Financial Gravity Companies Inc. Invests $934,000 in CION Investment Corporation $CION

Financial Gravity Companies Inc. purchased a new stake in shares of CION Investment Corporation (NYSE:CION) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 97,634 shares of the company’s stock, valued at approximately $934,000. Financial Gravity Companies Inc. owned about 0.19% of CION Investment as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. LPL Financial LLC lifted its position in CION Investment by 2.7% in the 1st quarter. LPL Financial LLC now owns 992,946 shares of the company’s stock valued at $10,277,000 after acquiring an additional 25,706 shares in the last quarter. Private Advisor Group LLC raised its stake in shares of CION Investment by 10.7% in the first quarter. Private Advisor Group LLC now owns 739,356 shares of the company’s stock worth $7,652,000 after purchasing an additional 71,434 shares during the last quarter. North Ground Capital lifted its holdings in shares of CION Investment by 37.8% during the first quarter. North Ground Capital now owns 581,100 shares of the company’s stock valued at $5,840,000 after purchasing an additional 159,299 shares in the last quarter. Berger Financial Group Inc lifted its holdings in shares of CION Investment by 27.6% during the second quarter. Berger Financial Group Inc now owns 487,404 shares of the company’s stock valued at $4,664,000 after purchasing an additional 105,478 shares in the last quarter. Finally, Sigma Planning Corp boosted its position in shares of CION Investment by 1.3% during the second quarter. Sigma Planning Corp now owns 342,566 shares of the company’s stock valued at $3,278,000 after buying an additional 4,423 shares during the last quarter. 32.01% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have weighed in on CION shares. Zacks Research raised CION Investment from a “hold” rating to a “strong-buy” rating in a research report on Wednesday. Weiss Ratings reiterated a “hold (c-)” rating on shares of CION Investment in a research note on Wednesday, October 8th. 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, August 12th. Finally, Wall Street Zen upgraded shares of CION Investment from a “hold” rating to a “buy” rating in a report on Saturday, November 8th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $8.50.

CION Investment Stock Up 1.0%

Shares of NYSE:CION opened at $10.16 on Friday. The stock has a market capitalization of $528.94 million, a PE ratio of -53.44 and a beta of 1.08. The firm’s 50 day moving average price is $9.57 and its 200-day moving average price is $9.75. CION Investment Corporation has a twelve month low of $8.51 and a twelve month high of $12.71.

CION Investment (NYSE:CION) last announced its earnings results on Thursday, November 6th. The company reported $0.74 EPS for the quarter, beating analysts’ consensus estimates of $0.35 by $0.39. CION Investment had a negative net margin of 4.57% and a positive return on equity of 9.63%. The business had revenue of $78.71 million during the quarter, compared to analysts’ expectations of $52.41 million. Analysts expect that CION Investment Corporation will post 1.78 earnings per share for the current fiscal year.

CION Investment Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Monday, December 1st will be paid a dividend of $0.36 per share. The ex-dividend date is Monday, December 1st. This represents a $1.44 dividend on an annualized basis and a yield of 14.2%. CION Investment’s dividend payout ratio (DPR) is presently 282.35%.

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.