DNP Select Income Fund (NYSE:DNP) Reaches New 52-Week High Following Insider Buying Activity

Shares of DNP Select Income Fund Inc. (NYSE:DNP) reached a new 52-week high during trading on Thursday following insider buying activity. The company traded as high as $10.35 and last traded at $10.3350, with a volume of 650341 shares changing hands. The stock had previously closed at $10.25.

Specifically, Director Mark G. Kahrer purchased 20,000 shares of the company’s stock in a transaction on Wednesday, February 11th. The shares were bought at an average price of $10.21 per share, with a total value of $204,200.00. Following the completion of the acquisition, the director owned 23,000 shares of the company’s stock, valued at approximately $234,830. This represents a 666.67% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.

DNP Select Income Fund Trading Up 0.3%

The firm has a fifty day moving average price of $10.04 and a 200 day moving average price of $10.00.

DNP Select Income Fund Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Friday, April 10th. Investors of record on Tuesday, March 31st will be paid a $0.065 dividend. The ex-dividend date of this dividend is Tuesday, March 31st. This represents a c) dividend on an annualized basis and a yield of 7.6%.

Hedge Funds Weigh In On DNP Select Income Fund

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Ameritas Advisory Services LLC purchased a new stake in shares of DNP Select Income Fund in the second quarter valued at $27,000. Ameriflex Group Inc. raised its position in DNP Select Income Fund by 100.0% during the third quarter. Ameriflex Group Inc. now owns 3,000 shares of the investment management company’s stock valued at $30,000 after buying an additional 1,500 shares during the period. Parallel Advisors LLC purchased a new stake in DNP Select Income Fund in the 4th quarter worth about $32,000. Spire Wealth Management boosted its position in DNP Select Income Fund by 84.9% during the 4th quarter. Spire Wealth Management now owns 3,400 shares of the investment management company’s stock worth $34,000 after acquiring an additional 1,561 shares during the period. Finally, Smithfield Trust Co acquired a new stake in DNP Select Income Fund during the 4th quarter worth about $33,000. 8.51% of the stock is currently owned by hedge funds and other institutional investors.

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.