Creative Planning Decreases Holdings in CION Investment Co. (NYSE:CION)

Creative Planning trimmed its holdings in shares of CION Investment Co. (NYSE:CION) by 6.7% in the third quarter, Holdings Channel reports. The institutional investor owned 13,835 shares of the company’s stock after selling 986 shares during the period. Creative Planning’s holdings in CION Investment were worth $165,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Acadian Asset Management LLC lifted its holdings in CION Investment by 32.5% during the 2nd quarter. Acadian Asset Management LLC now owns 695,609 shares of the company’s stock worth $8,427,000 after buying an additional 170,635 shares during the last quarter. Cetera Investment Advisers lifted its holdings in CION Investment by 2,340.1% during the 1st quarter. Cetera Investment Advisers now owns 524,131 shares of the company’s stock worth $5,765,000 after buying an additional 502,651 shares during the last quarter. Diversify Wealth Management LLC purchased a new stake in CION Investment during the 2nd quarter worth about $2,250,000. Van ECK Associates Corp lifted its holdings in CION Investment by 15.7% during the 2nd quarter. Van ECK Associates Corp now owns 1,237,366 shares of the company’s stock worth $14,996,000 after buying an additional 167,567 shares during the last quarter. Finally, Strong Tower Advisory Services lifted its holdings in CION Investment by 1,469.2% during the 3rd quarter. Strong Tower Advisory Services now owns 196,199 shares of the company’s stock worth $2,335,000 after buying an additional 183,696 shares during the last quarter. 32.01% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. Wells Fargo & Company decreased their price target on CION Investment from $12.00 to $11.50 and set an “equal weight” rating for the company in a report on Tuesday, October 29th. Oppenheimer initiated coverage on CION Investment in a report on Tuesday, October 8th. They issued a “market perform” rating and a $13.00 target price for the company.

CION Investment Stock Performance

CION Investment stock opened at $11.54 on Tuesday. CION Investment Co. has a fifty-two week low of $10.52 and a fifty-two week high of $12.69. The company has a market capitalization of $616.81 million, a P/E ratio of 7.89 and a beta of 1.18. The stock has a 50-day simple moving average of $11.83 and a 200-day simple moving average of $12.03.

CION Investment Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be given a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 12.13%. The ex-dividend date of this dividend is Monday, December 2nd. CION Investment’s dividend payout ratio (DPR) is presently 97.96%.

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.