CION Investment (NYSE:CION) Cut to Buy at Wall Street Zen

Wall Street Zen cut shares of CION Investment (NYSE:CION) from a strong-buy rating to a buy rating in a research note released on Saturday morning.

A number of other equities research analysts have also recently commented on the stock. Weiss Ratings restated a “hold (c)” rating on shares of CION Investment in a report on Monday, December 8th. Zacks Research upgraded CION Investment from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, November 12th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $8.50.

CION Investment Trading Down 2.5%

CION stock opened at $9.95 on Friday. The firm has a market cap of $518.04 million, a PE ratio of 19.50 and a beta of 1.07. The stock has a 50-day moving average price of $9.65 and a 200-day moving average price of $9.79. CION Investment has a 1-year low of $8.51 and a 1-year high of $12.71.

CION Investment (NYSE:CION) last issued its quarterly earnings results on Thursday, November 6th. The company reported $0.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.35 by $0.39. The firm had revenue of $78.71 million for the quarter, compared to analyst estimates of $52.41 million. CION Investment had a return on equity of 12.02% and a net margin of 10.59%. On average, analysts forecast that CION Investment will post 1.78 earnings per share for the current year.

CION Investment Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 15th. Stockholders of record on Monday, December 1st were paid a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 14.5%. The ex-dividend date of this dividend was Monday, December 1st. CION Investment’s payout ratio is currently 282.35%.

Institutional Investors Weigh In On CION Investment

Several large investors have recently added to or reduced their stakes in the stock. AE Wealth Management LLC raised its stake in shares of CION Investment by 3.3% during the second quarter. AE Wealth Management LLC now owns 33,123 shares of the company’s stock valued at $317,000 after acquiring an additional 1,044 shares in the last quarter. Kestra Private Wealth Services LLC increased its holdings in CION Investment by 5.0% during the 3rd quarter. Kestra Private Wealth Services LLC now owns 23,324 shares of the company’s stock worth $221,000 after purchasing an additional 1,111 shares during the period. Golden State Wealth Management LLC increased its holdings in CION Investment by 7.2% during the 3rd quarter. Golden State Wealth Management LLC now owns 20,219 shares of the company’s stock worth $192,000 after purchasing an additional 1,363 shares during the period. Ameriprise Financial Inc. raised its position in CION Investment by 2.9% during the 3rd quarter. Ameriprise Financial Inc. now owns 50,424 shares of the company’s stock valued at $478,000 after purchasing an additional 1,406 shares in the last quarter. Finally, Orion Porfolio Solutions LLC lifted its holdings in shares of CION Investment by 8.1% in the 3rd quarter. Orion Porfolio Solutions LLC now owns 19,269 shares of the company’s stock worth $183,000 after buying an additional 1,438 shares during the period. 32.01% of the stock is owned by hedge funds and other institutional investors.

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.