DNP Select Income Fund (NYSE:DNP) Hits New 12-Month High Following Insider Buying Activity

DNP Select Income Fund Inc. (NYSE:DNP)’s stock price hit a new 52-week high during trading on Thursday after an insider bought additional shares in the company. The stock traded as high as $10.35 and last traded at $10.3350, with a volume of 650341 shares changing hands. The stock had previously closed at $10.25.

Specifically, Director Mark G. Kahrer purchased 20,000 shares of DNP Select Income Fund stock in a transaction on Wednesday, February 11th. The stock was bought at an average price of $10.21 per share, for a total transaction of $204,200.00. Following the transaction, the director owned 23,000 shares of the company’s stock, valued at $234,830. The trade was a 666.67% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link.

DNP Select Income Fund Stock Performance

The company’s 50 day simple moving average is $10.04 and its 200 day simple moving average is $10.00.

DNP Select Income Fund Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Friday, April 10th. Shareholders of record on Tuesday, March 31st will be given a $0.065 dividend. This represents a c) dividend on an annualized basis and a yield of 7.6%. The ex-dividend date is Tuesday, March 31st.

Institutional Trading of DNP Select Income Fund

Hedge funds and other institutional investors have recently modified their holdings of the company. LPL Financial LLC grew its holdings in DNP Select Income Fund by 16.3% during 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 period. Baird Financial Group Inc. boosted its position in shares of DNP Select Income Fund by 0.6% during the 2nd quarter. Baird Financial Group Inc. now owns 1,659,329 shares of the investment management company’s stock valued at $16,245,000 after purchasing an additional 10,413 shares in the last quarter. Osaic Holdings Inc. grew its stake in shares of DNP Select Income Fund by 5.6% in the 2nd quarter. Osaic Holdings Inc. now owns 1,518,189 shares of the investment management company’s stock worth $14,864,000 after purchasing an additional 80,838 shares during the last quarter. Commonwealth Equity Services LLC grew its stake in shares of DNP Select Income Fund by 3.3% in the 4th quarter. Commonwealth Equity Services LLC now owns 1,497,243 shares of the investment management company’s stock worth $14,957,000 after purchasing an additional 47,974 shares during the last quarter. Finally, Cetera Investment Advisers raised its holdings in shares of DNP Select Income Fund by 4.6% in the 2nd quarter. Cetera Investment Advisers now owns 1,440,398 shares of the investment management company’s stock worth $14,101,000 after purchasing an additional 63,375 shares in the last quarter. Institutional investors 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.