Strong Tower Advisory Services Significantly Increases Stake in CION Investment Co.

Strong Tower Advisory Services has dramatically increased its holdings in CION Investment Co. (NYSE:CION) by an astonishing 1,469.2% during the third quarter. This information comes from the latest disclosure the company made to the Securities and Exchange Commission (SEC). After purchasing an additional 183,696 shares, the advisory firm now possesses a total of 196,199 shares of CION Investment's stock, which represents approximately 0.37% ownership of the company, valued at around $2,335,000 as reported in their most recent SEC filing.

Additionally, several other institutional investors and hedge funds have adjusted their positions in CION recently. For instance, Private Advisor Group LLC increased its stake in CION Investment by 674.1% in the second quarter, now owning 617,444 shares worth $7,483,000 after acquiring 537,681 more shares in that period. Cetera Investment Advisers also made a striking increase in its holdings by 2,340.1% in the first quarter, accumulating 524,131 shares valued at $5,765,000 following a purchase of 502,651 shares.

Likewise, Alpine Global Management LLC raised its stake in CION Investment by 143.6% in the first quarter, now owning 633,297 shares valued at $6,966,000 after acquiring another 373,297 shares during the period. Meanwhile, Diversify Wealth Management LLC established a new position in CION Investment worth roughly $2,250,000 during the second quarter. Acadian Asset Management LLC also uplifted its shares by 32.5% in the second quarter, now holding 695,609 shares worth $8,427,000 after additional purchases of 170,635 shares. As a whole, institutional investors and hedge funds own 32.01% of CION Investment's stock.

Updates from Analysts

In other news, Oppenheimer began coverage on CION Investment, stating a "market perform" rating while setting a price target of $13.00 for the stock. This indicates a cautiously optimistic outlook for the investment.

CION Investment Stock Performance

As of Friday, CION Investment's stock experienced a slight decline of 0.1%, trading down by $0.01 to reach $11.77. During this time, approximately 52,960 shares exchanged hands, contrasting with an average trading volume of 231,624 shares. The stock has seen a low of $9.65 and a high of $12.69 over the past year. CION Investment Co. currently has a market capitalization of $629.11 million, a price-to-earnings (P/E) ratio of 5.00, and a beta of 1.18. The company’s 50-day and 200-day simple moving averages both stand at $11.91.

CION Investment released its quarterly earnings report on August 8, where it announced earnings of $0.43 per share for the quarter, alongside a revenue figure of $61.36 million. The company enjoys a net margin of 48.50% and boasts a return on equity of 12.39%. Market analysts generally predict that CION Investment Co. will report earnings per share of 1.77 for the current fiscal year.

Dividend Announcement by CION Investment

The company recently declared a quarterly dividend that was distributed on September 17. Stockholders who were on record as of September 3 received a dividend of $0.36 per share. The ex-dividend date was also September 3. This dividend results in an annualized amount of $1.44 and a yield of 12.23%. CION Investment's dividend payout ratio currently stands at 61.28%.

Company Overview

CION Investment Corporation functions as a business development company. It primarily invests in senior secured loans, including unitranche, first lien, second lien loans, long-term subordinated loans, and mezzanine loans. Additionally, the company seeks equity interests such as warrants or options, corporate bonds, and other debt securities targeting middle-market companies.

Investment, Shares, Stake