DNP Select Income Fund (NYSE:DNP) Hits New 12-Month High – Time to Buy?

Shares of DNP Select Income Fund Inc. (NYSE:DNP) hit a new 52-week high during trading on Wednesday . The company traded as high as $10.49 and last traded at $10.4250, with a volume of 864547 shares traded. The stock had previously closed at $10.44.

DNP Select Income Fund Stock Down 0.1%

The stock has a 50 day simple moving average of $10.07 and a two-hundred day simple moving average of $10.02.

DNP Select Income Fund Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Friday, April 10th. Stockholders of record on Tuesday, March 31st will be given a dividend of $0.065 per share. This represents a c) annualized dividend and a dividend yield of 7.5%. The ex-dividend date of this dividend is Tuesday, March 31st.

Insiders Place Their Bets

In related news, 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 cost of $10.21 per share, for a total transaction of $204,200.00. Following the completion of the purchase, the director directly owned 23,000 shares of the company’s stock, valued at approximately $234,830. This trade represents a 666.67% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.02% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of DNP. Brookstone Capital Management grew its position in shares of DNP Select Income Fund by 9.7% in the 2nd quarter. Brookstone Capital Management now owns 61,957 shares of the investment management company’s stock valued at $607,000 after buying an additional 5,463 shares during the last quarter. Envestnet Asset Management Inc. boosted its stake in DNP Select Income Fund by 13.3% in the second quarter. Envestnet Asset Management Inc. now owns 136,535 shares of the investment management company’s stock valued at $1,337,000 after acquiring an additional 16,008 shares in the last quarter. Brookwood Investment Group LLC purchased a new position in shares of DNP Select Income Fund during the second quarter worth about $154,000. GWN Securities Inc. acquired a new stake in shares of DNP Select Income Fund during the second quarter worth about $239,000. Finally, IFG Advisory LLC acquired a new stake in shares of DNP Select Income Fund during the second quarter worth about $369,000. Institutional investors and hedge funds own 8.51% of the company’s stock.

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.