Contravisory Investment Management Inc. Sells 28,000 Shares of DNP Select Income Fund Inc. $DNP

Key Points

• Contravisory Investment Management Inc. reduced its stake in DNP Select Income Fund Inc. by 30.9%, selling 28,000 shares during the second quarter, now holding 62,500 shares valued at $612,000.
• Several other institutional investors have also recently increased or acquired stakes in DNP Select Income Fund, indicating growing interest in the company.
• As of Thursday, shares of DNP Select Income Fund traded at $9.93, with a 1-year range between $8.69 and $10.04.

Contravisory Investment Management Inc. trimmed its position in shares of DNP Select Income Fund Inc. (NYSE:DNP - Free Report) by 30.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 62,500 shares of the investment management company's stock after selling 28,000 shares during the period. Contravisory Investment Management Inc.'s holdings in DNP Select Income Fund were worth $612,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the company. Jane Street Group LLC bought a new position in DNP Select Income Fund during the 4th quarter worth about $301,000. Ameriprise Financial Inc. boosted its position in DNP Select Income Fund by 39.1% in the fourth quarter. Ameriprise Financial Inc. now owns 141,907 shares of the investment management company's stock valued at $1,252,000 after buying an additional 39,855 shares in the last quarter. Bank of America Corp DE increased its stake in DNP Select Income Fund by 7.7% in the fourth quarter. Bank of America Corp DE now owns 934,015 shares of the investment management company's stock valued at $8,238,000 after purchasing an additional 66,548 shares in the last quarter. Citadel Advisors LLC raised its holdings in shares of DNP Select Income Fund by 387.6% in the 4th quarter. Citadel Advisors LLC now owns 102,431 shares of the investment management company's stock worth $903,000 after acquiring an additional 81,424 shares during the last quarter. Finally, Royal Bank of Canada increased its stake in DNP Select Income Fund by 10.2% in the 4th quarter. Royal Bank of Canada now owns 2,122,866 shares of the investment management company's stock valued at $18,724,000 after buying an additional 196,531 shares during the last quarter. Institutional investors and hedge funds own 8.51% of the company's stock.

DNP Select Income Fund Stock Up 0.1%

DNP traded up $0.01 on Monday, hitting $9.95. The company's stock had a trading volume of 333,683 shares, compared to its average volume of 602,325. The company's 50 day simple moving average is $9.84 and its 200-day simple moving average is $9.70. DNP Select Income Fund Inc. has a 12 month low of $8.69 and a 12 month high of $10.04.

DNP Select Income Fund Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Monday, January 12th. Investors of record on Wednesday, December 31st will be given a $0.065 dividend. This represents a c) dividend on an annualized basis and a yield of 7.8%. The ex-dividend date is Wednesday, December 31st.

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.