Strong Tower Advisory Services Significantly Increases CION Investment Stake

Strong Tower Advisory Services has made a substantial increase in its investment in CION Investment Co. (NYSE:CION - Free Report) during the third quarter. According to the latest report filed with the Securities and Exchange Commission (SEC), the advisory firm raised its holdings by an astonishing 1,469.2%. This means that Strong Tower now owns a total of 196,199 shares after acquiring an additional 183,696 shares in that period.

As of the latest SEC filing, Strong Tower’s investment in CION is valued at approximately $2,335,000, which represents about 0.37% of the company's total stock.

Other Institutional Investments in CION

Several other institutional investors and hedge funds have also adjusted their stakes in CION Investment recently. For instance, Private Advisor Group LLC increased its holdings by 674.1% during the second quarter, now holding 617,444 shares worth $7,483,000 following an additional purchase of 537,681 shares.

Cetera Investment Advisers raised its stake dramatically by 2,340.1% in the first quarter and now owns 524,131 shares valued at $5,765,000 after acquiring 502,651 additional shares.

Similarly, Alpine Global Management LLC increased its holdings by 143.6% during the first quarter, now having 633,297 shares worth $6,966,000 with an additional purchase of 373,297 shares.

Diversify Wealth Management LLC also entered into a new position in CION during the second quarter, investing approximately $2,250,000. Moreover, Acadian Asset Management LLC expanded its stake by 32.5% in the same quarter, boosting its total to 695,609 shares valued at $8,427,000 after purchasing an extra 170,635 shares.

Currently, about 32.01% of CION Investment's stock is owned by institutional investors and hedge funds.

Analysts Provide Insights on CION Investment

In a separate update, Oppenheimer recently initiated coverage on CION Investment and has set a "market perform" rating with a price target of $13.00 for the stock.

CION Investment Stock Performance

In trading on Friday, CION Investment's stock experienced a slight decline, decreasing by $0.01 to reach $11.77. During the day, 52,960 shares changed hands, while the average trading volume was 231,624. The company's stock has seen a year-to-date low of $9.65 and a high of $12.69. With a market capitalization of $629.11 million, it maintains a P/E ratio of 5.00 and a beta of 1.18. The firm’s 50-day and 200-day simple moving averages stand at $11.91.

CION Investment last announced its quarterly earnings on August 8, reporting earnings per share of $0.43 and total revenues of $61.36 million. The company achieved a remarkable net margin of 48.50% and a return on equity of 12.39%. Analysts forecast that CION Investment is expected to report an earnings per share of 1.77 for the current year.

Dividend Announcement from CION Investment

Moreover, CION Investment recently declared a quarterly dividend, which shareholders received on September 17. Those on record as of September 3 were given a dividend of $0.36 per share, which corresponds to an annualized dividend of $1.44, reflecting a yield of 12.23%. The company's dividend payout ratio stands at 61.28%.

About CION Investment

CION Investment Corporation functions as a business development company that primarily focuses on investments in senior secured loans, including unitranche, first lien, second lien, long-term subordinated, and mezzanine loans. The firm also invests in equity interests, corporate bonds, and various other debt securities targeted at middle-market companies.

Investment, Finance, Stocks