Wells Fargo & Company Issues Pessimistic Forecast for CION Investment (NYSE:CION) Stock Price

CION Investment (NYSE:CION - Free Report) had its price target reduced by Wells Fargo & Company from $10.00 to $9.00 in a report issued on Monday,Benzinga reports. They currently have an underweight rating on the stock.

CION Investment Price Performance

Shares of CION traded up $0.16 during trading hours on Monday, hitting $9.94. The company's stock had a trading volume of 363,511 shares, compared to its average volume of 255,828. The company has a market cap of $527.09 million, a price-to-earnings ratio of 6.76 and a beta of 1.17. The business has a 50 day simple moving average of $10.51 and a two-hundred day simple moving average of $11.25. CION Investment has a 52-week low of $8.51 and a 52-week high of $12.71.

CION Investment (NYSE:CION - Get Free Report) last released 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 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. Research analysts predict 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 was paid on Friday, April 11th. Stockholders of record on Friday, March 28th were given a $0.36 dividend. The ex-dividend date was Friday, March 28th. This represents a $1.44 annualized dividend and a dividend yield of 14.49%. CION Investment's dividend payout ratio is 228.57%.

Hedge Funds Weigh In On CION Investment

A number of institutional investors and hedge funds have recently made changes to their positions in CION. Bulldog Investors LLP raised its holdings in CION Investment by 62.4% in the 4th quarter. Bulldog Investors LLP now owns 1,682,352 shares of the company's stock worth $19,190,000 after acquiring an additional 646,596 shares during the last quarter. Van ECK Associates Corp lifted its stake in CION Investment by 1.7% during the 4th quarter. Van ECK Associates Corp now owns 1,329,799 shares of the company's stock valued at $15,160,000 after acquiring an additional 21,825 shares during the period. Invesco Ltd. purchased a new stake in shares of CION Investment during the 4th quarter valued at about $11,882,000. Wells Fargo & Company MN raised its holdings in shares of CION Investment by 6,958.9% during the fourth quarter. Wells Fargo & Company MN now owns 722,201 shares of the company's stock valued at $8,233,000 after purchasing an additional 711,970 shares during the last quarter. Finally, Private Advisor Group LLC lifted its position in CION Investment by 2.5% during the fourth quarter. Private Advisor Group LLC now owns 667,922 shares of the company's stock valued at $7,614,000 after purchasing an additional 16,417 shares during the period. Institutional investors own 32.01% of the company's stock.

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.