Arkadios Wealth Advisors Purchases 26,019 Shares of CION Investment Corporation (NYSE:CION)

Key Points

• Arkadios Wealth Advisors increased its holdings in CION Investment Corporation by 8.9%, now owning 318,983 shares valued at approximately $3.3 million.
• CION Investment recently announced a quarterly dividend of $0.36 per share, with a significant annualized yield of 14.72%, despite a negative payout ratio.
• Wells Fargo & Company lowered its target price for CION Investment from $10.00 to $9.00 and assigned an "underweight" rating on the stock.

Arkadios Wealth Advisors grew its position in shares of CION Investment Corporation (NYSE:CION - Free Report) by 8.9% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 318,983 shares of the company's stock after purchasing an additional 26,019 shares during the quarter. Arkadios Wealth Advisors owned 0.60% of CION Investment worth $3,301,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the business. Hollencrest Capital Management acquired a new stake in shares of CION Investment in the first quarter worth $31,000. Ameriflex Group Inc. acquired a new stake in shares of CION Investment in the fourth quarter worth $55,000. Aquatic Capital Management LLC acquired a new stake in CION Investment during the fourth quarter valued at $103,000. Golden State Wealth Management LLC boosted its position in CION Investment by 18.9% during the first quarter. Golden State Wealth Management LLC now owns 10,031 shares of the company's stock valued at $104,000 after purchasing an additional 1,597 shares during the last quarter. Finally, Efficient Advisors LLC acquired a new stake in CION Investment during the first quarter valued at $121,000. 32.01% of the stock is owned by institutional investors and hedge funds.

CION Investment Trading Down 0.6%

CION traded down $0.06 on Friday, hitting $9.60. 256,273 shares of the stock traded hands, compared to its average volume of 232,007. CION Investment Corporation has a 52 week low of $8.51 and a 52 week high of $12.71. The firm has a market capitalization of $505.82 million, a PE ratio of -33.10 and a beta of 1.11. The business has a fifty day moving average price of $9.58 and a two-hundred day moving average price of $10.37.

CION Investment (NYSE:CION - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The company reported $0.36 earnings per share for the quarter, missing analysts' consensus estimates of $0.37 by ($0.01). The company had revenue of $56.07 million for the quarter, compared to analyst estimates of $54.15 million. CION Investment had a negative net margin of 6.49% and a positive return on equity of 10.07%. On average, equities research analysts forecast that CION Investment Corporation will post 1.78 EPS for the current fiscal year.

CION Investment Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Monday, June 2nd were issued a dividend of $0.36 per share. The ex-dividend date of this dividend was Monday, June 2nd. This represents a $1.44 annualized dividend and a yield of 15.0%. CION Investment's dividend payout ratio is currently -496.55%.

Wall Street Analyst Weigh In

Separately, Wells Fargo & Company reduced their price objective on CION Investment from $10.00 to $9.00 and set an "underweight" rating for the company in a research report 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.