DNP Select Income Fund (NYSE:DNP) Stock Passes Above 200-Day Moving Average - Should You Sell?

Key Points

• DNP Select Income Fund stock crossed above its 200‑day moving average of $10.12, trading as high as $10.23 and last at $10.1980 on volume of about 800,159 shares.
• The fund declared a monthly dividend of $0.065 per share payable July 10 to holders of record on June 30, implying an annualized yield of roughly 7.6%.
• Director Mark G. Kahrer bought 20,000 shares at an average $10.21 (raising his holding to 23,000 shares); insiders own 0.02% of the stock while institutions own about 8.5%.

DNP Select Income Fund Inc. (NYSE:DNP - Get Free Report)'s stock price crossed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $10.12 and traded as high as $10.23. DNP Select Income Fund shares last traded at $10.1980, with a volume of 800,159 shares changing hands.

DNP Select Income Fund Price Performance

The business has a 50-day simple moving average of $10.27 and a 200 day simple moving average of $10.12.

DNP Select Income Fund Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Friday, July 10th. Investors of record on Tuesday, June 30th will be issued a $0.065 dividend. This represents a c) annualized dividend and a yield of 7.6%. The ex-dividend date of this dividend is Tuesday, June 30th.

Insider Buying and Selling

In other news, Director Mark G. Kahrer purchased 20,000 shares of the stock in a transaction on Wednesday, February 11th. The shares were acquired at an average price of $10.21 per share, with a total value of $204,200.00. Following the completion of the acquisition, the director directly owned 23,000 shares of the company's stock, valued at $234,830. This trade represents a 666.67% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 0.02% of the company's stock.

Institutional Trading of DNP Select Income Fund

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Safe Harbor Fiduciary LLC purchased a new position in shares of DNP Select Income Fund during the 4th quarter valued at $28,000. Ameriflex Group Inc. increased its stake in DNP Select Income Fund by 100.0% in the 3rd quarter. Ameriflex Group Inc. now owns 3,000 shares of the investment management company's stock worth $30,000 after buying an additional 1,500 shares in the last quarter. Parallel Advisors LLC bought a new stake in DNP Select Income Fund during the fourth quarter valued at about $32,000. Smithfield Trust Co bought a new stake in DNP Select Income Fund during the fourth quarter valued at about $33,000. Finally, Spire Wealth Management lifted its position in shares of 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 valued at $34,000 after acquiring an additional 1,561 shares in the last quarter. 8.51% of the stock is owned by hedge funds and other institutional investors.

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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