LPL Financial LLC Has $10.28 Million Stake in CION Investment Corporation (NYSE:CION)

Key Points

• LPL Financial LLC has increased its stake in CION Investment Corporation by 2.7%, now owning approximately 1.87% of the company worth about $10.3 million.
• CION Investment recently reported $0.32 earnings per share, missing the consensus estimate of $0.34, while also declaring a quarterly dividend of $0.36.
• The company’s stock price opened at $10.72, reflecting a 3.7% increase, with a market capitalization of $564.57 million.

LPL Financial LLC lifted its stake in shares of CION Investment Corporation (NYSE:CION - Free Report) by 2.7% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 992,946 shares of the company's stock after purchasing an additional 25,706 shares during the quarter. LPL Financial LLC owned about 1.87% of CION Investment worth $10,277,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of CION. Avantax Advisory Services Inc. purchased a new position in CION Investment in the 1st quarter worth about $271,000. AE Wealth Management LLC lifted its holdings in shares of CION Investment by 17.4% during the 1st quarter. AE Wealth Management LLC now owns 32,079 shares of the company's stock valued at $332,000 after buying an additional 4,759 shares during the last quarter. Wedbush Securities Inc. lifted its holdings in shares of CION Investment by 31.3% during the 1st quarter. Wedbush Securities Inc. now owns 16,350 shares of the company's stock valued at $169,000 after buying an additional 3,900 shares during the last quarter. Efficient Advisors LLC acquired a new stake in shares of CION Investment during the 1st quarter valued at about $121,000. Finally, BlueChip Wealth Advisors LLC lifted its holdings in CION Investment by 48.4% in the 1st quarter. BlueChip Wealth Advisors LLC now owns 51,366 shares of the company's stock worth $532,000 after purchasing an additional 16,750 shares during the last quarter. 32.01% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Wall Street Zen upgraded CION Investment from a "sell" rating to a "hold" rating in a report on Saturday. Wells Fargo & Company reissued an "underweight" rating and set a $8.50 price objective (down from $9.00) on shares of CION Investment in a report on Tuesday.

CION Investment Price Performance

Shares of CION Investment stock traded down $0.16 during trading hours on Tuesday, hitting $10.63. The company's stock had a trading volume of 360,319 shares, compared to its average volume of 326,740. CION Investment Corporation has a 12 month low of $8.51 and a 12 month high of $12.71. The stock has a 50 day moving average of $9.66 and a 200 day moving average of $10.30. The company has a market capitalization of $553.46 million, a PE ratio of -55.92 and a beta of 1.11.

CION Investment (NYSE:CION - Get Free Report) last posted its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $53.34 million. CION Investment had a positive return on equity of 9.49% and a negative net margin of 4.57%. Equities analysts expect that CION Investment Corporation will post 1.78 EPS for the current year.

CION Investment Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 16th. Stockholders of record on Tuesday, September 2nd will be given a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a dividend yield of 13.6%. The ex-dividend date of this dividend is Tuesday, September 2nd. CION Investment's dividend payout ratio (DPR) 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.