N.E.W. Advisory Services LLC Purchases 400,688 Shares of DNP Select Income Fund Inc. (NYSE:DNP)

Key Points

• N.E.W. Advisory Services LLC increased its holdings in DNP Select Income Fund by 83.2%, now owning approximately 882,284 shares valued at $8.73 million.
• The DNP Select Income Fund announced a monthly dividend of $0.065, which yields 7.95% annually and is payable on October 10th.
• DNP stock has a 52-week range between $8.69 and $10.04, with a recent trading price of $9.82.

N.E.W. Advisory Services LLC lifted its stake in DNP Select Income Fund Inc. (NYSE:DNP - Free Report) by 83.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 882,284 shares of the investment management company's stock after acquiring an additional 400,688 shares during the period. N.E.W. Advisory Services LLC owned approximately 0.24% of DNP Select Income Fund worth $8,726,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. MJT & Associates Financial Advisory Group Inc. acquired a new stake in shares of DNP Select Income Fund in the first quarter worth $78,000. Foundations Investment Advisors LLC boosted its stake in DNP Select Income Fund by 5.1% during the first quarter. Foundations Investment Advisors LLC now owns 400,132 shares of the investment management company's stock worth $3,957,000 after buying an additional 19,261 shares in the last quarter. LPL Financial LLC boosted its stake in DNP Select Income Fund by 4.4% during the first quarter. LPL Financial LLC now owns 2,298,467 shares of the investment management company's stock worth $22,732,000 after buying an additional 96,233 shares in the last quarter. HB Wealth Management LLC boosted its stake in DNP Select Income Fund by 10.7% during the first quarter. HB Wealth Management LLC now owns 60,212 shares of the investment management company's stock worth $595,000 after buying an additional 5,824 shares in the last quarter. Finally, Cetera Investment Advisers boosted its stake in DNP Select Income Fund by 9.0% during the first quarter. Cetera Investment Advisers now owns 1,377,023 shares of the investment management company's stock worth $13,619,000 after buying an additional 114,135 shares in the last quarter. Institutional investors and hedge funds own 8.51% of the company's stock.

DNP Select Income Fund Stock Down 0.4%

DNP traded down $0.04 during trading on Friday, reaching $9.76. 358,964 shares of the company's stock were exchanged, compared to its average volume of 624,886. DNP Select Income Fund Inc. has a fifty-two week low of $8.69 and a fifty-two week high of $10.04. The business has a 50 day moving average price of $9.75 and a 200 day moving average price of $9.58.

DNP Select Income Fund Dividend Announcement

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

DNP Select Income Fund Company Profile

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.