DNP Select Income Fund (NYSE:DNP) Sees Large Volume Increase – Here’s What Happened

DNP Select Income Fund Inc. (NYSE:DNP) saw strong trading volume on Tuesday. Approximately 550,278 shares traded hands during mid-day trading, a decline of 22% from the previous session’s volume of 705,141 shares. The stock last traded at $9.9450 and had previously closed at $10.00.

DNP Select Income Fund Trading Down 1.2%

The company’s fifty day simple moving average is $10.39 and its 200 day simple moving average is $10.61.

DNP Select Income Fund Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Monday, January 11th. Investors of record on Thursday, December 31st will be given a dividend of $0.0650 per share. This represents a $0.78 annualized dividend and a yield of 7.9%. The ex-dividend date is Thursday, December 31st.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bank of America Corp DE bought a new position in DNP Select Income Fund in the second quarter worth about $10,932,000. Kingsview Wealth Management LLC purchased a new stake in DNP Select Income Fund in the second quarter worth about $3,003,000. Beacon Pointe Advisors LLC bought a new stake in DNP Select Income Fund during the 2nd quarter valued at approximately $1,499,000. Commerce Bank bought a new stake in DNP Select Income Fund during the 2nd quarter valued at approximately $1,790,000. Finally, N.E.W. Advisory Services LLC bought a new stake in DNP Select Income Fund during the 2nd quarter valued at approximately $5,876,000. 8.51% of the stock is currently owned by hedge funds and other institutional investors.

DNP Select Income Fund Company Profile

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.