Beacon Pointe Advisors LLC Takes Position in DNP Select Income Fund Inc. $DNP

Key Points

• Beacon Pointe Advisors acquired 138,904 shares of DNP Select Income Fund in the second quarter, valued at approximately $1.5 million. Institutional investors and hedge funds collectively own 8.51% of the fund.
• DNP shares opened at $10.94, near their 50-day average of $10.92, with a 52-week range of $9.69 to $11.16.
• DNP declared a monthly dividend of $0.065 per share, representing an annualized yield of approximately 7.1%. The fund focuses primarily on income-producing energy infrastructure securities, particularly midstream MLPs.

Beacon Pointe Advisors LLC bought a new stake in DNP Select Income Fund Inc. (NYSE:DNP - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 138,904 shares of the investment management company's stock, valued at approximately $1,499,000.

A number of other institutional investors have also added to or reduced their stakes in DNP. Royal Bank of Canada lifted its stake in DNP Select Income Fund by 4.2% in the 1st quarter. Royal Bank of Canada now owns 3,229,721 shares of the investment management company's stock valued at $33,266,000 after purchasing an additional 131,646 shares during the last quarter. LPL Financial LLC raised its stake 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 buying an additional 430,094 shares during the period. Cetera Investment Advisers raised its stake in DNP Select Income Fund by 1.3% in the first quarter. Cetera Investment Advisers now owns 1,530,527 shares of the investment management company's stock valued at $15,764,000 after buying an additional 19,122 shares during the period. Commonwealth Equity Services LLC lifted its position in shares of DNP Select Income Fund by 3.3% in the fourth quarter. Commonwealth Equity Services LLC now owns 1,497,243 shares of the investment management company's stock valued at $14,957,000 after buying an additional 47,974 shares during the last quarter. Finally, J.W. Cole Advisors Inc. lifted its position in shares of DNP Select Income Fund by 1.3% in the fourth quarter. J.W. Cole Advisors Inc. now owns 1,129,972 shares of the investment management company's stock valued at $11,288,000 after buying an additional 14,173 shares during the last quarter. 8.51% of the stock is currently owned by institutional investors and hedge funds.

DNP Select Income Fund Stock Performance

DNP opened at $10.94 on Monday. The stock's fifty day simple moving average is $10.92 and its 200 day simple moving average is $10.67. DNP Select Income Fund Inc. has a 1-year low of $9.69 and a 1-year high of $11.16.

DNP Select Income Fund Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Tuesday, October 13th. Stockholders of record on Wednesday, September 30th will be given a $0.065 dividend. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a c) annualized dividend and a dividend yield of 7.1%.

DNP Select Income Fund 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.

Want to see what other hedge funds are holding DNP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for DNP Select Income Fund Inc. (NYSE:DNP - Free Report).

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