DNP Select Income Fund (NYSE:DNP) Reaches New 52-Week Low – Here’s What Happened

Shares of DNP Select Income Fund Inc. (NYSE:DNP) hit a new 52-week low on Friday. The company traded as low as $9.68 and last traded at $9.7110, with a volume of 535376 shares changing hands. The stock had previously closed at $9.85.

DNP Select Income Fund Stock Down 1.1%

The firm’s fifty day moving average is $10.73 and its 200 day moving average is $10.66.

DNP Select Income Fund Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Monday, January 11th. Shareholders of record on Thursday, December 31st will be paid a dividend of $0.0650 per share. The ex-dividend date is Thursday, December 31st. This represents a $0.78 dividend on an annualized basis and a yield of 8.0%.

Institutional Investors Weigh In On DNP Select Income Fund

Hedge funds have recently made changes to their positions in the company. Bank of America Corp DE boosted its position in DNP Select Income Fund by 19.1% in the 1st quarter. Bank of America Corp DE now owns 1,049,369 shares of the investment management company’s stock valued at $10,809,000 after buying an additional 168,439 shares during the last quarter. Commerce Bank bought a new position in DNP Select Income Fund in the second quarter valued at about $1,790,000. Beacon Pointe Advisors LLC acquired a new stake in DNP Select Income Fund in the second quarter worth about $1,499,000. Kingsview Wealth Management LLC bought a new stake in DNP Select Income Fund during the 2nd quarter worth about $3,003,000. Finally, N.E.W. Advisory Services LLC acquired a new position in DNP Select Income Fund during the 2nd quarter valued at about $5,876,000. Institutional investors and hedge funds own 8.51% of the company’s stock.

DNP Select Income Fund Company Profile

DNP Select Income Fund, Inc is a closed-end management investment company listed on the New York Stock Exchange under the symbol DNP. The fund seeks to provide a high level of current income, with capital appreciation as a secondary objective.

DNP invests primarily in companies involved in public utilities and other infrastructure-related industries. Its portfolio has historically emphasized electric, natural gas and telecommunications businesses, including regulated utilities and other issuers whose operations may generate relatively stable cash flows and dividend income.

The fund is managed by Duff & Phelps Investment Management Co, an investment adviser specializing in utility and infrastructure securities.