DNP Select Income Fund (NYSE:DNP) Hits New 1-Year High – Still a Buy?

DNP Select Income Fund Inc. (NYSE:DNP) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $10.49 and last traded at $10.4250, with a volume of 864547 shares changing hands. The stock had previously closed at $10.44.

DNP Select Income Fund Stock Performance

The firm has a 50-day moving average price of $10.07 and a 200 day moving average price of $10.02.

DNP Select Income Fund Announces Dividend

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

Insider Transactions at DNP Select Income Fund

In other DNP Select Income Fund news, Director Mark G. Kahrer acquired 20,000 shares of the stock in a transaction dated Wednesday, February 11th. The stock was acquired at an average price of $10.21 per share, with a total value of $204,200.00. Following the completion of the purchase, the director owned 23,000 shares in the company, valued at $234,830. This trade represents a 666.67% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.02% of the stock is owned by company insiders.

Institutional Investors Weigh In On DNP Select Income Fund

Hedge funds have recently added to or reduced their stakes in the business. Ameriflex Group Inc. grew its stake in shares of DNP Select Income Fund by 100.0% in the third quarter. Ameriflex Group Inc. now owns 3,000 shares of the investment management company’s stock worth $30,000 after acquiring an additional 1,500 shares in the last quarter. Parallel Advisors LLC acquired a new position in DNP Select Income Fund during the 4th quarter worth $32,000. Smithfield Trust Co purchased a new stake in DNP Select Income Fund during the 4th quarter worth about $33,000. Spire Wealth Management raised its position in DNP Select Income Fund by 84.9% in the 4th quarter. Spire Wealth Management now owns 3,400 shares of the investment management company’s stock valued at $34,000 after purchasing an additional 1,561 shares in the last quarter. Finally, City Holding Co. acquired a new stake in DNP Select Income Fund in the 3rd quarter valued at about $37,000. 8.51% of the stock is currently owned by institutional investors and hedge funds.

DNP Select Income Fund Company Profile

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.