Spire Wealth Management Reduces Stake in CION Investment Corporation $CION

Spire Wealth Management decreased its holdings in shares of CION Investment Corporation (NYSE:CION) by 75.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,931 shares of the company’s stock after selling 12,327 shares during the quarter. Spire Wealth Management’s holdings in CION Investment were worth $38,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Quarry LP acquired a new stake in CION Investment during the first quarter worth approximately $27,000. Hollencrest Capital Management purchased a new position in shares of CION Investment in the 1st quarter valued at $31,000. Wealth Preservation Advisors LLC acquired a new stake in CION Investment during the 1st quarter worth $32,000. WPG Advisers LLC acquired a new stake in CION Investment during the 1st quarter worth $36,000. Finally, Daymark Wealth Partners LLC purchased a new stake in CION Investment in the second quarter valued at $98,000. 32.01% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CION has been the topic of a number of research analyst reports. Wall Street Zen upgraded CION Investment from a “sell” rating to a “hold” rating in a research report on Saturday, August 9th. Weiss Ratings restated a “hold (c-)” rating on shares of CION Investment in a research note on Wednesday, October 8th. Wells Fargo & Company reiterated an “underweight” rating and issued a $8.50 price objective (down previously from $9.00) on shares of CION Investment in a research note on Tuesday, August 12th. Finally, Zacks Research downgraded CION Investment from a “strong-buy” rating to a “hold” rating in a report on Friday, October 10th. Two analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Reduce” and an average target price of $8.50.

CION Investment Stock Up 7.0%

Shares of CION stock opened at $9.76 on Friday. The stock has a market capitalization of $508.37 million, a PE ratio of -51.37 and a beta of 1.08. CION Investment Corporation has a 52-week low of $8.51 and a 52-week high of $12.71. The stock’s 50-day moving average price is $9.64 and its 200 day moving average price is $9.76.

CION Investment (NYSE:CION) last posted its quarterly earnings data on Thursday, November 6th. The company reported $0.74 earnings per share for the quarter, topping analysts’ consensus estimates of $0.35 by $0.39. The company had revenue of $78.71 million during the quarter, compared to analysts’ expectations of $52.41 million. CION Investment had a positive return on equity of 9.63% and a negative net margin of 4.57%. Analysts expect that CION Investment Corporation will post 1.78 earnings per share for the current fiscal year.

CION Investment Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Monday, December 1st will be paid a $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 14.8%. The ex-dividend date of this dividend is Monday, December 1st. CION Investment’s payout ratio is currently -757.89%.

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.