Raymond James Financial Inc. Buys Shares of 150,088 CION Investment Co. (NYSE:CION)

Raymond James Financial Inc. purchased a new position in CION Investment Co. (NYSE:CION) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 150,088 shares of the company’s stock, valued at approximately $1,711,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Golden State Wealth Management LLC purchased a new stake in CION Investment in the fourth quarter worth approximately $96,000. Quantbot Technologies LP bought a new position in shares of CION Investment in the 3rd quarter worth approximately $104,000. Legacy Investment Solutions LLC purchased a new position in CION Investment during the third quarter valued at $124,000. Virtu Financial LLC purchased a new position in CION Investment during the 3rd quarter valued at about $127,000. Finally, Entropy Technologies LP purchased a new stake in shares of CION Investment in the 4th quarter worth approximately $138,000. 32.01% of the stock is currently owned by hedge funds and other institutional investors.

CION Investment Trading Down 0.6 %

Shares of CION opened at $10.39 on Tuesday. CION Investment Co. has a 1-year low of $10.14 and a 1-year high of $12.71. The firm has a market cap of $550.69 million, a PE ratio of 7.06 and a beta of 1.11. The firm has a fifty day simple moving average of $11.69 and a two-hundred day simple moving average of $11.66.

CION Investment (NYSE:CION) last issued its quarterly earnings results 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 return on equity of 11.49% and a net margin of 31.21%. The company had revenue of $87.91 million during the quarter, compared to analysts’ expectations of $54.11 million. As a group, research analysts forecast that CION Investment Co. will post 1.78 EPS for the current fiscal year.

CION Investment Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Friday, March 28th will be paid a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a yield of 13.87%. The ex-dividend date of this dividend is Friday, March 28th. CION Investment’s payout ratio is presently 228.57%.

Wall Street Analysts Forecast Growth

Separately, Wells Fargo & Company restated an “underweight” rating and set a $10.00 price objective (down from $11.00) on shares of CION Investment in a research note on Monday, March 17th.

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.