Raymond James Financial Inc. Takes Position in CION Investment Co. (NYSE:CION)

Raymond James Financial Inc. purchased a new stake in shares of CION Investment Co. (NYSE:CION - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 150,088 shares of the company's stock, valued at approximately $1,711,000. Raymond James Financial Inc. owned 0.28% of CION Investment at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Golden State Wealth Management LLC bought a new position in CION Investment in the fourth quarter valued at about $96,000. Quantbot Technologies LP bought a new position in shares of CION Investment in the 3rd quarter worth approximately $104,000. Legacy Investment Solutions LLC purchased a new position in shares of CION Investment in the third quarter worth approximately $124,000. Virtu Financial LLC bought a new stake in CION Investment during the third quarter valued at approximately $127,000. Finally, Entropy Technologies LP purchased a new stake in CION Investment during the fourth quarter valued at approximately $138,000. 32.01% of the stock is currently owned by hedge funds and other institutional investors.

CION Investment Price Performance

Shares of NYSE:CION traded down $0.71 during trading on Friday, hitting $9.50. 403,271 shares of the company's stock were exchanged, compared to its average volume of 237,258. The business's 50-day simple moving average is $11.62 and its 200 day simple moving average is $11.63. CION Investment Co. has a 52-week low of $9.47 and a 52-week high of $12.71. The company has a market cap of $503.49 million, a price-to-earnings ratio of 6.44 and a beta of 1.11.

Remove Ads

CION Investment (NYSE:CION - Get Free Report) last posted its earnings results on Thursday, March 13th. The company reported $0.35 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.01). The company had revenue of $87.91 million for the quarter, compared to analysts' expectations of $54.11 million. CION Investment had a net margin of 31.21% and a return on equity of 11.49%. On average, sell-side analysts anticipate that CION Investment Co. will post 1.78 EPS for the current fiscal year.

CION Investment Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Friday, March 28th will be given a dividend of $0.36 per share. The ex-dividend date of this dividend is Friday, March 28th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 15.17%. CION Investment's dividend payout ratio is currently 228.57%.

Analysts Set New Price Targets

Separately, Wells Fargo & Company restated an "underweight" rating and issued a $10.00 price objective (down from $11.00) on shares of CION Investment in a research note 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.