DNP Select Income Fund (NYSE:DNP) Sets New 52-Week 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 traded. The stock had previously closed at $10.43.

DNP Select Income Fund Stock Performance

The business’s 50 day simple moving average is $10.13 and its 200 day simple moving average is $10.05.

DNP Select Income Fund Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Friday, April 10th. Investors of record on Tuesday, March 31st will be issued a dividend of $0.065 per share. This represents a c) annualized dividend 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 stock was purchased at an average price of $10.21 per share, with a total value of $204,200.00. Following the completion of the transaction, the director owned 23,000 shares in the company, valued at approximately $234,830. This trade represents a 666.67% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.02% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of DNP. ST Germain D J Co. Inc. grew its position in DNP Select Income Fund by 10.6% in the 4th quarter. ST Germain D J Co. Inc. now owns 10,400 shares of the investment management company’s stock worth $104,000 after purchasing an additional 1,000 shares during the last quarter. GW Henssler & Associates Ltd. lifted its stake in shares of DNP Select Income Fund by 3.3% in the fourth quarter. GW Henssler & Associates Ltd. now owns 31,666 shares of the investment management company’s stock valued at $316,000 after buying an additional 1,000 shares during the period. First National Advisers LLC grew its position in DNP Select Income Fund by 11.3% during the third quarter. First National Advisers LLC now owns 11,196 shares of the investment management company’s stock worth $112,000 after buying an additional 1,137 shares in the last quarter. Scotia Capital Inc. increased its stake in DNP Select Income Fund by 0.9% during the third quarter. Scotia Capital Inc. now owns 138,589 shares of the investment management company’s stock valued at $1,387,000 after acquiring an additional 1,204 shares during the period. Finally, Tortoise Investment Management LLC raised its holdings in DNP Select Income Fund by 2.0% in the 3rd quarter. Tortoise Investment Management LLC now owns 65,100 shares of the investment management company’s stock valued at $652,000 after acquiring an additional 1,262 shares in the last quarter. Institutional investors and hedge funds own 8.51% of the company’s stock.

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.