Sound Income Strategies LLC Sells 1,951,146 Shares of Runway Growth Finance Corp. $RWAY

Key Points

• Sound Income Strategies cut its Runway Growth Finance stake by 97.4%, selling 1,951,146 shares in the third quarter and retaining 51,896 shares valued at approximately $335,000.
• Company insiders bought 16,000 shares worth $108,640 during the quarter, while institutional investors collectively owned 64.61% of RWAY.
• Runway Growth Finance reported quarterly EPS of $0.43, exceeding the $0.29 estimate, and paid a $0.33 quarterly dividend representing a 20.7% yield; analysts’ consensus rating remains Hold with an average $8.40 price target.

Sound Income Strategies LLC trimmed its position in Runway Growth Finance Corp. (NASDAQ:RWAY - Free Report) by 97.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 51,896 shares of the company's stock after selling 1,951,146 shares during the period. Sound Income Strategies LLC owned 0.12% of Runway Growth Finance worth $335,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. State of Wyoming raised its holdings in Runway Growth Finance by 12.4% in the first quarter. State of Wyoming now owns 14,921 shares of the company's stock worth $103,000 after purchasing an additional 1,646 shares in the last quarter. Royal Bank of Canada grew its position in shares of Runway Growth Finance by 16.5% in the 1st quarter. Royal Bank of Canada now owns 21,917 shares of the company's stock worth $151,000 after buying an additional 3,110 shares during the period. Sunbeam Capital Management LLC grew its position in shares of Runway Growth Finance by 22.9% in the 4th quarter. Sunbeam Capital Management LLC now owns 24,575 shares of the company's stock worth $219,000 after buying an additional 4,575 shares during the period. Perigon Wealth Management LLC purchased a new stake in shares of Runway Growth Finance in the 2nd quarter worth about $56,000. Finally, Catalyst Capital Advisors LLC bought a new position in shares of Runway Growth Finance in the 1st quarter worth about $96,000. 64.61% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

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

Runway Growth Finance Stock Performance

Shares of RWAY stock opened at $6.39 on Friday. The company has a 50 day moving average price of $6.56 and a 200-day moving average price of $6.30. Runway Growth Finance Corp. has a 52 week low of $5.19 and a 52 week high of $10.20. The firm has a market capitalization of $267.80 million, a PE ratio of 58.10 and a beta of 0.70. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 1.38.

Runway Growth Finance (NASDAQ:RWAY - Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The company reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.14. Runway Growth Finance had a net margin of 5.82% and a return on equity of 11.73%. The firm had revenue of $37.03 million during the quarter, compared to analysts' expectations of $31.06 million. As a group, equities research analysts expect that Runway Growth Finance Corp. will post 1.39 earnings per share for the current year.

Runway Growth Finance Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, August 31st. Shareholders of record on Monday, August 17th were given a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 20.7%. The ex-dividend date of this dividend was Monday, August 17th. Runway Growth Finance's payout ratio is 1,200.00%.

Analyst Upgrades and Downgrades

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

Runway Growth Finance Company Profile

Runway Growth Finance Corporation NASDAQ: RWAY is a business development company that provides financing to growth-oriented companies, primarily through senior secured loans and other debt investments. The company focuses on lending to businesses that may have limited access to traditional bank financing, including venture-backed and private equity-backed companies.

Runway Growth Finance typically supports late-stage and expansion-stage businesses across sectors such as technology, healthcare, consumer products and business services.

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