Bank of America Corp DE Purchases 169,916 Shares of CION Investment Corporation $CION

Key Points

• Bank of America acquired 169,916 shares of CION Investment worth approximately $1.06 million, while institutional investors collectively owned 32.01% of the company.
• CION reported quarterly earnings of $0.29 per share, beating analyst estimates of $0.26, with revenue of $49.79 million broadly in line with expectations.
• The company declared a monthly dividend of $0.10 per share, implying a $1.20 annualized payout and a notably high 17.1% yield; however, analysts maintain a generally negative “Reduce” consensus with a $6.50 price target.

Bank of America Corp DE bought a new position in CION Investment Corporation (NYSE:CION - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 169,916 shares of the company's stock, valued at approximately $1,059,000. Bank of America Corp DE owned approximately 0.35% of CION Investment at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the stock. Closed End Fund Advisors Inc. purchased a new position in shares of CION Investment in the fourth quarter worth approximately $4,602,000. BlackRock Inc. purchased a new stake in shares of CION Investment in the 2nd quarter valued at approximately $1,218,000. True Freedom Investing LLC acquired a new position in CION Investment in the 2nd quarter worth approximately $979,000. Diversify Advisory Services LLC acquired a new position in CION Investment in the 2nd quarter worth approximately $768,000. Finally, Private Advisor Group LLC grew 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 purchasing an additional 119,783 shares in the last quarter. 32.01% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on CION. Zacks Research lowered CION Investment from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 29th. Weiss Ratings raised CION Investment from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Tuesday, August 11th. Two investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Reduce" and a consensus price target of $6.50.

CION Investment Price Performance

Shares of NYSE CION opened at $7.01 on Friday. CION Investment Corporation has a fifty-two week low of $5.83 and a fifty-two week high of $10.40. The firm has a market capitalization of $345.14 million, a P/E ratio of 116.92 and a beta of 1.15. The company's 50 day simple moving average is $7.10 and its 200 day simple moving average is $6.91.

CION Investment (NYSE:CION - Get Free Report) last posted its earnings results on Wednesday, August 5th. The company reported $0.29 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.03. CION Investment had a return on equity of 11.95% and a net margin of 1.17%.The firm had revenue of $49.79 million for the quarter, compared to analyst estimates of $49.78 million. Sell-side analysts expect that CION Investment Corporation will post 1.08 EPS for the current fiscal year.

CION Investment Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Monday, December 28th. Stockholders of record on Friday, December 11th will be issued a $0.10 dividend. The ex-dividend date is Friday, December 11th. This represents a $1.20 annualized dividend and a dividend yield of 17.1%. CION Investment's dividend payout ratio (DPR) is presently 2,000.00%.

CION Investment Profile

CION Investment Corporation NYSE: CION is a business development company (BDC) that invests in privately held, middle-market companies. The company seeks to generate current income and, to a lesser extent, long-term capital appreciation by providing financing to businesses that may not have access to traditional sources of capital.

CION primarily invests in senior secured loans, including first-lien and second-lien debt, as well as subordinated debt and equity-related securities. Its portfolio companies operate across a range of industries, allowing CION to maintain a diversified investment portfolio rather than focusing on a single sector.

Founded in 2011, CION is externally managed by CION Investment Management, LLC, an investment adviser registered with the U.S.

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