DNP Select Income Fund (NYSE:DNP) Reaches New 12-Month High – Time to Buy?

DNP Select Income Fund Inc. (NYSE:DNP)’s share price reached a new 52-week high during trading on Tuesday . The company traded as high as $10.25 and last traded at $10.2450, with a volume of 172718 shares traded. The stock had previously closed at $10.24.

DNP Select Income Fund Stock Up 0.7%

The firm has a 50 day moving average price of $10.06 and a two-hundred day moving average price of $9.88.

DNP Select Income Fund Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Monday, January 12th. Stockholders of record on Wednesday, December 31st will be paid a $0.065 dividend. This represents a c) dividend on an annualized basis and a dividend yield of 7.5%. The ex-dividend date of this dividend is Wednesday, December 31st.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. J.W. Cole Advisors Inc. lifted its position in DNP Select Income Fund by 447.6% during the 2nd quarter. J.W. Cole Advisors Inc. now owns 1,046,654 shares of the investment management company’s stock worth $10,247,000 after acquiring an additional 855,521 shares in the last quarter. Smith Asset Management Co. LLC acquired a new stake in shares of DNP Select Income Fund during the first quarter worth $4,189,000. Royal Bank of Canada raised its stake in shares of DNP Select Income Fund by 19.6% during the first quarter. Royal Bank of Canada now owns 2,538,820 shares of the investment management company’s stock valued at $25,109,000 after purchasing an additional 415,954 shares in the last quarter. Sowell Financial Services LLC acquired a new stake in DNP Select Income Fund in the third quarter worth about $2,211,000. Finally, Creative Planning grew its position in DNP Select Income Fund by 68.2% in the 3rd quarter. Creative Planning now owns 408,748 shares of the investment management company’s stock valued at $4,092,000 after buying an additional 165,688 shares in the last quarter. 8.51% of the stock is owned by hedge funds and other institutional investors.

About DNP Select Income Fund

DNP Select Income Fund Inc is a closed ended balanced mutual fund launched by Virtus Investment Partners, Inc The fund is managed by Duff & Phelps Investment Management Co It invests in the public equity and fixed income markets of the United States. For the fixed income portion, the fund invests in bonds.