CION Investment Corporation (NYSE:CION) to Issue $0.10 Monthly Dividend

Key Points

• CION Investment Corporation declared a monthly dividend of $0.10 per share, payable on July 31 to shareholders of record on July 17. The stock’s annualized dividend yield is about 18.6%.
• The company’s payout ratio is 95.2%, suggesting the dividend is currently covered but may become harder to sustain if earnings weaken. Analysts expect next year’s earnings to be $1.09 per share, below the roughly $1.20 annual dividend.
• CION recently reported quarterly EPS of $0.25, missing estimates, while revenue came in slightly above expectations at $49.54 million. The stock traded around $6.45, well below its 200-day average of $7.68.

CION Investment Corporation (NYSE:CION - Get Free Report) declared a monthly dividend on Monday, May 4th. Shareholders of record on Friday, July 17th will be given a dividend of 0.10 per share on Friday, July 31st. This represents a c) dividend on an annualized basis and a yield of 18.6%. The ex-dividend date of this dividend is Friday, July 17th.

CION Investment has a payout ratio of 95.2% indicating that its dividend is currently covered by earnings, but may not be in the future if the company's earnings fall. Research analysts expect CION Investment to earn $1.09 per share next year, which means the company may not be able to cover its $1.20 annual dividend with an expected future payout ratio of 110.1%.

CION Investment Stock Performance

NYSE:CION opened at $6.45 on Wednesday. The firm has a 50-day simple moving average of $6.66 and a 200-day simple moving average of $7.68. CION Investment has a one year low of $5.97 and a one year high of $10.93. The firm has a market cap of $321.15 million, a P/E ratio of -161.21 and a beta of 1.10.

CION Investment (NYSE:CION - Get Free Report) last released its quarterly earnings data on Wednesday, May 6th. The company reported $0.25 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.27 by ($0.02). The business had revenue of $49.54 million for the quarter, compared to the consensus estimate of $49.12 million. CION Investment had a negative net margin of 0.41% and a positive return on equity of 11.96%. On average, research analysts predict that CION Investment will post 1.05 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of CION. Van ECK Associates Corp lifted its stake in shares of CION Investment by 4.2% during the third quarter. Van ECK Associates Corp now owns 1,359,023 shares of the company's stock worth $12,883,000 after buying an additional 54,317 shares during the period. Invesco Ltd. raised its stake in CION Investment by 33.6% in the 2nd quarter. Invesco Ltd. now owns 1,343,185 shares of the company's stock worth $12,854,000 after acquiring an additional 338,121 shares during the last quarter. North Ground Capital raised its stake in CION Investment by 8.4% in the 4th quarter. North Ground Capital now owns 1,086,992 shares of the company's stock worth $10,511,000 after acquiring an additional 84,214 shares during the last quarter. Private Advisor Group LLC lifted its position in CION Investment by 16.2% during the 1st quarter. Private Advisor Group LLC now owns 860,616 shares of the company's stock worth $5,887,000 after acquiring an additional 119,783 shares during the period. Finally, Callodine Capital Management LP lifted its position in CION Investment by 8.9% during the 1st quarter. Callodine Capital Management LP now owns 612,388 shares of the company's stock worth $4,189,000 after acquiring an additional 50,000 shares during the period. Institutional investors and hedge funds own 32.01% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.