DNP Select Income Fund (NYSE:DNP) Reaches New 52-Week High – Still a Buy?
by Renee Jackson · The Cerbat GemDNP Select Income Fund Inc. (NYSE:DNP – Get Free Report)’s share price reached a new 52-week high on Friday . The company traded as high as $10.84 and last traded at $10.8550, with a volume of 40402 shares trading hands. The stock had previously closed at $10.79.
DNP Select Income Fund Stock Up 0.0%
The stock has a 50 day moving average of $10.48 and a two-hundred day moving average of $10.27.
DNP Select Income Fund Dividend Announcement
The firm also recently declared a monthly dividend, which will be paid on Friday, July 10th. Investors 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) dividend on an annualized basis and a dividend yield of 7.2%.
Institutional Trading of DNP Select Income Fund
A number of institutional investors have recently modified their holdings of DNP. Safe Harbor Fiduciary LLC purchased a new stake in shares of DNP Select Income Fund in the fourth quarter valued at approximately $28,000. Ameriflex Group Inc. boosted its stake in shares of 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 valued at $30,000 after buying an additional 1,500 shares in the last quarter. Parallel Advisors LLC purchased a new stake in DNP Select Income Fund during the fourth quarter worth $32,000. Smithfield Trust Co purchased a new stake in DNP Select Income Fund during the fourth quarter worth $33,000. Finally, Spire Wealth Management boosted its position in 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 worth $34,000 after purchasing an additional 1,561 shares in the last quarter. 8.51% of the stock is currently owned by hedge funds and other institutional investors.
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.