DNP Select Income Fund (NYSE:DNP) Reaches New 1-Year High – Time to Buy?

Shares of DNP Select Income Fund Inc. (NYSE:DNP) hit a new 52-week high during trading on Thursday . The stock traded as high as $10.90 and last traded at $10.8750, with a volume of 952864 shares. The stock had previously closed at $10.89.

DNP Select Income Fund Price Performance

The firm has a 50-day moving average of $10.52 and a 200 day moving average of $10.29.

DNP Select Income Fund Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Friday, July 10th. Investors of record on Tuesday, June 30th will be given a $0.065 dividend. This represents a c) annualized dividend and a yield of 7.2%. The ex-dividend date of this dividend is Tuesday, June 30th.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Royal Bank of Canada lifted its position in DNP Select Income Fund by 4.2% in the first quarter. Royal Bank of Canada now owns 3,229,721 shares of the investment management company’s stock worth $33,266,000 after purchasing an additional 131,646 shares during the period. LPL Financial LLC lifted its holdings in shares of DNP Select Income Fund by 16.3% during the fourth quarter. LPL Financial LLC now owns 3,060,999 shares of the investment management company’s stock valued at $30,579,000 after acquiring an additional 430,094 shares during the period. Cetera Investment Advisers lifted its holdings in shares of DNP Select Income Fund by 1.3% during the first quarter. Cetera Investment Advisers now owns 1,530,527 shares of the investment management company’s stock valued at $15,764,000 after acquiring an additional 19,122 shares during the period. Commonwealth Equity Services LLC lifted its holdings in shares of DNP Select Income Fund by 3.3% during the fourth quarter. Commonwealth Equity Services LLC now owns 1,497,243 shares of the investment management company’s stock valued at $14,957,000 after acquiring an additional 47,974 shares during the period. Finally, J.W. Cole Advisors Inc. lifted its holdings in shares of DNP Select Income Fund by 1.3% during the fourth 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 acquiring an additional 14,173 shares during the period. 8.51% of the stock is owned by institutional investors.

DNP Select Income Fund Company Profile

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.