Michael A. Reisner, Co-Chairman and Co-CEO of CION Investment Corp. (NYSE:CION), has increased his stake in the company with a recent purchase of shares. On May 13, 2024, Reisner acquired an additional 407 shares of CION Investment Corp.'s common stock at a price of $12.27 per share, amounting to a total investment of $4,993.
This transaction has brought Reisner's total direct and indirect holdings to 44,160.38 shares in the company. It is noteworthy that of these shares, Reisner is the record holder of 12,861 shares, and CION Investment Group, LLC, which is controlled by Reisner together with another individual, holds 62,598.77 shares. This latter figure includes 5,932.67 shares acquired under the issuer's distribution reinvestment plan.
In accordance with SEC regulations, Reisner has disclaimed beneficial ownership of the shares held by CION Investment Group, LLC, except to the extent of his pecuniary interest. The purchase made by Reisner demonstrates his continued commitment to the company and provides investors with insights into the confidence that the Co-Chairman and Co-CEO has in the future of CION Investment Corp.
Investors often monitor insider transactions such as these to gain perspective on how executives are positioning themselves in their own company's stock. These transactions can be seen as a signal of the leadership's belief in the company's current value and future prospects.
InvestingPro Insights
In light of Michael A. Reisner's recent investment in CION Investment Corp., current and prospective investors may find additional context from InvestingPro data and tips useful. According to InvestingPro, CION is trading at a low earnings multiple with a P/E ratio of 4.88 and an adjusted P/E ratio for the last twelve months as of Q1 2024 at 6.02. This could suggest that the stock is undervalued compared to earnings, a factor that might have influenced Reisner's decision to increase his stake.
InvestingPro also highlights CION's strong performance with a one-year price total return of 54.33%, which may have contributed to the stock reaching 99.84% of its 52-week high. This robust return could be a testament to the company's solid financial position and growth potential, aligning with the confidence shown by the Co-Chairman and Co-CEO.
Additionally, CION has been rewarding its shareholders with a significant dividend yield of 13.37% as of the date provided. This is in line with one of the InvestingPro Tips, which notes that CION has raised its dividend for three consecutive years, reinforcing the appeal to income-focused investors.
For those seeking further insights, there are additional InvestingPro Tips available, including the company's liquidity position and analysts' profitability predictions for the year. Subscribers can access these valuable tips on the InvestingPro platform. Remember to use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. With these insights, investors can better gauge the investment landscape surrounding CION Investment Corp. and make more informed decisions.
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