Commerce Bank Acquires Shares of 165,860 DNP Select Income Fund Inc. $DNP

Key Points

• Commerce Bank acquired 165,860 shares of DNP Select Income Fund during the second quarter, valued at approximately $1.79 million. Institutional investors collectively own 8.51% of the fund.
• DNP shares traded at $10.97, near the upper end of their 12-month range of $9.69 to $11.16, and above both their 50-day and 200-day moving averages.
• The fund declared a monthly dividend of $0.065 per share, implying an annualized yield of about 7.1%, with payment scheduled for October 13 to shareholders of record as of September 30.

Commerce Bank bought a new stake in shares of DNP Select Income Fund Inc. (NYSE:DNP - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 165,860 shares of the investment management company's stock, valued at approximately $1,790,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. N.E.W. Advisory Services LLC purchased a new position in shares of DNP Select Income Fund during the second quarter valued at approximately $5,876,000. LPL Financial LLC boosted its position in shares of DNP Select Income Fund by 16.3% in the 4th quarter. LPL Financial LLC now owns 3,060,999 shares of the investment management company's stock worth $30,579,000 after purchasing an additional 430,094 shares in the last quarter. Royal Bank of Canada grew its stake in shares of DNP Select Income Fund by 10.9% in the 4th quarter. Royal Bank of Canada now owns 3,098,075 shares of the investment management company's stock worth $30,950,000 after buying an additional 305,028 shares during the last quarter. Alchemi Wealth LLC purchased a new stake in shares of DNP Select Income Fund in the 4th quarter worth approximately $2,489,000. Finally, Align Financial LLC bought a new position in DNP Select Income Fund during the 4th quarter valued at approximately $2,352,000. 8.51% of the stock is owned by hedge funds and other institutional investors.

DNP Select Income Fund Trading Up 0.6%

Shares of NYSE:DNP opened at $10.97 on Wednesday. The stock has a fifty day simple moving average of $10.91 and a two-hundred day simple moving average of $10.65. DNP Select Income Fund Inc. has a 12-month low of $9.69 and a 12-month high of $11.16.

DNP Select Income Fund Announces Dividend

The business also recently declared 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. This represents a c) annualized dividend and a dividend yield of 7.1%. The ex-dividend date of this dividend is Wednesday, September 30th.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source