DNP Select Income Fund (NYSE:DNP) Sets New 12-Month High - Should You Buy?

Key Points

• DNP Select Income Fund hit a new 52-week high on Monday, trading as high as $11.04 and last changing hands at $11.0650.
• The fund announced a monthly dividend of $0.065 per share, payable October 13 to shareholders of record on September 30, implying an annualized yield of about 7.0%.
• Institutional investors have been adding to positions, with firms like Royal Bank of Canada and LPL Financial increasing their stakes in recent quarters.

DNP Select Income Fund Inc. (NYSE:DNP - Get Free Report)'s stock price reached a new 52-week high on Monday . The stock traded as high as $11.04 and last traded at $11.0650, with a volume of 1046047 shares traded. The stock had previously closed at $10.99.

DNP Select Income Fund Stock Performance

The company has a 50 day simple moving average of $10.77 and a two-hundred day simple moving average of $10.44.

DNP Select Income Fund Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Tuesday, October 13th. Stockholders of record on Wednesday, September 30th will be issued a $0.065 dividend. This represents a c) annualized dividend and a dividend yield of 7.0%. The ex-dividend date of this dividend is Wednesday, September 30th.

Institutional Trading of DNP Select Income Fund

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Royal Bank of Canada grew its stake in shares of DNP Select Income Fund by 4.2% during the 1st quarter. Royal Bank of Canada now owns 3,229,721 shares of the investment management company's stock worth $33,266,000 after purchasing an additional 131,646 shares during the period. LPL Financial LLC grew its holdings in DNP Select Income Fund by 16.3% in the fourth quarter. LPL Financial LLC now owns 3,060,999 shares of the investment management company's stock valued at $30,579,000 after purchasing an additional 430,094 shares during the period. Cetera Investment Advisers grew its stake in DNP Select Income Fund by 1.3% in the 1st quarter. Cetera Investment Advisers now owns 1,530,527 shares of the investment management company's stock valued at $15,764,000 after acquiring an additional 19,122 shares during the period. Commonwealth Equity Services LLC increased its stake in shares of DNP Select Income Fund by 3.3% during the fourth quarter. Commonwealth Equity Services LLC now owns 1,497,243 shares of the investment management company's stock worth $14,957,000 after purchasing an additional 47,974 shares in the last quarter. Finally, J.W. Cole Advisors Inc. increased its stake in DNP Select Income Fund by 1.3% during the 4th quarter. J.W. Cole Advisors Inc. now owns 1,129,972 shares of the investment management company's stock worth $11,288,000 after buying an additional 14,173 shares in the last quarter. 8.51% of the stock is owned by institutional investors and hedge funds.

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.

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