Alpine Global Management LLC Makes New $4.15 Million Investment in Runway Growth Finance Corp. $RWAY

Alpine Global Management LLC acquired a new stake in shares of Runway Growth Finance Corp. (NASDAQ:RWAY) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 407,950 shares of the company’s stock, valued at approximately $4,145,000. Runway Growth Finance comprises 0.7% of Alpine Global Management LLC’s holdings, making the stock its 29th biggest holding. Alpine Global Management LLC owned about 1.13% of Runway Growth Finance at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Raymond James Financial Inc. bought a new position in shares of Runway Growth Finance during the second quarter valued at $51,000. Osaic Holdings Inc. increased its stake in shares of Runway Growth Finance by 92.6% in the 2nd quarter. Osaic Holdings Inc. now owns 5,515 shares of the company’s stock worth $59,000 after purchasing an additional 2,651 shares in the last quarter. Tower Research Capital LLC TRC increased its position in Runway Growth Finance by 74,437.5% in the second quarter. Tower Research Capital LLC TRC now owns 5,963 shares of the company’s stock worth $64,000 after buying an additional 5,955 shares in the last quarter. JPMorgan Chase & Co. purchased a new stake in Runway Growth Finance in the 3rd quarter worth approximately $109,000. Finally, State of Wyoming raised its position in shares of Runway Growth Finance by 18.2% during 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 period. Institutional investors own 64.61% of the company’s stock.

Runway Growth Finance Price Performance

Shares of NASDAQ RWAY opened at $7.03 on Wednesday. The stock has a market cap of $253.99 million, a P/E ratio of 7.64 and a beta of 0.70. The stock has a 50 day moving average of $8.56 and a two-hundred day moving average of $9.29. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.93. Runway Growth Finance Corp. has a twelve month low of $6.61 and a twelve month high of $11.40.

Runway Growth Finance (NASDAQ:RWAY) last issued its quarterly earnings data on Thursday, March 12th. The company reported $0.32 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.04). Runway Growth Finance had a return on equity of 11.52% and a net margin of 24.79%.The business had revenue of $30.04 million for the quarter, compared to analysts’ expectations of $31.60 million. On average, research analysts forecast that Runway Growth Finance Corp. will post 1.67 earnings per share for the current year.

Runway Growth Finance Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 24th. Investors of record on Tuesday, March 10th will be issued a dividend of $0.33 per share. The ex-dividend date of this dividend is Tuesday, March 10th. This represents a $1.32 annualized dividend and a dividend yield of 18.8%. Runway Growth Finance’s dividend payout ratio (DPR) is currently 143.48%.

Wall Street Analyst Weigh In

Several analysts recently issued reports on RWAY shares. Weiss Ratings reissued a “hold (c-)” rating on shares of Runway Growth Finance in a research note on Monday, December 29th. JPMorgan Chase & Co. decreased their target price on shares of Runway Growth Finance from $9.50 to $7.00 and set a “neutral” rating on the stock in a research report on Friday, March 13th. UBS Group dropped their price objective on shares of Runway Growth Finance from $12.50 to $12.00 and set a “buy” rating for the company in a research note on Wednesday, November 19th. B. Riley Financial cut their target price on Runway Growth Finance from $12.00 to $10.00 and set a “buy” rating on the stock in a research note on Tuesday. Finally, Wells Fargo & Company cut their price target on shares of Runway Growth Finance from $10.00 to $7.00 and set an “equal weight” rating on the stock in a report on Monday. Three equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $9.60.

Runway Growth Finance Company 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.