CION Investment Corporation (NYSE:CION) to Issue $0.36 Quarterly Dividend

CION Investment Corporation (NYSE:CION) declared a quarterly dividend on Monday, November 3rd. Investors of record on Monday, December 1st will be given a dividend of 0.36 per share on Monday, December 15th. This represents a c) annualized dividend and a yield of 14.1%. The ex-dividend date of this dividend is Monday, December 1st.

CION Investment has a dividend payout ratio of 114.3% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities 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 Trading Up 1.8%

Shares of CION Investment stock opened at $10.24 on Friday. The stock has a market cap of $533.37 million, a price-to-earnings ratio of -53.89 and a beta of 1.08. CION Investment has a 12-month low of $8.51 and a 12-month high of $12.71. The company has a fifty day simple moving average of $9.57 and a 200-day simple moving average of $9.77.

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%. On average, analysts forecast that CION Investment will post 1.78 earnings per share for the current fiscal year.

Hedge Funds Weigh In On CION Investment

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Quarry LP acquired a new position in shares of CION Investment during the first quarter valued at approximately $27,000. Private Wealth Management Group LLC bought a new position in shares of CION Investment in the third quarter valued at $30,000. Wealth Preservation Advisors LLC acquired a new position in shares of CION Investment in the 1st quarter valued at $32,000. WPG Advisers LLC purchased a new position in shares of CION Investment in the first quarter worth approximately $36,000. Finally, BNP Paribas Financial Markets acquired a new stake in CION Investment during the 3rd quarter valued at $37,000. 32.01% of the stock is owned by institutional investors.

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.