DNP Select Income Fund (NYSE:DNP) Stock Price Crosses Above 200-Day Moving Average – Here’s Why

DNP Select Income Fund Inc. (NYSE:DNP)’s stock price crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $10.68 and traded as high as $10.80. DNP Select Income Fund shares last traded at $10.73, with a volume of 530,793 shares trading hands.

DNP Select Income Fund Price Performance

The company has a 50-day moving average price of $10.91 and a 200-day moving average price of $10.68.

DNP Select Income Fund Announces Dividend

The company also recently declared 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 7.3%.

Hedge Funds Weigh In On DNP Select Income Fund

Several institutional investors and hedge funds have recently modified their holdings of DNP. Bank of America Corp DE acquired a new position in DNP Select Income Fund in the second quarter valued at $10,932,000. N.E.W. Advisory Services LLC acquired a new stake in DNP Select Income Fund in the 2nd quarter worth about $5,876,000. LPL Financial LLC grew its holdings in DNP Select Income Fund by 16.3% in the 4th quarter. LPL Financial LLC now owns 3,060,999 shares of the investment management company’s stock valued at $30,579,000 after buying an additional 430,094 shares during the period. Royal Bank of Canada grew its holdings in DNP Select Income Fund by 10.9% in the 4th quarter. Royal Bank of Canada now owns 3,098,075 shares of the investment management company’s stock valued at $30,950,000 after buying an additional 305,028 shares during the period. Finally, Kingsview Wealth Management LLC acquired a new position in shares of DNP Select Income Fund during the 2nd quarter valued at about $3,003,000. Hedge funds and other institutional investors own 8.51% of the company’s stock.

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.