DNP Select Income Fund (NYSE:DNP) Reaches New 52-Week High After Insider Buying Activity

DNP Select Income Fund Inc. (NYSE:DNP) shares reached a new 52-week high during trading on Thursday following insider buying activity. The company traded as high as $10.35 and last traded at $10.3350, with a volume of 650341 shares changing hands. The stock had previously closed at $10.25.

Specifically, Director Mark G. Kahrer bought 20,000 shares of the stock in a transaction that occurred on Wednesday, February 11th. The stock was purchased at an average price of $10.21 per share, for a total transaction of $204,200.00. Following the completion of the purchase, the director owned 23,000 shares in the company, valued at approximately $234,830. This trade represents a 666.67% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

DNP Select Income Fund Stock Up 1.7%

The stock has a 50 day simple moving average of $10.05 and a two-hundred day simple moving average of $10.01.

DNP Select Income Fund Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Friday, April 10th. Stockholders of record on Tuesday, March 31st will be given a dividend of $0.065 per share. This represents a c) annualized dividend and a dividend yield of 7.5%. The ex-dividend date of this dividend is Tuesday, March 31st.

Hedge Funds Weigh In On DNP Select Income Fund

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Concurrent Investment Advisors LLC raised its holdings in DNP Select Income Fund by 63.5% during the second quarter. Concurrent Investment Advisors LLC now owns 63,136 shares of the investment management company’s stock worth $618,000 after purchasing an additional 24,513 shares in the last quarter. Harbour Investments Inc. grew its position in shares of DNP Select Income Fund by 7.6% in the 2nd quarter. Harbour Investments Inc. now owns 59,228 shares of the investment management company’s stock valued at $580,000 after buying an additional 4,181 shares during the last quarter. Brookstone Capital Management raised its stake in DNP Select Income Fund by 9.7% during the 2nd quarter. Brookstone Capital Management now owns 61,957 shares of the investment management company’s stock worth $607,000 after acquiring an additional 5,463 shares in the last quarter. Envestnet Asset Management Inc. raised its stake in DNP Select Income Fund by 13.3% during the 2nd quarter. Envestnet Asset Management Inc. now owns 136,535 shares of the investment management company’s stock worth $1,337,000 after acquiring an additional 16,008 shares in the last quarter. Finally, Brookwood Investment Group LLC purchased a new stake in DNP Select Income Fund in the second quarter valued at $154,000. 8.51% of the stock is owned by institutional investors and hedge funds.

About DNP Select Income Fund

DNP Select Income Fund is a closed‐end management investment company listed on the New York Stock Exchange under the symbol DNP. The fund’s primary objective is to provide high current income and, as a secondary objective, capital appreciation by investing in income‐producing securities.

To pursue its objectives, DNP Select Income Fund allocates the majority of its assets to equity and equity‐related securities of energy infrastructure companies, with a particular focus on master limited partnerships (MLPs) in the midstream sector.