DNP Select Income Fund (NYSE:DNP) Reaches New 52-Week High – Here’s Why

DNP Select Income Fund Inc. (NYSE:DNP)’s share price hit a new 52-week high on Thursday . The stock traded as high as $11.12 and last traded at $10.8590, with a volume of 1001 shares trading hands. The stock had previously closed at $10.82.

DNP Select Income Fund Trading Up 0.2%

The company has a 50 day simple moving average of $10.73 and a 200-day simple moving average of $10.38.

DNP Select Income Fund Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Tuesday, October 13th. Stockholders of record on Wednesday, September 30th will be issued a $0.065 dividend. This represents a c) dividend on an annualized basis and a dividend yield of 7.2%. The ex-dividend date is Wednesday, September 30th.

Institutional Trading of DNP Select Income Fund

A number of institutional investors and hedge funds have recently modified their holdings of the business. Axiom Investment Management LLC bought a new position in shares of DNP Select Income Fund during the first quarter valued at approximately $25,000. Safe Harbor Fiduciary LLC bought a new stake in shares of DNP Select Income Fund in the 4th quarter worth approximately $28,000. Ameriflex Group Inc. lifted its holdings in shares of DNP Select Income Fund by 100.0% in the 3rd quarter. Ameriflex Group Inc. now owns 3,000 shares of the investment management company’s stock worth $30,000 after purchasing an additional 1,500 shares during the last quarter. Parallel Advisors LLC acquired a new position in DNP Select Income Fund during the 4th quarter valued at approximately $32,000. Finally, Spire Wealth Management boosted its position in DNP Select Income Fund by 84.9% during 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 during the period. 8.51% of the stock is 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.