DNP Select Income Fund (NYSE:DNP) Stock Price Passes Above 200-Day Moving Average - Time to Sell?

Key Points

• DNP Select Income Fund's stock price has risen above its 200-day moving average, trading as high as $9.88 with a last price of $9.87.
• The fund announced a monthly dividend of $0.065 per share, reflecting a 7.9% annualized yield, payable on October 10th, 2023.
• There have been significant institutional investment activities, including a 447.6% increase in shares owned by J.W. Cole Advisors Inc. during the second quarter.

DNP Select Income Fund Inc. (NYSE:DNP - Get Free Report) shares passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $9.62 and traded as high as $9.88. DNP Select Income Fund shares last traded at $9.87, with a volume of 412,024 shares traded.

DNP Select Income Fund Price Performance

The business has a 50-day moving average of $9.78 and a 200-day moving average of $9.64.

DNP Select Income Fund Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Friday, October 10th. Shareholders of record on Tuesday, September 30th will be paid a $0.065 dividend. The ex-dividend date is Tuesday, September 30th. This represents a c) dividend on an annualized basis and a yield of 7.9%.

Institutional Trading of DNP Select Income Fund

A number of hedge funds and other institutional investors have recently bought and sold shares of DNP. JPMorgan Chase & Co. increased its stake in DNP Select Income Fund by 44.2% in the fourth quarter. JPMorgan Chase & Co. now owns 14,344 shares of the investment management company's stock worth $127,000 after purchasing an additional 4,397 shares during the period. Envestnet Asset Management Inc. increased its stake in DNP Select Income Fund by 14.3% in the fourth quarter. Envestnet Asset Management Inc. now owns 149,600 shares of the investment management company's stock worth $1,319,000 after purchasing an additional 18,766 shares during the period. MML Investors Services LLC increased its stake in DNP Select Income Fund by 14.5% in the fourth quarter. MML Investors Services LLC now owns 138,672 shares of the investment management company's stock worth $1,223,000 after purchasing an additional 17,577 shares during the period. Stifel Financial Corp increased its stake in DNP Select Income Fund by 3.0% in the fourth quarter. Stifel Financial Corp now owns 66,078 shares of the investment management company's stock worth $583,000 after purchasing an additional 1,934 shares during the period. Finally, Jane Street Group LLC purchased a new stake in DNP Select Income Fund in the fourth quarter worth $301,000. Hedge funds and other institutional investors own 8.51% of the company's stock.

About DNP Select Income Fund

DNP Select Income Fund Inc is a closed ended balanced mutual fund launched by Virtus Investment Partners, Inc The fund is managed by Duff & Phelps Investment Management Co It invests in the public equity and fixed income markets of the United States. For the fixed income portion, the fund invests in bonds.