CION Investment Co. (CION) To Go Ex-Dividend on March 28th

CION Investment Co. (NYSE:CION) declared a quarterly dividend on Monday, March 10th, Wall Street Journal reports. Shareholders of record on Friday, March 28th will be paid a dividend of 0.36 per share on Friday, April 11th. This represents a $1.44 annualized dividend and a yield of 13.17%. The ex-dividend date is Friday, March 28th.

CION Investment has raised its dividend by an average of 78.2% annually over the last three years. CION Investment has a payout ratio of 113.4% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect CION Investment to earn $1.35 per share next year, which means the company may not be able to cover its $1.44 annual dividend with an expected future payout ratio of 106.7%.

CION Investment Price Performance

Shares of NYSE CION traded down $0.06 during trading on Wednesday, reaching $10.94. 13,189 shares of the stock traded hands, compared to its average volume of 233,148. The company has a 50-day moving average of $11.75 and a 200-day moving average of $11.68. CION Investment has a 52-week low of $10.64 and a 52-week high of $12.71. The stock has a market capitalization of $579.85 million, a P/E ratio of 7.44 and a beta of 1.11.

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

Analyst Upgrades and Downgrades

Separately, Wells Fargo & Company reissued an “underweight” rating and set a $10.00 price objective (down previously from $11.00) on shares of CION Investment in a report on Monday, March 17th.

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.