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Joseph Group Capital Management Takes Position in CION Investment Co. (NYSE:CION)

Financial News Live · Feb 7, 2023 12:13

Joseph Group Capital Management bought a new stake in shares of CION Investment Co. (NYSE:CION – Get Rating) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 4,294 shares of the company's stock, valued at approximately $36,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Ausdal Financial Partners Inc. purchased a new stake in shares of CION Investment during the 3rd quarter valued at approximately $91,000. Aveo Capital Partners LLC lifted its stake in shares of CION Investment by 49.3% during the 3rd quarter. Aveo Capital Partners LLC now owns 56,878 shares of the company's stock valued at $483,000 after buying an additional 18,783 shares in the last quarter. Resources Investment Advisors LLC. lifted its stake in shares of CION Investment by 46.0% during the 3rd quarter. Resources Investment Advisors LLC. now owns 206,670 shares of the company's stock valued at $1,757,000 after buying an additional 65,140 shares in the last quarter. IFP Advisors Inc lifted its stake in shares of CION Investment by 50.0% during the 3rd quarter. IFP Advisors Inc now owns 104,227 shares of the company's stock valued at $857,000 after buying an additional 34,720 shares in the last quarter. Finally, Apollon Wealth Management LLC lifted its stake in shares of CION Investment by 230.2% during the 3rd quarter. Apollon Wealth Management LLC now owns 69,676 shares of the company's stock valued at $592,000 after buying an additional 48,578 shares in the last quarter. 27.22% of the stock is owned by institutional investors.

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Analyst Upgrades and Downgrades

Separately, Wells Fargo & Company increased their target price on shares of CION Investment from $9.50 to $10.25 and gave the stock an "overweight" rating in a research note on Friday, November 11th.

Insider Activity

In related news, CFO Keith S. Franz acquired 10,000 shares of the stock in a transaction dated Wednesday, November 30th. The shares were purchased at an average price of $10.01 per share, for a total transaction of $100,100.00. Following the transaction, the chief financial officer now owns 55,500 shares in the company, valued at approximately $555,555. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. In the last quarter, insiders have purchased 12,000 shares of company stock worth $120,550. 0.25% of the stock is currently owned by corporate insiders.

CION Investment Stock Performance

NYSE CION traded up $0.11 on Tuesday, hitting $11.32. The stock had a trading volume of 42,742 shares, compared to its average volume of 169,750. CION Investment Co. has a 52-week low of $7.83 and a 52-week high of $15.09. The company has a market capitalization of $627.47 million, a price-to-earnings ratio of 11.21 and a beta of 1.47. The firm has a 50-day moving average of $10.43 and a 200-day moving average of $9.85.

CION Investment (NYSE:CION – Get Rating) last posted its earnings results on Thursday, November 10th. The company reported $0.45 earnings per share (EPS) for the quarter. CION Investment had a net margin of 31.47% and a return on equity of 9.01%. The business had revenue of $54.16 million for the quarter.

CION Investment Increases Dividend

The business also recently disclosed a — dividend, which was paid on Tuesday, January 31st. Stockholders of record on Friday, December 30th were given a dividend of $0.27 per share. The ex-dividend date of this dividend was Thursday, December 29th. This represents a dividend yield of 11.8%. This is a boost from CION Investment's previous — dividend of $0.20. CION Investment's dividend payout ratio (DPR) is 124.00%.

About CION Investment

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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.