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

DNP Select Income Fund Inc. (NYSE:DNP)’s share price hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $10.59 and last traded at $10.5550, with a volume of 949091 shares changing hands. The stock had previously closed at $10.43.

DNP Select Income Fund Stock Up 1.2%

The stock has a 50 day moving average of $10.10 and a 200 day moving average of $10.04.

DNP Select Income Fund Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Friday, April 10th. Stockholders of record on Tuesday, March 31st will be issued a $0.065 dividend. This represents a c) dividend on an annualized basis and a dividend yield of 7.4%. The ex-dividend date is Tuesday, March 31st.

Insider Activity

In other news, Director Mark G. Kahrer acquired 20,000 shares of DNP Select Income Fund stock in a transaction that occurred on Wednesday, February 11th. The shares were purchased at an average cost of $10.21 per share, for a total transaction of $204,200.00. Following the completion of the purchase, the director directly owned 23,000 shares of the company’s stock, valued at $234,830. This trade represents a 666.67% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.02% of the company’s stock.

Institutional Trading of DNP Select Income Fund

A number of institutional investors and hedge funds have recently modified their holdings of DNP. Safe Harbor Fiduciary LLC bought a new position in shares of DNP Select Income Fund in the 4th quarter worth about $28,000. Ameriflex Group Inc. lifted its holdings in DNP Select Income Fund by 100.0% in the third 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 during the last quarter. Parallel Advisors LLC bought a new position in DNP Select Income Fund in the fourth quarter worth about $32,000. Smithfield Trust Co acquired a new position in DNP Select Income Fund in the fourth quarter valued at approximately $33,000. Finally, Spire Wealth Management grew its holdings in shares of DNP Select Income Fund by 84.9% during the fourth quarter. Spire Wealth Management now owns 3,400 shares of the investment management company’s stock valued at $34,000 after purchasing an additional 1,561 shares during the last quarter. 8.51% of the stock is owned by institutional investors and hedge funds.

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.