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

Strong Tower Advisory Services has dramatically increased its stake in CION Investment Co. (NYSE:CION) by an impressive 1,469.2% during the third quarter. According to the most recent filing with the Securities and Exchange Commission (SEC), the advisory firm now holds 196,199 shares of CION after acquiring an additional 183,696 shares in the period.

As of the latest filing, Strong Tower Advisory Services had an ownership interest in CION valued at approximately $2,335,000, which accounts for around 0.37% of the company's total stock.

Other Institutional Investors Join the Trend

Several other institutional investors and hedge funds have also recently reconsidered their positions in CION Investment. Notably, Private Advisor Group LLC increased its holdings by 674.1% in the second quarter, acquiring 537,681 additional shares and now owns a total of 617,444 shares worth $7,483,000.

Similarly, Cetera Investment Advisers boosted its stake by a staggering 2,340.1% during the first quarter, resulting in ownership of 524,131 shares valued at $5,765,000 after purchasing an additional 502,651 shares. Meanwhile, Alpine Global Management LLC raised its holdings by 143.6%, owning 633,297 shares worth $6,966,000 after acquiring 373,297 extra shares in the same timeframe.

Furthermore, Diversify Wealth Management LLC has taken a new position in CION Investment valued at roughly $2,250,000 during the second quarter, while Acadian Asset Management LLC increased its stake by 32.5%, now holding 695,609 shares worth $8,427,000 after buying an additional 170,635 shares. Currently, institutional investors and hedge funds hold about 32.01% of CION Investment stock.

Analyst Insights and Stock Performance

In related news, Oppenheimer has recently initiated coverage on CION Investment, assigning a "market perform" rating along with a price target of $13.00 for the stock.

CION Investment Shares Experience Minor Decline

On the trading floor, CION Investment stock saw a slight decrease of 0.1%, trading down to $11.77 on Friday. The trading volume was 52,960 shares, which is lower than its average volume of 231,624 shares. Over the past year, CION Investment shares have seen a low of $9.65 and a high of $12.69. The company's market capitalization is approximately $629.11 million, with a price-to-earnings (P/E) ratio of 5.00 and a beta of 1.18. Current moving averages show a 50-day simple moving average at $11.91 and a two-hundred-day simple moving average also at $11.91.

In its last earnings report, CION Investment posted earnings per share of $0.43 for the quarter ending August 8th, alongside revenues totaling $61.36 million. The company has reported a net margin of 48.50% and a return on equity of 12.39%. Analysts project that CION Investment Co. will report earnings per share of 1.77 for the current fiscal year.

Quarterly Dividend Announcement

Recently, CION Investment declared a quarterly dividend that was paid out on September 17th. Shareholders registered by September 3rd received a dividend of $0.36, which indicates an annualized dividend yield of 12.23% based on a total payout of $1.44. The dividend payout ratio for the firm stands at 61.28%.

Company Overview

CION Investment Corporation functions as a business development company. It focuses on making investments in various forms of financial assets, including senior secured loans for middle-market companies such as unitranche loans, first lien, and second lien loans, long-term subordinated loans, mezzanine loans, equity interests like warrants or options, corporate bonds, and other debt securities.

CION, Investment, Shares