DNP Select Income Fund (NYSE:DNP) Reaches New 1-Year High – Time to Buy?

Shares of DNP Select Income Fund Inc. (NYSE:DNP) hit a new 52-week high during trading on Thursday . The stock traded as high as $10.90 and last traded at $10.8750, with a volume of 952864 shares trading hands. The stock had previously closed at $10.89.

DNP Select Income Fund Price Performance

The firm’s 50 day moving average price is $10.52 and its 200-day moving average price is $10.29.

DNP Select Income Fund Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Friday, July 10th. Stockholders of record on Tuesday, June 30th will be paid a $0.065 dividend. The ex-dividend date is Tuesday, June 30th. This represents a c) annualized dividend and a dividend yield of 7.2%.

Institutional Investors Weigh In On DNP Select Income Fund

Several hedge funds and other institutional investors have recently modified their holdings of DNP. Northwestern Mutual Wealth Management Co. grew its stake in shares of DNP Select Income Fund by 17.3% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 17,444 shares of the investment management company’s stock worth $171,000 after acquiring an additional 2,568 shares during the last quarter. Cresset Asset Management LLC grew its stake in shares of DNP Select Income Fund by 3.2% in the second quarter. Cresset Asset Management LLC now owns 41,953 shares of the investment management company’s stock worth $413,000 after acquiring an additional 1,312 shares during the last quarter. NewEdge Advisors LLC grew its stake in shares of DNP Select Income Fund by 31.4% in the second quarter. NewEdge Advisors LLC now owns 52,318 shares of the investment management company’s stock worth $512,000 after acquiring an additional 12,499 shares during the last quarter. Diversify Advisory Services LLC acquired a new stake in shares of DNP Select Income Fund in the second quarter worth $115,000. Finally, Raymond James Financial Inc. grew its stake in shares of DNP Select Income Fund by 5.4% in the second quarter. Raymond James Financial Inc. now owns 962,109 shares of the investment management company’s stock worth $9,419,000 after acquiring an additional 48,905 shares during the last quarter. Institutional investors and hedge funds own 8.51% of the company’s stock.

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.