Raymond James Financial Inc. Invests $1.71 Million in CION Investment Co. (NYSE:CION)

Raymond James Financial Inc. bought a new position in shares of CION Investment Co. (NYSE:CION - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 150,088 shares of the company's stock, valued at approximately $1,711,000. Raymond James Financial Inc. owned about 0.28% of CION Investment at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the stock. Golden State Wealth Management LLC purchased a new stake in shares of CION Investment during the fourth quarter valued at $96,000. Quantbot Technologies LP acquired a new stake in CION Investment during the 3rd quarter worth about $104,000. Virtu Financial LLC purchased a new stake in CION Investment during the 3rd quarter valued at about $127,000. Legacy Investment Solutions LLC acquired a new position in shares of CION Investment in the third quarter valued at about $124,000. Finally, Entropy Technologies LP purchased a new position in shares of CION Investment in the fourth quarter worth about $138,000. Institutional investors and hedge funds own 32.01% of the company's stock.

CION Investment Trading Down 6.7 %

CION traded down $0.69 during midday trading on Friday, hitting $9.52. 805,092 shares of the company were exchanged, compared to its average volume of 238,372. CION Investment Co. has a 1-year low of $9.41 and a 1-year high of $12.71. The firm has a market capitalization of $504.55 million, a price-to-earnings ratio of 6.47 and a beta of 1.17. The company's 50 day simple moving average is $11.58 and its 200 day simple moving average is $11.61.

CION Investment (NYSE:CION - Get Free Report) 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 company had revenue of $87.91 million during the quarter, compared to analysts' expectations of $54.11 million. On average, equities analysts anticipate that CION Investment Co. will post 1.78 EPS for the current year.

CION Investment Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Friday, March 28th will be given 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 dividend yield of 15.13%. CION Investment's dividend payout ratio (DPR) is currently 228.57%.

Analyst Upgrades and Downgrades

Separately, Wells Fargo & Company reiterated an "underweight" rating and issued a $10.00 target price (down previously from $11.00) on shares of CION Investment in a research report on Monday, March 17th.

About CION Investment

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.