DNP Select Income Fund (NYSE:DNP) Stock Breaks Above 50-Day Moving Average – Here’s What Happened

Shares of DNP Select Income Fund Inc. (NYSE:DNP) passed above its 50-day moving average during trading on Friday. The stock has a 50-day moving average of $10.10 and traded as high as $10.20. DNP Select Income Fund shares last traded at $10.1550, with a volume of 809,694 shares trading hands.

DNP Select Income Fund Trading Up 1.3%

The company has a 50 day moving average of $10.10 and a 200-day moving average of $10.49.

DNP Select Income Fund Dividend Announcement

The firm also recently declared a monthly dividend, which will be paid on Monday, January 11th. Stockholders 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 dividend yield of 7.7%. The ex-dividend date of this dividend is Thursday, December 31st.

Institutional Trading of DNP Select Income Fund

Large investors have recently made changes to their positions in the company. Axiom Investment Management LLC acquired a new position in DNP Select Income Fund during the 1st quarter worth approximately $25,000. Global Retirement Partners LLC acquired a new stake in shares of DNP Select Income Fund in the 2nd quarter valued at $31,000. CENTRAL TRUST Co raised its holdings in shares of DNP Select Income Fund by 180.0% in the 3rd quarter. CENTRAL TRUST Co now owns 4,200 shares of the investment management company’s stock valued at $40,000 after purchasing an additional 2,700 shares in the last quarter. Independence Bank of Kentucky lifted its position in shares of DNP Select Income Fund by 39.5% during the 3rd quarter. Independence Bank of Kentucky now owns 5,302 shares of the investment management company’s stock worth $51,000 after purchasing an additional 1,500 shares during the last quarter. Finally, McCarley & Cook Financial Planners purchased a new stake in shares of DNP Select Income Fund during the 3rd quarter worth $61,000. 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 (NYSE: DNP) is a closed-end management investment company designed to provide current income and, as a secondary objective, long-term growth of capital. The fund invests primarily in income-producing securities issued by companies in the utility and infrastructure sectors.

Its portfolio may include common and preferred stocks, as well as debt securities, of electric, natural gas, telecommunications, and other utility-related companies. The fund seeks exposure to businesses that provide essential services and may invest across different segments of the U.S.