DNP Select Income Fund (NYSE:DNP) Sets New 1-Year Low – Time to Sell?

DNP Select Income Fund Inc. (NYSE:DNP) shares reached a new 52-week low during trading on Friday. The company traded as low as $9.68 and last traded at $9.7110, with a volume of 535376 shares traded. The stock had previously closed at $9.85.

DNP Select Income Fund Stock Down 1.1%

The business has a fifty day moving average of $10.73 and a 200 day moving average of $10.66.

DNP Select Income Fund Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Monday, January 11th. Shareholders of record on Thursday, December 31st will be paid a $0.0650 dividend. This represents a $0.78 annualized dividend and a yield of 8.0%. The ex-dividend date of this dividend is Thursday, December 31st.

Institutional Trading of DNP Select Income Fund

A number of hedge funds and other institutional investors have recently made changes to their positions in DNP. Bank of America Corp DE increased its position in shares of DNP Select Income Fund by 19.1% in the first quarter. Bank of America Corp DE now owns 1,049,369 shares of the investment management company’s stock valued at $10,809,000 after acquiring an additional 168,439 shares during the last quarter. Commerce Bank bought a new stake in DNP Select Income Fund during the second quarter worth $1,790,000. Beacon Pointe Advisors LLC bought a new stake in DNP Select Income Fund during the second quarter worth $1,499,000. Kingsview Wealth Management LLC acquired a new stake in DNP Select Income Fund in the second quarter valued at $3,003,000. Finally, N.E.W. Advisory Services LLC bought a new position in shares of DNP Select Income Fund in the 2nd quarter valued at about $5,876,000. 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, with capital appreciation as a secondary objective.

DNP invests primarily in companies involved in public utilities and other infrastructure-related industries. Its portfolio has historically emphasized electric, natural gas and telecommunications businesses, including regulated utilities and other issuers whose operations may generate relatively stable cash flows and dividend income.

The fund is managed by Duff & Phelps Investment Management Co, an investment adviser specializing in utility and infrastructure securities.