Kestra Advisory Services LLC Has $3.26 Million Holdings in CION Investment Corporation $CION

Key Points

• Kestra Advisory Services LLC has reduced its stake in CION Investment Corporation by 40.8%, now owning approximately $3.26 million worth of shares.
• Several institutional investors have increased their stakes in CION, with Bulldog Investors LLP leading with a 62.4% increase in the 4th quarter.
• CION Investment recently announced a dividend of $0.36 per share, resulting in an annualized yield of 13.4%, amidst analysts rating the stock with mixed recommendations.

Kestra Advisory Services LLC cut its stake in CION Investment Corporation (NYSE:CION - Free Report) by 40.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 314,514 shares of the company's stock after selling 216,962 shares during the period. Kestra Advisory Services LLC owned approximately 0.59% of CION Investment worth $3,255,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Bulldog Investors LLP boosted its stake 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 purchasing an additional 646,596 shares during the period. LPL Financial LLC boosted its stake in shares of CION Investment by 2.7% during the 1st quarter. LPL Financial LLC now owns 992,946 shares of the company's stock worth $10,277,000 after buying an additional 25,706 shares during the last quarter. Private Advisor Group LLC boosted its stake in shares of CION Investment by 10.7% during the 1st quarter. Private Advisor Group LLC now owns 739,356 shares of the company's stock worth $7,652,000 after buying an additional 71,434 shares during the last quarter. Hennion & Walsh Asset Management Inc. boosted its stake in shares of CION Investment by 10.1% during the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 555,374 shares of the company's stock worth $5,748,000 after buying an additional 50,963 shares during the last quarter. Finally, CF Capital LLC acquired a new position in shares of CION Investment during the 4th quarter worth about $4,809,000. 32.01% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on CION shares. 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 objective (down from $9.00) on shares of CION Investment in a research note on Tuesday, August 12th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, CION Investment has an average rating of "Hold" and a consensus price target of $10.75.

CION Investment Stock Performance

Shares of CION stock opened at $10.77 on Thursday. The firm's 50-day moving average is $10.02 and its 200-day moving average is $10.24. The stock has a market cap of $561.06 million, a price-to-earnings ratio of -56.69 and a beta of 1.11. CION Investment Corporation has a 52-week low of $8.51 and a 52-week high of $12.71.

CION Investment (NYSE:CION - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported $0.32 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.34 by ($0.02). The firm had revenue of $52.24 million during 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 9.63%. Sell-side analysts predict that CION Investment Corporation will post 1.78 EPS for the current fiscal 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 issued a $0.36 dividend. This represents a $1.44 dividend on an annualized basis 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 presently -757.89%.

CION Investment 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.

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