CION Investment (NYSE:CION) Earns Underweight Rating from Wells Fargo & Company

Wells Fargo & Company reiterated their underweight rating on shares of CION Investment (NYSE:CION) in a research report released on Monday, MarketBeat.com reports. The brokerage currently has a $10.00 price target on the stock, down from their previous price target of $11.00.

CION Investment Stock Up 0.8 %

Shares of CION opened at $10.93 on Monday. The stock has a fifty day simple moving average of $11.76 and a two-hundred day simple moving average of $11.71. The company has a market capitalization of $582.15 million, a PE ratio of 7.43 and a beta of 1.11. CION Investment has a 52-week low of $10.52 and a 52-week high of $12.71.

CION Investment (NYSE:CION) last issued its quarterly earnings data on Thursday, March 13th. The company reported $0.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.01). CION Investment had a net margin of 31.21% and a return on equity of 11.49%. The company had revenue of $87.91 million during the quarter, compared to analysts’ expectations of $54.11 million. As a group, equities analysts anticipate that CION Investment will post 1.78 earnings per share for the current fiscal year.

CION Investment Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Friday, March 28th will be paid a $0.36 dividend. The ex-dividend date of this dividend is Friday, March 28th. This represents a $1.44 dividend on an annualized basis and a yield of 13.18%. CION Investment’s dividend payout ratio is currently 228.57%.

Institutional Investors Weigh In On CION Investment

Large investors have recently modified their holdings of the company. Hennion & Walsh Asset Management Inc. lifted its holdings in CION Investment by 14.1% during the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 504,411 shares of the company’s stock worth $5,750,000 after buying an additional 62,365 shares during the last quarter. Jane Street Group LLC acquired a new stake in CION Investment during the third quarter worth approximately $161,000. A&I Financial Services LLC acquired a new position in shares of CION Investment in the 4th quarter valued at $386,000. Whipplewood Advisors LLC purchased a new position in shares of CION Investment in the 4th quarter valued at $466,000. Finally, Arete Wealth Advisors LLC raised its stake in CION Investment by 67.6% during the 3rd quarter. Arete Wealth Advisors LLC now owns 28,275 shares of the company’s stock worth $337,000 after acquiring an additional 11,408 shares in the last quarter. 32.01% of the stock is owned by hedge funds and other institutional investors.

CION Investment Company Profile

CION Investment Corporation is a business development company. It specializes in investments in senior secured loans, including unitranche loans, First Lien, second lien loans, long-term subordinated loans, and mezzanine loans; equity interests such as warrants or options; and corporate bonds; and other debt securities in middle-market companies.