CION Investment Co. (NYSE:CION) Stock Position Cut by Commonwealth Equity Services LLC

Commonwealth Equity Services LLC cut its position in shares of CION Investment Co. (NYSE:CION - Free Report) by 12.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 298,858 shares of the company's stock after selling 43,129 shares during the quarter. Commonwealth Equity Services LLC owned approximately 0.56% of CION Investment worth $3,407,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the business. Wealthfront Advisers LLC purchased a new stake in CION Investment during the 4th quarter worth $6,899,000. Raymond James Financial Inc. purchased a new position in shares of CION Investment in the fourth quarter valued at $1,711,000. Hennion & Walsh Asset Management Inc. increased its position in shares of CION Investment by 14.1% during the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 504,411 shares of the company's stock worth $5,750,000 after acquiring an additional 62,365 shares during the last quarter. Franklin Resources Inc. lifted its stake in shares of CION Investment by 13.6% in the third quarter. Franklin Resources Inc. now owns 358,956 shares of the company's stock worth $4,261,000 after acquiring an additional 43,076 shares in the last quarter. Finally, Whipplewood Advisors LLC purchased a new position in CION Investment in the fourth quarter valued at about $466,000. Institutional investors and hedge funds own 32.01% of the company's stock.

CION Investment Stock Performance

Shares of CION stock traded down $0.40 during trading hours on Friday, hitting $10.45. 424,494 shares of the company were exchanged, compared to its average volume of 235,911. The stock has a market capitalization of $553.87 million, a price-to-earnings ratio of 7.11 and a beta of 1.11. CION Investment Co. has a one year low of $10.33 and a one year high of $12.71. The business's 50-day simple moving average is $11.73 and its two-hundred day simple moving average is $11.67.

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

CION Investment Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Friday, March 28th will be issued a $0.36 dividend. The ex-dividend date is Friday, March 28th. This represents a $1.44 dividend on an annualized basis and a yield of 13.79%. CION Investment's dividend payout ratio is currently 228.57%.

Wall Street Analyst Weigh In

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