Runway Growth Finance Corp. $RWAY Shares Sold by Confluence Investment Management LLC

Key Points

• Confluence Investment Management LLC has reduced its holdings in Runway Growth Finance Corp. by 81.1%, now owning only 16,158 shares after selling 69,519 shares in the most recent quarter.
• Runway Growth Finance recently declared a quarterly dividend of $0.36 per share, marking a significant increase from its previous dividend of $0.03, with an annualized dividend yield of 13.8%.
• Analysts currently rate Runway Growth Finance as a "Moderate Buy" with a consensus target price of $11.00, with price targets ranging from $9.50 to $12.50.

Confluence Investment Management LLC trimmed its position in Runway Growth Finance Corp. (NASDAQ:RWAY - Free Report) by 81.1% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 16,158 shares of the company's stock after selling 69,519 shares during the period. Confluence Investment Management LLC's holdings in Runway Growth Finance were worth $173,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Cambridge Investment Research Advisors Inc. acquired a new stake in Runway Growth Finance in the 1st quarter worth about $4,551,000. Bank of America Corp DE acquired a new stake in Runway Growth Finance in the 4th quarter worth about $679,000. Two Sigma Investments LP boosted its holdings in Runway Growth Finance by 10.8% in the 4th quarter. Two Sigma Investments LP now owns 268,306 shares of the company's stock worth $2,941,000 after buying an additional 26,072 shares during the last quarter. D. E. Shaw & Co. Inc. acquired a new stake in Runway Growth Finance in the 4th quarter worth about $729,000. Finally, Jane Street Group LLC purchased a new position in Runway Growth Finance in the 4th quarter worth approximately $1,205,000. 64.61% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

RWAY has been the topic of a number of research reports. Wells Fargo & Company reissued an "equal weight" rating and issued a $9.50 target price (down from $10.00) on shares of Runway Growth Finance in a research note on Wednesday, May 28th. LADENBURG THALM/SH SH raised shares of Runway Growth Finance to a "hold" rating in a research note on Monday, August 11th. UBS Group reissued a "buy" rating and issued a $12.50 target price (up from $11.50) on shares of Runway Growth Finance in a research note on Wednesday, July 16th. Finally, B. Riley raised their target price on shares of Runway Growth Finance from $11.00 to $12.00 and gave the stock a "buy" rating in a research note on Monday, August 11th. Three analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat, Runway Growth Finance presently has a consensus rating of "Moderate Buy" and a consensus target price of $11.00.

Runway Growth Finance Stock Down 1.5%

RWAY stock opened at $10.43 on Monday. The firm has a market cap of $377.77 million, a PE ratio of 5.49 and a beta of 0.70. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.59 and a current ratio of 0.59. The firm's 50 day moving average price is $10.84 and its 200-day moving average price is $10.29. Runway Growth Finance Corp. has a one year low of $8.35 and a one year high of $11.73.

Runway Growth Finance (NASDAQ:RWAY - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The company reported $0.38 EPS for the quarter, missing the consensus estimate of $0.39 by ($0.01). The firm had revenue of $35.15 million for the quarter, compared to analysts' expectations of $34.27 million. Runway Growth Finance had a net margin of 51.03% and a return on equity of 11.86%. On average, equities research analysts anticipate that Runway Growth Finance Corp. will post 1.67 EPS for the current year.

Runway Growth Finance Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Monday, August 18th were given a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 13.8%. The ex-dividend date of this dividend was Monday, August 18th. This is a boost from Runway Growth Finance's previous quarterly dividend of $0.03. Runway Growth Finance's dividend payout ratio is presently 69.47%.

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.

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