CION Investment (NYSE:CION) Posts Earnings Results, Beats Expectations By $0.36 EPS

CION Investment (NYSE:CION) announced its quarterly earnings results on Wednesday. The company reported $0.62 EPS for the quarter, topping analysts’ consensus estimates of $0.26 by $0.36, FiscalAI reports. CION Investment had a negative net margin of 0.41% and a positive return on equity of 11.96%. The firm had revenue of $49.79 million during the quarter, compared to analyst estimates of $49.78 million.

CION Investment Trading Up 16.5%

Shares of CION stock traded up $1.02 on Thursday, reaching $7.25. 1,922,422 shares of the company’s stock were exchanged, compared to its average volume of 473,729. The company’s fifty day simple moving average is $6.44 and its 200 day simple moving average is $7.27. CION Investment has a 52 week low of $5.83 and a 52 week high of $10.93. The stock has a market capitalization of $361.23 million, a PE ratio of 3.75 and a beta of 1.11.

CION Investment Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Monday, December 28th. Investors of record on Friday, December 11th will be given a $0.10 dividend. This represents a c) dividend on an annualized basis and a yield of 16.5%. The ex-dividend date of this dividend is Friday, December 11th. CION Investment’s dividend payout ratio is -3,000.00%.

Institutional Investors Weigh In On CION Investment

Hedge funds have recently made changes to their positions in the company. Kestra Private Wealth Services LLC increased its holdings in CION Investment by 5.0% during the third quarter. Kestra Private Wealth Services LLC now owns 23,324 shares of the company’s stock valued at $221,000 after buying an additional 1,111 shares during the period. Ameriprise Financial Inc. grew its stake in CION Investment by 2.9% in the third quarter. Ameriprise Financial Inc. now owns 50,424 shares of the company’s stock valued at $478,000 after purchasing an additional 1,406 shares during the last quarter. Orion Porfolio Solutions LLC raised its holdings in CION Investment by 8.1% in the third quarter. Orion Porfolio Solutions LLC now owns 19,269 shares of the company’s stock worth $183,000 after purchasing an additional 1,438 shares in the last quarter. Great Valley Advisor Group Inc. raised its holdings in CION Investment by 7.5% in the fourth quarter. Great Valley Advisor Group Inc. now owns 21,627 shares of the company’s stock worth $209,000 after purchasing an additional 1,512 shares in the last quarter. Finally, Geneos Wealth Management Inc. lifted its position in shares of CION Investment by 21.7% during the second quarter. Geneos Wealth Management Inc. now owns 8,802 shares of the company’s stock valued at $84,000 after buying an additional 1,571 shares during the last quarter. 32.01% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CION has been the topic of several research reports. Zacks Research cut shares of CION Investment from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 29th. Weiss Ratings cut CION Investment from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Thursday, July 2nd. Finally, Wells Fargo & Company decreased their price target on shares of CION Investment from $7.00 to $6.50 and set an “underweight” rating on the stock in a research report on Monday, May 11th. One research analyst has rated the stock with a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Sell” and an average target price of $6.50.

CION Investment Company Profile

CION Investment Corporation is a closed?end, non?diversified management investment company organized as a business development company under the Investment Company Act of 1940. Externally managed by CION Investment Management, LLC, the firm specializes in providing flexible capital solutions to U.S. and Canadian middle?market companies. By combining debt and equity financing, CION seeks to support growth, acquisitions, recapitalizations and other strategic initiatives for its portfolio companies.

The company’s investment strategy centers on senior secured loans, subordinated debt and private equity interests.