DNP Select Income Fund (NYSE:DNP) Shares Cross Above 50-Day Moving Average – Here’s Why

DNP Select Income Fund Inc. (NYSE:DNP)’s stock price crossed above its fifty day moving average during trading on Friday. The stock has a fifty day moving average of $10.10 and traded as high as $10.20. DNP Select Income Fund shares last traded at $10.1550, with a volume of 809,694 shares.

DNP Select Income Fund Stock Performance

The business’s 50 day moving average price is $10.10 and its two-hundred day moving average price is $10.49.

DNP Select Income Fund Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Monday, January 11th. Stockholders of record on Thursday, December 31st will be paid a $0.0650 dividend. This represents a $0.78 dividend on an annualized basis and a dividend yield of 7.7%. The ex-dividend date of this dividend is Thursday, December 31st.

Hedge Funds Weigh In On DNP Select Income Fund

A number of hedge funds and other institutional investors have recently made changes to their positions in DNP. Avantax Planning Partners Inc. increased its stake in DNP Select Income Fund by 10.7% in the first quarter. Avantax Planning Partners Inc. now owns 12,438 shares of the investment management company’s stock valued at $128,000 after purchasing an additional 1,199 shares in the last quarter. Tortoise Investment Management LLC grew its stake in DNP Select Income Fund by 1.9% in the 3rd quarter. Tortoise Investment Management LLC now owns 71,786 shares of the investment management company’s stock valued at $687,000 after acquiring an additional 1,314 shares during the period. Prime Capital Investment Advisors LLC raised its holdings in DNP Select Income Fund by 6.4% during the third quarter. Prime Capital Investment Advisors LLC now owns 22,945 shares of the investment management company’s stock worth $220,000 after purchasing an additional 1,375 shares in the last quarter. Talon Private Wealth LLC lifted its holdings in DNP Select Income Fund by 2.8% in the 2nd quarter. Talon Private Wealth LLC now owns 52,985 shares of the investment management company’s stock valued at $572,000 after purchasing an additional 1,452 shares in the last quarter. Finally, Independence Bank of Kentucky grew its holdings in shares of DNP Select Income Fund by 39.5% during the third quarter. Independence Bank of Kentucky now owns 5,302 shares of the investment management company’s stock valued at $51,000 after purchasing an additional 1,500 shares during the last quarter. 8.51% of the stock is owned by institutional investors.

About DNP Select Income Fund

DNP Select Income Fund Inc (NYSE: DNP) is a closed-end management investment company designed to provide current income and, as a secondary objective, long-term growth of capital. The fund invests primarily in income-producing securities issued by companies in the utility and infrastructure sectors.

Its portfolio may include common and preferred stocks, as well as debt securities, of electric, natural gas, telecommunications, and other utility-related companies. The fund seeks exposure to businesses that provide essential services and may invest across different segments of the U.S.