175,284 Shares in Runway Growth Finance Corp. $RWAY Bought by Bank of America Corp DE

Key Points

• Bank of America acquired 175,284 Runway Growth Finance shares worth approximately $983,000 in the second quarter, while institutional investors collectively owned 64.61% of the stock.
• Runway Growth Finance reported quarterly EPS of $0.43, beating estimates of $0.29, and revenue of $37.03 million versus expectations of $31.06 million. Insiders also purchased 16,000 shares worth $108,640 over the past 90 days.
• The stock opened at $6.55 and pays a quarterly dividend of $0.33, representing a 20.2% annualized yield. Analyst sentiment remains mixed, with a consensus “Hold” rating and an $8.40 price target.

Bank of America Corp DE acquired a new stake in shares of Runway Growth Finance Corp. (NASDAQ:RWAY - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 175,284 shares of the company's stock, valued at approximately $983,000. Bank of America Corp DE owned about 0.42% of Runway Growth Finance at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Evanson Financial LLC bought a new position in Runway Growth Finance in the 2nd quarter valued at approximately $844,000. Legal & General Group Plc purchased a new stake in Runway Growth Finance during the 2nd quarter valued at $1,561,000. North Ground Capital bought a new stake in shares of Runway Growth Finance in the 2nd quarter worth $4,084,080. Man Group plc purchased a new position in shares of Runway Growth Finance in the second quarter worth $1,044,000. Finally, BlackRock Inc. purchased a new position in shares of Runway Growth Finance in the second quarter worth $663,000. 64.61% of the stock is owned by institutional investors.

Insider Transactions at Runway Growth Finance

In other news, CEO Michael Rovner bought 7,000 shares of the firm's stock in a transaction that occurred on Wednesday, September 9th. The shares were bought at an average cost of $6.57 per share, for a total transaction of $45,990.00. Following the completion of the transaction, the chief executive officer owned 7,000 shares of the company's stock, valued at approximately $45,990. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Carmela Thomson purchased 8,000 shares of the business's stock in a transaction on Thursday, August 13th. The shares were purchased at an average price of $6.97 per share, with a total value of $55,760.00. Following the acquisition, the chief financial officer directly owned 12,840 shares in the company, valued at $89,494.80. This represents a 165.29% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last 90 days, insiders have bought 16,000 shares of company stock valued at $108,640. Company insiders own 1.01% of the company's stock.

Runway Growth Finance Stock Down 1.1%

NASDAQ RWAY opened at $6.55 on Friday. The stock's 50 day moving average is $6.47 and its 200 day moving average is $6.32. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 1.38. Runway Growth Finance Corp. has a 12 month low of $5.19 and a 12 month high of $10.31. The stock has a market cap of $274.51 million, a PE ratio of 59.55 and a beta of 0.70.

Runway Growth Finance (NASDAQ:RWAY - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The company reported $0.43 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.29 by $0.14. The business had revenue of $37.03 million during the quarter, compared to analyst estimates of $31.06 million. Runway Growth Finance had a net margin of 5.82% and a return on equity of 11.73%. Research analysts predict that Runway Growth Finance Corp. will post 1.39 EPS for the current fiscal year.

Runway Growth Finance Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 31st. Stockholders of record on Monday, August 17th were given a dividend of $0.33 per share. The ex-dividend date was Monday, August 17th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 20.2%. Runway Growth Finance's dividend payout ratio (DPR) is presently 1,200.00%.

Analyst Ratings Changes

Several research firms recently commented on RWAY. Wall Street Zen raised Runway Growth Finance from a "sell" rating to a "hold" rating in a research report on Saturday, August 8th. B. Riley Financial reissued a "buy" rating and issued a $11.00 target price (up from $10.00) on shares of Runway Growth Finance in a research report on Thursday, August 13th. Weiss Ratings restated a "sell (d+)" rating on shares of Runway Growth Finance in a research note on Friday, September 11th. Bank of America downgraded shares of Runway Growth Finance from a "neutral" rating to an "underperform" rating and dropped their price target for the company from $9.00 to $5.50 in a report on Monday, June 15th. Finally, Zacks Research upgraded shares of Runway Growth Finance from a "strong sell" rating to a "hold" rating in a research note on Tuesday, August 11th. Two equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $8.40.

Runway Growth Finance Company Profile

Runway Growth Finance Corp. NASDAQ: RWAY is a business development company that provides growth capital to late-stage and growth-oriented companies. The company primarily invests in privately held businesses that may have established products, recurring revenue, and significant growth opportunities but limited access to traditional bank financing.

Runway Growth Finance generally provides venture debt and other secured financing solutions, including senior secured loans and equipment financing.

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