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

DNP Select Income Fund Inc. (NYSE:DNP)’s share price reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $10.93 and last traded at $10.9190, with a volume of 154587 shares traded. The stock had previously closed at $10.88.

DNP Select Income Fund Stock Performance

The business’s 50 day moving average is $10.75 and its 200 day moving average is $10.42.

DNP Select Income Fund Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Tuesday, October 13th. Shareholders of record on Wednesday, September 30th will be issued a dividend of $0.065 per share. This represents a c) dividend on an annualized basis and a yield of 7.1%. The ex-dividend date of this dividend is Wednesday, September 30th.

Institutional Investors Weigh In On DNP Select Income Fund

Several hedge funds and other institutional investors have recently made changes to their positions in DNP. Axiom Investment Management LLC purchased a new position in DNP Select Income Fund in the first quarter valued at approximately $25,000. Safe Harbor Fiduciary LLC purchased a new position in shares of DNP Select Income Fund in the 4th quarter valued at $28,000. Ameriflex Group Inc. raised its stake in DNP Select Income Fund by 100.0% during the 3rd 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 stake in DNP Select Income Fund during the 4th quarter worth $32,000. Finally, Spire Wealth Management lifted its position in DNP Select Income Fund by 84.9% in the fourth quarter. Spire Wealth Management now owns 3,400 shares of the investment management company’s stock valued at $34,000 after acquiring an additional 1,561 shares during the last quarter. Institutional investors and hedge funds own 8.51% of the company’s stock.

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.