DNP Select Income Fund (NYSE:DNP) Hits New 1-Year High – Here’s Why
by Teresa Graham · The Cerbat GemDNP Select Income Fund Inc. (NYSE:DNP – Get Free Report)’s share price hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $11.12 and last traded at $10.8590, with a volume of 1001 shares changing hands. The stock had previously closed at $10.82.
DNP Select Income Fund Stock Up 0.6%
The stock has a 50 day moving average price of $10.71 and a 200 day moving average price of $10.37.
DNP Select Income Fund Announces Dividend
The firm also recently declared a monthly dividend, which will be paid on Tuesday, October 13th. Stockholders of record on Wednesday, September 30th will be paid a dividend of $0.065 per share. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a c) annualized dividend and a dividend yield of 7.2%.
Hedge Funds Weigh In On DNP Select Income Fund
A number of hedge funds have recently bought and sold shares of DNP. Axiom Investment Management LLC bought a new stake in DNP Select Income Fund during the first quarter valued at $25,000. Safe Harbor Fiduciary LLC acquired a new stake in DNP Select Income Fund during the fourth quarter worth approximately $28,000. Ameriflex Group Inc. lifted its stake in 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 during the period. Parallel Advisors LLC bought a new position in DNP Select Income Fund during the fourth quarter worth $32,000. Finally, Spire Wealth Management grew its holdings in DNP Select Income Fund by 84.9% in 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 during the period. Institutional investors 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.