Avantax Advisory Services Inc. Invests $271,000 in CION Investment Corporation (NYSE:CION)

Key Points

• Avantax Advisory Services Inc. purchased 26,147 shares of CION Investment Corporation for about $271,000 during the first quarter.
• CION Investment's stock is currently valued at $10.72, with a market cap of $564.57 million and a dividend yield of 13.4%.
• Recent analyst ratings show Wells Fargo downgraded CION from $10.00 to $9.00, while Wall Street Zen upgraded the stock from "sell" to "hold."

Avantax Advisory Services Inc. acquired a new stake in shares of CION Investment Corporation (NYSE:CION - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 26,147 shares of the company's stock, valued at approximately $271,000.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Coppell Advisory Solutions LLC increased its position in shares of CION Investment by 11.1% in the fourth quarter. Coppell Advisory Solutions LLC now owns 10,966 shares of the company's stock valued at $123,000 after acquiring an additional 1,093 shares during the period. TT Capital Management LLC increased its position in shares of CION Investment by 4.4% in the first quarter. TT Capital Management LLC now owns 30,998 shares of the company's stock valued at $321,000 after acquiring an additional 1,300 shares during the period. Golden State Wealth Management LLC increased its position in shares of CION Investment by 18.9% in the first quarter. Golden State Wealth Management LLC now owns 10,031 shares of the company's stock valued at $104,000 after acquiring an additional 1,597 shares during the period. Apollon Wealth Management LLC increased its position in shares of CION Investment by 3.2% in the first quarter. Apollon Wealth Management LLC now owns 54,457 shares of the company's stock valued at $564,000 after acquiring an additional 1,710 shares during the period. Finally, Townsquare Capital LLC increased its position in shares of CION Investment by 7.8% in the fourth quarter. Townsquare Capital LLC now owns 33,883 shares of the company's stock valued at $386,000 after acquiring an additional 2,445 shares during the period. Hedge funds and other institutional investors own 32.01% of the company's stock.

Analysts Set New Price Targets

A number of research firms have issued reports on CION. Wells Fargo & Company restated an "underweight" rating and issued a $8.50 price objective (down previously from $9.00) on shares of CION Investment in a research report on Tuesday. Wall Street Zen upgraded shares of CION Investment from a "sell" rating to a "hold" rating in a research report on Saturday.

CION Investment Stock Down 1.4%

Shares of CION traded down $0.16 during trading hours on Tuesday, reaching $10.63. 360,319 shares of the company traded hands, compared to its average volume of 326,740. The company's fifty day moving average price is $9.66 and its two-hundred day moving average price is $10.30. The company has a market capitalization of $553.46 million, a price-to-earnings ratio of -55.92 and a beta of 1.11. CION Investment Corporation has a 12 month low of $8.51 and a 12 month high of $12.71.

CION Investment (NYSE:CION - Get Free Report) last announced its earnings results on Thursday, August 7th. The company reported $0.32 earnings per share for the quarter, missing analysts' consensus estimates of $0.34 by ($0.02). The company had revenue of $52.24 million for the quarter, compared to the consensus estimate of $53.34 million. CION Investment had a negative net margin of 4.57% and a positive return on equity of 9.49%. On average, analysts expect that CION Investment Corporation will post 1.78 EPS for the current year.

CION Investment Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 16th. Stockholders of record on Tuesday, September 2nd will be paid a $0.36 dividend. This represents a $1.44 annualized dividend and a dividend yield of 13.6%. The ex-dividend date is Tuesday, September 2nd. CION Investment's dividend payout ratio is currently -757.89%.

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.