DNP Select Income Fund (NYSE:DNP) Hits New 12-Month High – Here’s Why

DNP Select Income Fund Inc. (NYSE:DNP)’s share price hit a new 52-week high on Tuesday . The company traded as high as $10.93 and last traded at $10.9190, with a volume of 154587 shares changing hands. The stock had previously closed at $10.88.

DNP Select Income Fund Stock Performance

The stock has a 50-day simple moving average of $10.76 and a 200-day simple moving average of $10.43.

DNP Select Income Fund Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Tuesday, October 13th. Stockholders of record on Wednesday, September 30th will be issued a dividend of $0.065 per share. The ex-dividend date is Wednesday, September 30th. This represents a c) dividend on an annualized basis and a dividend yield of 7.1%.

Institutional Trading of DNP Select Income Fund

Institutional investors and hedge funds have recently bought and sold shares of the business. Axiom Investment Management LLC acquired a new position in DNP Select Income Fund during the first quarter valued at approximately $25,000. Safe Harbor Fiduciary LLC acquired a new stake in shares of DNP Select Income Fund in the fourth quarter worth $28,000. Ameriflex Group Inc. increased its position 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 worth $30,000 after acquiring an additional 1,500 shares in the last quarter. Parallel Advisors LLC acquired a new stake in shares of DNP Select Income Fund in the fourth quarter worth $32,000. Finally, Smithfield Trust Co purchased a new position in shares of DNP Select Income Fund in the 4th quarter valued at $33,000. 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.