DNP Select Income Fund (NYSE:DNP) Reaches New 52-Week High - Still a Buy?

Key Points

• Shares of DNP Select Income Fund hit a new 52-week high of $10.65 (last $10.625), with the 50‑day and 200‑day simple moving averages at $10.35 and $10.16 respectively.
• The fund declared a monthly dividend of $0.065 per share (ex-dividend June 30), implying an annualized yield of about 7.3%.
• Insiders and institutions have been buying: Director Mark G. Kahrer purchased 20,000 shares, and several hedge funds/investment firms increased stakes, with institutional ownership at about 8.51%.

Shares of DNP Select Income Fund Inc. (NYSE:DNP - Get Free Report) hit a new 52-week high on Monday . The company traded as high as $10.65 and last traded at $10.6250, with a volume of 779 shares. The stock had previously closed at $10.62.

DNP Select Income Fund Price Performance

The business has a fifty day simple moving average of $10.35 and a 200 day simple moving average of $10.16.

DNP Select Income Fund Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Friday, July 10th. Investors of record on Tuesday, June 30th will be issued a dividend of $0.065 per share. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a c) dividend on an annualized basis and a yield of 7.3%.

Insiders Place Their Bets

In related news, Director Mark G. Kahrer bought 20,000 shares of the company's stock in a transaction on Wednesday, February 11th. The stock was bought at an average cost of $10.21 per share, with a total value of $204,200.00. Following the completion of the acquisition, the director owned 23,000 shares in the company, valued at approximately $234,830. This represents a 666.67% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.02% of the company's stock.

Hedge Funds Weigh In On DNP Select Income Fund

Several hedge funds have recently bought and sold shares of DNP. Northwestern Mutual Wealth Management Co. grew its position in DNP Select Income Fund by 17.3% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 17,444 shares of the investment management company's stock valued at $171,000 after acquiring an additional 2,568 shares during the period. Cresset Asset Management LLC increased its position in DNP Select Income Fund by 3.2% in the second quarter. Cresset Asset Management LLC now owns 41,953 shares of the investment management company's stock worth $413,000 after buying an additional 1,312 shares during the period. NewEdge Advisors LLC increased its position in DNP Select Income Fund by 31.4% in the second quarter. NewEdge Advisors LLC now owns 52,318 shares of the investment management company's stock worth $512,000 after buying an additional 12,499 shares during the period. Diversify Advisory Services LLC bought a new stake in DNP Select Income Fund in the second quarter valued at $115,000. Finally, Raymond James Financial Inc. lifted its stake in DNP Select Income Fund by 5.4% in the second quarter. Raymond James Financial Inc. now owns 962,109 shares of the investment management company's stock valued at $9,419,000 after buying an additional 48,905 shares during the last quarter. 8.51% of the stock is owned by hedge funds and other institutional investors.

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.

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