Bank of America Corp DE Sells 4,856 Shares of CION Investment Co. (NYSE:CION)

Bank of America Corp DE cut its position in CION Investment Co. (NYSE:CION) by 32.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,902 shares of the company’s stock after selling 4,856 shares during the quarter. Bank of America Corp DE’s holdings in CION Investment were worth $113,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Jane Street Group LLC raised its stake in shares of CION Investment by 57.5% during the 4th quarter. Jane Street Group LLC now owns 21,305 shares of the company’s stock valued at $243,000 after purchasing an additional 7,778 shares during the period. Talon Private Wealth LLC bought a new stake in shares of CION Investment during the 4th quarter valued at $174,000. Aquatic Capital Management LLC bought a new stake in shares of CION Investment during the 4th quarter valued at $103,000. Virtus ETF Advisers LLC raised its stake in shares of CION Investment by 43.6% during the 4th quarter. Virtus ETF Advisers LLC now owns 81,660 shares of the company’s stock valued at $931,000 after purchasing an additional 24,794 shares during the period. Finally, Coppell Advisory Solutions LLC raised its stake in shares of CION Investment by 11.1% during the 4th quarter. Coppell Advisory Solutions LLC now owns 10,966 shares of the company’s stock valued at $123,000 after purchasing an additional 1,093 shares during the period. 32.01% of the stock is currently owned by institutional investors.

CION Investment Stock Performance

NYSE:CION opened at $9.18 on Tuesday. The firm has a market cap of $483.61 million, a price-to-earnings ratio of 6.24 and a beta of 1.12. The business’s fifty day moving average is $9.51 and its 200 day moving average is $10.76. CION Investment Co. has a 52-week low of $8.51 and a 52-week high of $12.71.

CION Investment (NYSE:CION) last issued its quarterly earnings data on Thursday, May 8th. The company reported $0.36 EPS for the quarter, missing the consensus estimate of $0.37 by ($0.01). The business had revenue of $56.07 million for the quarter, compared to analysts’ expectations of $54.15 million. CION Investment had a return on equity of 11.49% and a net margin of 31.21%. Equities analysts predict that CION Investment Co. will post 1.78 EPS for the current fiscal year.

CION Investment Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Monday, June 2nd were given a $0.36 dividend. This represents a $1.44 annualized dividend and a dividend yield of 15.69%. The ex-dividend date was Monday, June 2nd. CION Investment’s dividend payout ratio (DPR) is -496.55%.

Analyst Upgrades and Downgrades

Separately, Wells Fargo & Company decreased their price objective on CION Investment from $10.00 to $9.00 and set an “underweight” rating on the stock in a research note on Monday, April 28th.

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.