DNP Select Income Fund (NYSE:DNP) Sets New 52-Week High – Time to Buy?

DNP Select Income Fund Inc. (NYSE:DNP)’s share price reached a new 52-week high on Wednesday . The company traded as high as $10.65 and last traded at $10.65, with a volume of 517 shares changing hands. The stock had previously closed at $10.52.

DNP Select Income Fund Stock Down 0.2%

The stock’s fifty day moving average is $10.17 and its 200-day moving average is $10.07.

DNP Select Income Fund Dividend Announcement

The business also recently announced a monthly dividend, which will be paid on Friday, April 10th. Investors of record on Tuesday, March 31st will be issued a $0.065 dividend. This represents a c) annualized dividend and a yield of 7.4%. The ex-dividend date is Tuesday, March 31st.

Insider Transactions at DNP Select Income Fund

In other news, Director Mark G. Kahrer purchased 20,000 shares of the company’s stock in a transaction dated Wednesday, February 11th. The shares were bought at an average price of $10.21 per share, with a total value of $204,200.00. Following the completion of the transaction, the director directly owned 23,000 shares in the company, valued at $234,830. This trade represents a 666.67% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.02% of the stock is owned by insiders.

Institutional Trading of DNP Select Income Fund

A number of hedge funds have recently bought and sold shares of the stock. Safe Harbor Fiduciary LLC acquired a new position in DNP Select Income Fund in the 4th quarter valued at approximately $28,000. Ameriflex Group Inc. increased its position in shares of DNP Select Income Fund by 100.0% during the third quarter. Ameriflex Group Inc. now owns 3,000 shares of the investment management company’s stock valued at $30,000 after purchasing an additional 1,500 shares during the period. Parallel Advisors LLC acquired a new position in shares of DNP Select Income Fund in the fourth quarter valued at $32,000. Smithfield Trust Co bought a new position in DNP Select Income Fund in the fourth quarter worth $33,000. Finally, Spire Wealth Management lifted its position in DNP Select Income Fund by 84.9% in the fourth quarter. Spire Wealth Management now owns 3,400 shares of the investment management company’s stock worth $34,000 after purchasing an additional 1,561 shares during the period. 8.51% of the stock is owned by institutional investors.

About DNP Select Income Fund

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.