DNP Select Income Fund (NYSE:DNP) Reaches New 52-Week High – Still a Buy?

DNP Select Income Fund Inc. (NYSE:DNP) shares reached a new 52-week high during trading on Friday . The company traded as high as $10.84 and last traded at $10.8550, with a volume of 40402 shares. The stock had previously closed at $10.79.

DNP Select Income Fund Trading Up 0.0%

The stock has a 50-day simple moving average of $10.48 and a 200 day simple moving average of $10.27.

DNP Select Income Fund Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Friday, July 10th. Shareholders of record on Tuesday, June 30th will be given a dividend of $0.065 per share. This represents a c) dividend on an annualized basis and a yield of 7.2%. The ex-dividend date is Tuesday, June 30th.

Institutional Trading of DNP Select Income Fund

A number of institutional investors have recently bought and sold shares of DNP. N.E.W. Advisory Services LLC raised its holdings in shares of DNP Select Income Fund by 414.2% in the fourth quarter. N.E.W. Advisory Services LLC now owns 653,002 shares of the investment management company’s stock worth $6,523,000 after acquiring an additional 526,009 shares during the last quarter. LPL Financial LLC raised its holdings in shares of DNP Select Income Fund by 16.3% in the fourth quarter. LPL Financial LLC now owns 3,060,999 shares of the investment management company’s stock worth $30,579,000 after acquiring an additional 430,094 shares during the last quarter. Royal Bank of Canada raised its holdings in shares of DNP Select Income Fund by 10.9% in the fourth quarter. Royal Bank of Canada now owns 3,098,075 shares of the investment management company’s stock worth $30,950,000 after acquiring an additional 305,028 shares during the last quarter. Alchemi Wealth LLC acquired a new position in shares of DNP Select Income Fund in the fourth quarter worth $2,489,000. Finally, Align Financial LLC acquired a new position in shares of DNP Select Income Fund in the fourth quarter worth $2,352,000. 8.51% of the stock is currently owned by hedge funds and other institutional investors.

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.