Diversify Advisory Services LLC Invests $768,000 in CION Investment Corporation $CION

Diversify Advisory Services LLC purchased a new position in shares of CION Investment Corporation (NYSE:CION) in the 2nd quarter, HoldingsChannel.com reports. The fund purchased 128,023 shares of the company’s stock, valued at approximately $768,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Kestra Private Wealth Services LLC boosted its holdings in CION Investment by 5.0% in the 3rd quarter. Kestra Private Wealth Services LLC now owns 23,324 shares of the company’s stock worth $221,000 after buying an additional 1,111 shares during the last quarter. Ameriprise Financial Inc. lifted its position in shares of CION Investment by 2.9% in the third quarter. Ameriprise Financial Inc. now owns 50,424 shares of the company’s stock valued at $478,000 after acquiring an additional 1,406 shares in the last quarter. Orion Porfolio Solutions LLC boosted its stake in shares of CION Investment by 8.1% in the third quarter. Orion Porfolio Solutions LLC now owns 19,269 shares of the company’s stock worth $183,000 after acquiring an additional 1,438 shares during the last quarter. Great Valley Advisor Group Inc. increased its position in shares of CION Investment by 7.5% during the fourth quarter. Great Valley Advisor Group Inc. now owns 21,627 shares of the company’s stock worth $209,000 after purchasing an additional 1,512 shares in the last quarter. Finally, Strategic Blueprint LLC increased its position in shares of CION Investment by 3.9% during the fourth quarter. Strategic Blueprint LLC now owns 40,797 shares of the company’s stock worth $395,000 after purchasing an additional 1,514 shares in the last quarter. 32.01% of the stock is owned by hedge funds and other institutional investors.

CION Investment Stock Performance

Shares of CION stock opened at $7.31 on Friday. The firm’s 50 day moving average price is $6.55 and its 200-day moving average price is $7.13. CION Investment Corporation has a one year low of $5.83 and a one year high of $10.93. The firm has a market cap of $359.65 million, a P/E ratio of 121.83 and a beta of 1.11.

CION Investment (NYSE:CION) last posted its earnings results on Wednesday, August 5th. The company reported $0.29 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.03. The firm had revenue of $49.79 million during the quarter, compared to the consensus estimate of $49.78 million. CION Investment had a net margin of 1.17% and a return on equity of 11.95%. As a group, research analysts predict that CION Investment Corporation will post 1.08 EPS for the current fiscal year.

CION Investment Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Monday, December 28th. Investors of record on Friday, December 11th will be issued a dividend of $0.10 per share. This represents a c) dividend on an annualized basis and a yield of 16.4%. The ex-dividend date is Friday, December 11th. CION Investment’s dividend payout ratio (DPR) is 2,000.00%.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Zacks Research cut shares of CION Investment from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 29th. Wells Fargo & Company decreased their target price on shares of CION Investment from $7.00 to $6.50 and set an “underweight” rating on the stock in a report on Monday, May 11th. Finally, Weiss Ratings raised shares of CION Investment from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Tuesday, August 11th. Two equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, CION Investment has an average rating of “Reduce” and an average target price of $6.50.

About CION Investment

CION Investment Corporation is a closed‐end, non‐diversified management investment company organized as a business development company under the Investment Company Act of 1940. Externally managed by CION Investment Management, LLC, the firm specializes in providing flexible capital solutions to U.S. and Canadian middle‐market companies. By combining debt and equity financing, CION seeks to support growth, acquisitions, recapitalizations and other strategic initiatives for its portfolio companies.

The company’s investment strategy centers on senior secured loans, subordinated debt and private equity interests.