JPMorgan Chase & Co. Sells 13,026 Shares of CION Investment Co. (NYSE:CION)

JPMorgan Chase & Co. lowered its stake in CION Investment Co. (NYSE:CION) by 66.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 6,462 shares of the company’s stock after selling 13,026 shares during the quarter. JPMorgan Chase & Co.’s holdings in CION Investment were worth $74,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in CION. Jane Street Group LLC bought a new position in shares of CION Investment in the third quarter valued at approximately $161,000. Virtu Financial LLC purchased a new stake in CION Investment in the 3rd quarter worth approximately $127,000. Franklin Resources Inc. boosted its holdings in CION Investment by 13.6% in the 3rd quarter. Franklin Resources Inc. now owns 358,956 shares of the company’s stock valued at $4,261,000 after purchasing an additional 43,076 shares during the period. Winthrop Advisory Group LLC purchased a new position in shares of CION Investment during the 4th quarter valued at $195,000. Finally, Hennion & Walsh Asset Management Inc. increased its holdings in shares of CION Investment by 14.1% in the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 504,411 shares of the company’s stock worth $5,750,000 after purchasing an additional 62,365 shares during the period. Hedge funds and other institutional investors own 32.01% of the company’s stock.

CION Investment Stock Up 0.5 %

CION opened at $9.84 on Wednesday. The business’s fifty day simple moving average is $10.41 and its 200 day simple moving average is $11.21. CION Investment Co. has a 52 week low of $8.51 and a 52 week high of $12.71. The stock has a market cap of $521.52 million, a PE ratio of 6.69 and a beta of 1.18.

CION Investment (NYSE:CION) last announced its quarterly earnings data on Thursday, March 13th. The company reported $0.35 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.01). CION Investment had a net margin of 31.21% and a return on equity of 11.49%. The firm had revenue of $87.91 million for the quarter, compared to analysts’ expectations of $54.11 million. As a group, equities analysts anticipate that CION Investment Co. will post 1.78 earnings per share for the current year.

CION Investment Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Friday, March 28th were issued a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 14.64%. The ex-dividend date of this dividend was Friday, March 28th. CION Investment’s dividend payout ratio is currently 228.57%.

Wall Street Analysts Forecast Growth

Separately, Wells Fargo & Company decreased their target price on CION Investment from $10.00 to $9.00 and set an “underweight” rating on the stock in a research note on Monday, April 28th.

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.