CION Investment Co. Announces Quarterly Dividend of $0.36 (NYSE:CION)

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 given a dividend of 0.36 per share on Friday, April 11th. This represents a $1.44 dividend on an annualized basis and a yield of 13.16%. The ex-dividend date of this dividend is Friday, March 28th.

CION Investment has raised its dividend payment by an average of 78.2% per year over the last three years. CION Investment has a payout ratio of 113.4% meaning 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 Stock Performance

NYSE:CION opened at $10.95 on Wednesday. The stock has a 50 day moving average price of $11.75 and a 200 day moving average price of $11.68. The stock has a market cap of $580.38 million, a PE ratio of 7.46 and a beta of 1.11. CION Investment has a one year low of $10.64 and a one year high of $12.71.

CION Investment (NYSE:CION) last posted its quarterly earnings results 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 for the quarter, compared to analysts’ expectations of $54.11 million. As a group, analysts predict that CION Investment will post 1.78 earnings per share for the current fiscal year.

Analyst Ratings Changes

Separately, Wells Fargo & Company reissued an “underweight” rating and issued a $10.00 price target (down previously 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.