DNP Select Income Fund (NYSE:DNP) Reaches New 1-Year High – What’s Next?

DNP Select Income Fund Inc. (NYSE:DNP)’s share price hit a new 52-week high on Monday . The stock traded as high as $11.04 and last traded at $11.0650, with a volume of 1046047 shares traded. The stock had previously closed at $10.99.

DNP Select Income Fund Stock Performance

The business’s 50-day simple moving average is $10.77 and its two-hundred day simple moving average is $10.44.

DNP Select Income Fund Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Tuesday, October 13th. Stockholders of record on Wednesday, September 30th will be paid a $0.065 dividend. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a c) dividend on an annualized basis and a dividend yield of 7.0%.

Institutional Investors Weigh In On DNP Select Income Fund

Large investors have recently added to or reduced their stakes in the business. Axiom Investment Management LLC purchased a new stake in shares of DNP Select Income Fund during the first quarter worth $25,000. Safe Harbor Fiduciary LLC purchased a new stake in DNP Select Income Fund during the fourth quarter worth approximately $28,000. Parallel Advisors LLC acquired a new position in shares of DNP Select Income Fund in the 4th quarter valued at $32,000. Spire Wealth Management boosted its stake 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 in the last quarter. Finally, Smithfield Trust Co purchased a new position in DNP Select Income Fund during the 4th quarter worth approximately $33,000. 8.51% of the stock is owned by hedge funds and other institutional investors.

About DNP Select Income Fund

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.