Envestnet Asset Management Inc. Has $1.19 Million Stock Position in DNP Select Income Fund Inc. (NYSE:DNP)

Key Points

• Envestnet Asset Management Inc. reduced its stake in DNP Select Income Fund by 19.4%, selling 29,073 shares and ending the period with 120,527 shares valued at approximately $1.19 million.
• DNP Select Income Fund announced a monthly dividend of $0.065 per share to be paid on October 10th, representing an annualized yield of 8.0%.
• Institutional ownership in DNP Select Income Fund stands at 8.51%, with several new stakes acquired by hedge funds and institutional investors in recent quarters.

Envestnet Asset Management Inc. trimmed its holdings in DNP Select Income Fund Inc. (NYSE:DNP - Free Report) by 19.4% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 120,527 shares of the investment management company's stock after selling 29,073 shares during the quarter. Envestnet Asset Management Inc.'s holdings in DNP Select Income Fund were worth $1,192,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. CreativeOne Wealth LLC lifted its stake in DNP Select Income Fund by 6.4% in the 4th quarter. CreativeOne Wealth LLC now owns 20,204 shares of the investment management company's stock valued at $178,000 after acquiring an additional 1,210 shares in the last quarter. Rockefeller Capital Management L.P. raised its stake in DNP Select Income Fund by 0.8% in the 4th quarter. Rockefeller Capital Management L.P. now owns 176,602 shares of the investment management company's stock valued at $1,558,000 after acquiring an additional 1,413 shares during the period. Stifel Financial Corp raised its stake in DNP Select Income Fund by 3.0% in the 4th quarter. Stifel Financial Corp now owns 66,078 shares of the investment management company's stock valued at $583,000 after acquiring an additional 1,934 shares during the period. Zacks Investment Management raised its stake in DNP Select Income Fund by 10.4% in the 4th quarter. Zacks Investment Management now owns 21,219 shares of the investment management company's stock valued at $187,000 after acquiring an additional 2,000 shares during the period. Finally, Concurrent Investment Advisors LLC grew its holdings in DNP Select Income Fund by 9.7% in the 1st quarter. Concurrent Investment Advisors LLC now owns 38,623 shares of the investment management company's stock valued at $382,000 after buying an additional 3,410 shares in the last quarter. 8.51% of the stock is owned by institutional investors.

DNP Select Income Fund Stock Performance

NYSE DNP traded up $0.02 on Wednesday, reaching $9.79. The stock had a trading volume of 320,801 shares, compared to its average volume of 621,724. The firm has a fifty day moving average of $9.75 and a two-hundred day moving average of $9.59. DNP Select Income Fund Inc. has a 1-year low of $8.69 and a 1-year high of $10.04.

DNP Select Income Fund Dividend Announcement

The business also recently announced a monthly dividend, which will be paid on Friday, October 10th. Stockholders of record on Tuesday, September 30th will be issued a dividend of $0.065 per share. This represents a c) annualized dividend and a dividend yield of 8.0%. The ex-dividend date of this dividend is Tuesday, September 30th.

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.