CION Investment (NYSE:CION) Posts Earnings Results, Beats Expectations By $0.39 EPS

CION Investment (NYSE:CION) posted its quarterly earnings data on Thursday. The company reported $0.74 EPS for the quarter, beating the consensus estimate of $0.35 by $0.39, Zacks reports. The business had revenue of $78.71 million for the quarter, compared to analysts’ expectations of $52.41 million. CION Investment had a negative net margin of 4.57% and a positive return on equity of 9.63%.

CION Investment Price Performance

CION stock traded down $0.15 during mid-day trading on Friday, reaching $9.61. The company had a trading volume of 315,095 shares, compared to its average volume of 315,237. The company has a market capitalization of $500.56 million, a price-to-earnings ratio of -50.58 and a beta of 1.08. CION Investment has a 52 week low of $8.51 and a 52 week high of $12.71. The stock has a 50 day simple moving average of $9.62 and a two-hundred day simple moving average of $9.76.

CION Investment Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Monday, December 1st will be given a dividend of $0.36 per share. The ex-dividend date of this dividend is Monday, December 1st. This represents a $1.44 annualized dividend and a yield of 15.0%. CION Investment’s dividend payout ratio is -757.89%.

Institutional Trading of CION Investment

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Invesco Ltd. raised its holdings in shares of CION Investment by 33.6% in the 2nd quarter. Invesco Ltd. now owns 1,343,185 shares of the company’s stock valued at $12,854,000 after purchasing an additional 338,121 shares during the period. Raymond James Financial Inc. grew its holdings in CION Investment by 4.3% during the second quarter. Raymond James Financial Inc. now owns 182,218 shares of the company’s stock worth $1,744,000 after purchasing an additional 7,532 shares during the period. Brevan Howard Capital Management LP acquired a new position in CION Investment during the second quarter worth approximately $768,000. Ameriprise Financial Inc. raised its stake in CION Investment by 20.0% in the second quarter. Ameriprise Financial Inc. now owns 49,018 shares of the company’s stock valued at $469,000 after buying an additional 8,183 shares during the period. Finally, Quantbot Technologies LP acquired a new stake in shares of CION Investment in the second quarter valued at approximately $284,000. 32.01% of the stock is owned by institutional investors.

Analysts Set New Price Targets

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

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.