DNP Select Income Fund (NYSE:DNP) Sets New 12-Month High – Should You Buy?

DNP Select Income Fund Inc. (NYSE:DNP) shares hit a new 52-week high during trading on Thursday . The stock traded as high as $11.12 and last traded at $10.8590, with a volume of 1001 shares traded. The stock had previously closed at $10.82.

DNP Select Income Fund Price Performance

The business’s 50-day moving average is $10.71 and its two-hundred day moving average is $10.37.

DNP Select Income Fund Dividend Announcement

The business also recently announced a monthly dividend, which will be paid on Tuesday, October 13th. Investors of record on Wednesday, September 30th will be issued a dividend of $0.065 per share. This represents a c) annualized dividend and a yield of 7.2%. The ex-dividend date is Wednesday, September 30th.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of DNP. Royal Bank of Canada grew its stake in shares of DNP Select Income Fund by 4.2% in the first quarter. Royal Bank of Canada now owns 3,229,721 shares of the investment management company’s stock valued at $33,266,000 after buying an additional 131,646 shares in the last quarter. LPL Financial LLC lifted its holdings in shares of DNP Select Income Fund by 16.3% during the 4th 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. Cetera Investment Advisers boosted its position in shares of DNP Select Income Fund by 1.3% during the 1st quarter. Cetera Investment Advisers now owns 1,530,527 shares of the investment management company’s stock worth $15,764,000 after acquiring an additional 19,122 shares in the last quarter. Commonwealth Equity Services LLC boosted its holdings 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 valued at $14,957,000 after purchasing an additional 47,974 shares in the last quarter. Finally, J.W. Cole Advisors Inc. boosted its stake in DNP Select Income Fund by 1.3% in the fourth quarter. J.W. Cole Advisors Inc. now owns 1,129,972 shares of the investment management company’s stock valued at $11,288,000 after buying an additional 14,173 shares in the last quarter. 8.51% of the stock is currently owned by 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.