Invesco Ltd. Trims Stake in CION Investment Corporation $CION

Key Points

• Invesco Ltd. reduced its stake in CION Investment Corporation by 3.6%, selling 37,215 shares and now holding about 1.90% of the company worth approximately $10.4 million.
• CION Investment announced a quarterly dividend of $0.36 per share, with a high annualized yield of 13.5%, despite a negative payout ratio of -757.89%.
• Analysts' ratings for CION Investment vary, with recent upgrades to a "strong-buy" from Zacks and an average target price set at $10.75.

Invesco Ltd. lowered its position in shares of CION Investment Corporation (NYSE:CION - Free Report) by 3.6% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,005,064 shares of the company's stock after selling 37,215 shares during the quarter. Invesco Ltd. owned 1.90% of CION Investment worth $10,402,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. Hollencrest Capital Management bought a new position in shares of CION Investment during the 1st quarter worth approximately $31,000. Ameriflex Group Inc. bought a new stake in shares of CION Investment in the 4th quarter worth approximately $55,000. Aquatic Capital Management LLC bought a new stake in shares of CION Investment in the 4th quarter worth approximately $103,000. Golden State Wealth Management LLC raised its holdings in shares of CION Investment by 18.9% in the 1st quarter. Golden State Wealth Management LLC now owns 10,031 shares of the company's stock worth $104,000 after purchasing an additional 1,597 shares during the period. Finally, Efficient Advisors LLC bought a new stake in shares of CION Investment in the 1st quarter worth approximately $121,000. Institutional investors own 32.01% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Wall Street Zen upgraded shares of CION Investment from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. Zacks Research upgraded shares of CION Investment from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 21st. Finally, Wells Fargo & Company restated an "underweight" rating and set a $8.50 price target (down from $9.00) on shares of CION Investment in a research report on Tuesday, August 12th. One analyst has rated the stock with a Strong Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $10.75.

CION Investment Price Performance

CION Investment stock traded up $0.05 during mid-day trading on Friday, hitting $10.77. The company's stock had a trading volume of 155,957 shares, compared to its average volume of 319,707. The stock has a market cap of $560.72 million, a price-to-earnings ratio of -56.60 and a beta of 1.11. The business has a 50 day moving average price of $10.05 and a 200-day moving average price of $10.23. 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 posted its quarterly earnings results on Thursday, August 7th. The company reported $0.32 earnings per share for the quarter, missing the consensus estimate of $0.34 by ($0.02). The business had revenue of $52.24 million during the quarter, compared to the consensus estimate of $53.34 million. CION Investment had a positive return on equity of 9.63% and a negative net margin of 4.57%. On average, equities research analysts expect that CION Investment Corporation will post 1.78 earnings per share for the current fiscal year.

CION Investment Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 16th. Stockholders of record on Tuesday, September 2nd will be paid a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 13.4%. The ex-dividend date of this dividend is Tuesday, September 2nd. CION Investment's dividend payout ratio is -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.