CION Investment’s (CION) “Underweight” Rating Reaffirmed at Wells Fargo & Company

Wells Fargo & Company reiterated their underweight rating on shares of CION Investment (NYSE:CION) in a research note published on Monday morning, Marketbeat.com reports. The brokerage currently has a $10.00 price target on the stock, down from their prior price target of $11.00.

CION Investment Stock Performance

NYSE:CION opened at $10.97 on Monday. The firm’s fifty day moving average is $11.77 and its 200-day moving average is $11.73. CION Investment has a 52 week low of $10.52 and a 52 week high of $12.71. The firm has a market cap of $584.28 million, a P/E ratio of 7.46 and a beta of 1.11.

CION Investment (NYSE:CION) last posted its quarterly earnings data on Thursday, March 13th. The company reported $0.35 EPS 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 during the quarter, compared to the consensus estimate of $54.11 million. As a group, sell-side analysts anticipate that CION Investment will post 1.78 earnings per share for the current year.

CION Investment Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Friday, March 28th will be given a dividend of $0.36 per share. The ex-dividend date is Friday, March 28th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 13.13%. CION Investment’s payout ratio is presently 228.57%.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Ameriflex Group Inc. acquired a new position in shares of CION Investment during the 4th quarter valued at $55,000. Golden State Wealth Management LLC acquired a new position in shares of CION Investment during the 4th quarter valued at $96,000. Quantbot Technologies LP acquired a new position in shares of CION Investment during the 3rd quarter valued at $104,000. Aquatic Capital Management LLC acquired a new position in shares of CION Investment during the 4th quarter valued at $103,000. Finally, Virtu Financial LLC acquired a new position in shares of CION Investment during the 3rd quarter valued at $127,000. Institutional investors and hedge funds own 32.01% of the company’s stock.

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.