Wells Fargo & Company MN Has $8.23 Million Stake in CION Investment Co. (NYSE:CION)

Wells Fargo & Company MN lifted its holdings in shares of CION Investment Co. (NYSE:CION - Free Report) by 6,958.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 722,201 shares of the company's stock after purchasing an additional 711,970 shares during the quarter. Wells Fargo & Company MN owned 1.36% of CION Investment worth $8,233,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Founders Financial Alliance LLC boosted its position in CION Investment by 5.3% during the fourth quarter. Founders Financial Alliance LLC now owns 21,769 shares of the company's stock valued at $248,000 after purchasing an additional 1,086 shares during the last quarter. Concurrent Investment Advisors LLC increased its holdings in CION Investment by 2.6% during the fourth quarter. Concurrent Investment Advisors LLC now owns 42,822 shares of the company's stock worth $488,000 after buying an additional 1,093 shares during the last quarter. Endowment Wealth Management Inc. raised its position in CION Investment by 2.6% during the fourth quarter. Endowment Wealth Management Inc. now owns 59,852 shares of the company's stock worth $682,000 after acquiring an additional 1,522 shares in the last quarter. O Shaughnessy Asset Management LLC lifted its stake in CION Investment by 15.0% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 24,621 shares of the company's stock valued at $281,000 after acquiring an additional 3,205 shares during the last quarter. Finally, HighTower Advisors LLC increased its stake in shares of CION Investment by 16.4% during the 4th quarter. HighTower Advisors LLC now owns 22,956 shares of the company's stock worth $262,000 after purchasing an additional 3,236 shares during the last quarter. 32.01% of the stock is currently owned by institutional investors and hedge funds.

CION Investment Stock Performance

Shares of NYSE CION traded up $0.29 during trading hours on Wednesday, reaching $9.92. 89,496 shares of the stock were exchanged, compared to its average volume of 352,030. The firm has a market capitalization of $526.03 million, a price-to-earnings ratio of 6.75 and a beta of 1.17. The stock's fifty day simple moving average is $10.89 and its 200 day simple moving average is $11.35. CION Investment Co. has a 52 week low of $8.51 and a 52 week high of $12.71.

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 analysts' consensus estimates of $0.36 by ($0.01). CION Investment had a return on equity of 11.49% and a net margin of 31.21%. The firm had revenue of $87.91 million for the quarter, compared to analyst estimates of $54.11 million. Research analysts predict that CION Investment Co. will post 1.78 EPS for the current fiscal year.

CION Investment Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, April 11th. Stockholders of record on Friday, March 28th were given a $0.36 dividend. The ex-dividend date was Friday, March 28th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 14.52%. CION Investment's payout ratio is 228.57%.

Analyst Upgrades and Downgrades

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