Virtus Investment Advisers LLC Grows Stock Position in CION Investment Corporation $CION

Virtus Investment Advisers LLC increased its stake in CION Investment Corporation (NYSE:CION) by 20.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 109,146 shares of the company’s stock after acquiring an additional 18,897 shares during the period. Virtus Investment Advisers LLC owned about 0.21% of CION Investment worth $1,045,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Quarry LP purchased a new position in CION Investment in the 1st quarter worth approximately $27,000. Wealth Preservation Advisors LLC bought a new position in shares of CION Investment in the first quarter worth approximately $32,000. WPG Advisers LLC purchased a new position in shares of CION Investment in the first quarter worth $36,000. Legacy Investment Solutions LLC purchased a new position in shares of CION Investment in the second quarter worth $74,000. Finally, Daymark Wealth Partners LLC bought a new stake in CION Investment during the 2nd quarter valued at $98,000. 32.01% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

CION has been the topic of a number of recent analyst reports. Wall Street Zen raised shares of CION Investment from a “buy” rating to a “strong-buy” rating in a report on Saturday, November 22nd. Zacks Research upgraded shares of CION Investment from a “hold” rating to a “strong-buy” rating in a report on Wednesday, November 12th. Weiss Ratings restated a “hold (c)” rating on shares of CION Investment in a report on Wednesday. Finally, Wells Fargo & Company reaffirmed an “underweight” rating and set a $8.50 price target (down previously from $9.00) on shares of CION Investment in a research report on Tuesday, August 12th. One analyst has rated the stock with a Strong Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $8.50.

CION Investment Price Performance

CION stock opened at $10.24 on Friday. CION Investment Corporation has a 1 year low of $8.51 and a 1 year high of $12.71. The firm has a 50-day moving average of $9.57 and a 200 day moving average of $9.77. The company has a market cap of $533.37 million, a P/E ratio of -53.89 and a beta of 1.08.

CION Investment (NYSE:CION) last posted its earnings results 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 firm had revenue of $78.71 million for the quarter, compared to the consensus estimate 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, equities research 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 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 14.1%. CION Investment’s dividend payout ratio (DPR) is currently 282.35%.

CION Investment 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.