DNP Select Income Fund (NYSE:DNP) Reaches New 12-Month Low - Here's Why

Key Points

• DNP Select Income Fund fell to a new 52-week low, trading as low as $9.56 and last changing hands at $9.6050, below its 50-day and 200-day moving averages of approximately $10.63 and $10.65.
• The fund declared a monthly dividend of $0.065 per share, equivalent to $0.78 annually and an indicated yield of 8.1%; the payment is scheduled for January 11 to shareholders of record December 31.
• Institutional investors and hedge funds made modest additions to their holdings, collectively owning 8.51% of DNP’s shares. The closed-end fund primarily invests in income-producing utilities and infrastructure securities.

DNP Select Income Fund Inc. (NYSE:DNP - Get Free Report)'s stock price reached a new 52-week low during mid-day trading on Thursday. The stock traded as low as $9.56 and last traded at $9.6050, with a volume of 1052941 shares trading hands. The stock had previously closed at $9.83.

DNP Select Income Fund Price Performance

The stock has a 50-day moving average price of $10.63 and a 200-day moving average price of $10.65.

DNP Select Income Fund Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Monday, January 11th. Shareholders of record on Thursday, December 31st will be issued a dividend of $0.0650 per share. The ex-dividend date of this dividend is Thursday, December 31st. This represents a $0.78 annualized dividend and a yield of 8.1%.

Hedge Funds Weigh In On DNP Select Income Fund

Several institutional investors and hedge funds have recently modified their holdings of DNP. Royal Bank of Canada lifted its stake in shares of DNP Select Income Fund by 4.2% during the 1st quarter. Royal Bank of Canada now owns 3,229,721 shares of the investment management company's stock worth $33,266,000 after buying an additional 131,646 shares during the last quarter. Baird Financial Group Inc. boosted its holdings in shares of DNP Select Income Fund by 3.7% during the 2nd quarter. Baird Financial Group Inc. now owns 2,151,985 shares of the investment management company's stock worth $23,220,000 after buying an additional 76,179 shares during the period. Cetera Investment Advisers grew its stake in DNP Select Income Fund by 1.3% in the 1st 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 last quarter. J.W. Cole Advisors Inc. grew its stake in DNP Select Income Fund by 1.3% in the 4th 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. Finally, Bank of America Corp DE acquired a new position in DNP Select Income Fund in the 2nd quarter valued at about $10,932,000. 8.51% of the stock is currently owned by institutional investors and hedge funds.

About DNP Select Income Fund

DNP Select Income Fund Inc is a closed-end management investment company listed on the New York Stock Exchange under the symbol DNP. The fund seeks to provide a high level of current income while also pursuing growth of income and long-term capital appreciation.

The fund invests primarily in securities issued by companies in the public utilities and infrastructure sectors. Its portfolio may include common and preferred stocks, bonds, and other income-producing securities of electric, gas, telecommunications, water, and related utility businesses.

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