading of Runway Growth Finance

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RWAY. Invesco Ltd. lifted its holdings in shares of Runway Growth Finance by 4.6% during the 2nd quarter. Invesco Ltd. now owns 22,034 shares of the company’s stock worth $236,000 after acquiring an additional 969 shares during the period. Tidal Investments LLC increased 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 during the last quarter. Envestnet Asset Management Inc. boosted its holdings in shares of Runway Growth Finance by 5.6% in the 3rd quarter. Envestnet Asset Management Inc. now owns 21,021 shares of the company’s stock valued at $214,000 after purchasing an additional 1,120 shares during the last quarter. State of Wyoming boosted its holdings in shares of Runway Growth Finance by 18.2% in the 2nd quarter. State of Wyoming now owns 11,252 shares of the company’s stock valued at $121,000 after purchasing an additional 1,732 shares during the last quarter. Finally, Osaic Holdings Inc. grew its stake 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 buying an additional 2,651 shares during the period. Hedge funds and other institutional investors own 64.61% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on RWAY shares. UBS Group reduced their price target on shares of Runway Growth Finance from $12.75 to $12.50 and set a “buy” rating on the stock in a report on Tuesday, October 14th. JPMorgan Chase & Co. cut their price objective on 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. B. Riley increased their target price on Runway Growth Finance from $11.00 to $12.00 and gave the company a “buy” rating in a report on Monday, August 11th. LADENBURG THALM/SH SH raised Runway Growth Finance to a “hold” rating in a report on Monday, August 11th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Runway Growth Finance in a research report on Wednesday, October 8th. Three investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $11.20.

About Runway Growth Finance

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.