CION Investment Co. (NYSE:CION) to Issue Quarterly Dividend of $0.36

CION Investment Co. (NYSE:CION) announced a quarterly dividend on Monday, March 10th, Wall Street Journal reports. Investors of record on Friday, March 28th will be given a dividend of 0.36 per share on Friday, April 11th. This represents a $1.44 dividend on an annualized basis and a yield of 13.14%. The ex-dividend date is Friday, March 28th.

CION Investment has increased its dividend by an average of 78.2% annually over the last three years. CION Investment has a payout ratio of 113.4% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect CION Investment to earn $1.35 per share next year, which means the company may not be able to cover its $1.44 annual dividend with an expected future payout ratio of 106.7%.

CION Investment Price Performance

Shares of CION stock opened at $10.96 on Wednesday. CION Investment has a one year low of $10.64 and a one year high of $12.71. The company has a market cap of $581.18 million, a P/E ratio of 7.46 and a beta of 1.11. The firm has a 50-day moving average of $11.75 and a 200-day moving average of $11.68.

CION Investment (NYSE:CION) last posted its earnings results on Thursday, March 13th. The company reported $0.35 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.01). The firm had revenue of $87.91 million for the quarter, compared to the consensus estimate of $54.11 million. CION Investment had a return on equity of 11.49% and a net margin of 31.21%. As a group, research analysts expect that CION Investment will post 1.78 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Separately, Wells Fargo & Company reissued an “underweight” rating and issued a $10.00 price target (down from $11.00) on shares of CION Investment in a report on Monday, March 17th.

CION Investment Company 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.