Arkadios Wealth Advisors lifted its stake in CION Investment Co. (NYSE:CION) by 60.6% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 293,578 shares of the company's stock after purchasing an additional 110,736 shares during the quarter. Arkadios Wealth Advisors' holdings in CION Investment were worth $2,495,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Gradient Investments LLC raised its position in shares of CION Investment by 221.4% in the 3rd quarter. Gradient Investments LLC now owns 3,066 shares of the company's stock valued at $26,000 after purchasing an additional 2,112 shares during the last quarter. Tyler Stone Wealth Management purchased a new position in shares of CION Investment in the 2nd quarter valued at approximately $27,000. IAG Wealth Partners LLC purchased a new position in shares of CION Investment in the 2nd quarter valued at approximately $29,000. Allworth Financial LP raised its position in shares of CION Investment by 50.0% in the 3rd quarter. Allworth Financial LP now owns 3,688 shares of the company's stock valued at $31,000 after purchasing an additional 1,229 shares during the last quarter. Finally, Atticus Wealth Management LLC raised its position in shares of CION Investment by 1,065.3% in the 2nd quarter. Atticus Wealth Management LLC now owns 5,535 shares of the company's stock valued at $48,000 after purchasing an additional 5,060 shares during the last quarter. 27.22% of the stock is owned by hedge funds and other institutional investors.
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Analysts Set New Price Targets
Separately, Wells Fargo & Company increased their price objective on shares of CION Investment from $9.50 to $10.25 and gave the company an "overweight" rating in a research report on Friday, November 11th.
Insiders Place Their Bets
In other CION Investment news, CFO Keith S. Franz purchased 10,000 shares of CION Investment stock in a transaction on Wednesday, November 30th. The stock was bought at an average cost of $10.01 per share, with a total value of $100,100.00. Following the transaction, the chief financial officer now owns 55,500 shares of the company's stock, valued at approximately $555,555. In the last ninety days, insiders acquired 12,000 shares of company stock valued at $120,550. 0.25% of the stock is owned by insiders.
CION Investment Trading Down 0.1 %
CION opened at $10.28 on Wednesday. CION Investment Co. has a 12-month low of $7.83 and a 12-month high of $15.09. The firm has a market capitalization of $569.82 million, a PE ratio of 10.28 and a beta of 1.56. The firm has a 50 day moving average of $9.98 and a two-hundred day moving average of $9.46.
CION Investment Increases Dividend
The firm also recently declared a — dividend, which will be paid on Tuesday, January 31st. Shareholders of record on Friday, December 30th will be given a dividend of $0.27 per share. The ex-dividend date of this dividend is Thursday, December 29th. This is a positive change from CION Investment's previous — dividend of $0.20. This represents a yield of 11.8%. CION Investment's dividend payout ratio (DPR) is currently 124.00%.
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.