Hennion & Walsh Asset Management Inc. Decreases Stake in Runway Growth Finance Corp. $RWAY

Hennion & Walsh Asset Management Inc. reduced its holdings in shares of Runway Growth Finance Corp. (NASDAQ:RWAY) by 27.6% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 170,146 shares of the company’s stock after selling 64,756 shares during the quarter. Hennion & Walsh Asset Management Inc.’s holdings in Runway Growth Finance were worth $1,729,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently bought and sold shares of the company. Sound Income Strategies LLC bought a new position in Runway Growth Finance during the 3rd quarter valued at about $13,842,000. Evanson Asset Management LLC bought a new stake in shares of Runway Growth Finance in the second quarter worth approximately $1,615,000. Redhawk Wealth Advisors Inc. purchased a new position in shares of Runway Growth Finance during the third quarter valued at approximately $962,000. Bank of America Corp DE lifted its position in Runway Growth Finance by 32.9% during the second quarter. Bank of America Corp DE now owns 379,143 shares of the company’s stock valued at $4,068,000 after purchasing an additional 93,755 shares during the period. Finally, Jump Financial LLC lifted its position in Runway Growth Finance by 704.0% during the second quarter. Jump Financial LLC now owns 102,912 shares of the company’s stock valued at $1,104,000 after purchasing an additional 90,112 shares during the period. 64.61% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

RWAY has been the subject of a number of research analyst reports. UBS Group cut their target price on shares of Runway Growth Finance from $12.50 to $12.00 and set a “buy” rating for the company in a research report on Wednesday, November 19th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Runway Growth Finance in a report on Monday, December 29th. Finally, JPMorgan Chase & Co. reduced 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. Three analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $11.10.

Runway Growth Finance Trading Up 1.1%

Shares of RWAY stock opened at $9.22 on Friday. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.54 and a quick ratio of 0.54. The company has a market cap of $333.12 million, a price-to-earnings ratio of 6.27 and a beta of 0.67. Runway Growth Finance Corp. has a 1 year low of $8.35 and a 1 year high of $11.73. The firm has a fifty day moving average price of $9.23 and a 200-day moving average price of $10.08.

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

Runway Growth Finance Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 3rd. Investors of record on Monday, November 17th were paid a dividend of $0.33 per share. The ex-dividend date was Monday, November 17th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 14.3%. Runway Growth Finance’s payout ratio is 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.