DNP Select Income Fund (NYSE:DNP) Sets New 52-Week High – Here’s What Happened

DNP Select Income Fund Inc. (NYSE:DNP)’s stock price reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $10.93 and last traded at $10.9190, with a volume of 154587 shares trading hands. The stock had previously closed at $10.88.

DNP Select Income Fund Trading Up 0.8%

The company has a 50 day moving average of $10.75 and a 200 day moving average of $10.42.

DNP Select Income Fund Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Tuesday, October 13th. Stockholders of record on Wednesday, September 30th will be paid a $0.065 dividend. This represents a c) annualized dividend and a dividend yield of 7.1%. The ex-dividend date is Wednesday, September 30th.

Hedge Funds Weigh In On DNP Select Income Fund

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Northwestern Mutual Wealth Management Co. raised its holdings in DNP Select Income Fund by 17.3% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 17,444 shares of the investment management company’s stock valued at $171,000 after acquiring an additional 2,568 shares in the last quarter. Cresset Asset Management LLC lifted its stake in DNP Select Income Fund by 3.2% in the second quarter. Cresset Asset Management LLC now owns 41,953 shares of the investment management company’s stock worth $413,000 after acquiring an additional 1,312 shares during the last quarter. NewEdge Advisors LLC grew its holdings in DNP Select Income Fund by 31.4% during the 2nd quarter. NewEdge Advisors LLC now owns 52,318 shares of the investment management company’s stock worth $512,000 after acquiring an additional 12,499 shares in the last quarter. Diversify Advisory Services LLC acquired a new position in DNP Select Income Fund during the 2nd quarter worth approximately $115,000. Finally, Raymond James Financial Inc. increased its position in shares of DNP Select Income Fund by 5.4% in the 2nd quarter. Raymond James Financial Inc. now owns 962,109 shares of the investment management company’s stock valued at $9,419,000 after purchasing an additional 48,905 shares during the last quarter. 8.51% of the stock is owned by institutional investors and hedge funds.

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.