DNP Select Income Fund (NYSE:DNP) Hits New 12-Month High After Insider Buying Activity

DNP Select Income Fund Inc. (NYSE:DNP) shares reached a new 52-week high on Thursday after an insider bought additional shares in the company. 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 acquired 20,000 shares of the firm’s stock in a transaction on Wednesday, February 11th. The shares were bought at an average price of $10.21 per share, for a total transaction of $204,200.00. Following the acquisition, the director 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 acquisition was disclosed in a filing with the SEC, which is available through this hyperlink.

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 $10.01.

DNP Select Income Fund Announces Dividend

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

Institutional Trading of DNP Select Income Fund

A number of large investors have recently modified their holdings of DNP. ST Germain D J Co. Inc. grew its holdings in DNP Select Income Fund by 10.6% during the 4th quarter. ST Germain D J Co. Inc. now owns 10,400 shares of the investment management company’s stock worth $104,000 after acquiring an additional 1,000 shares in the last quarter. GW Henssler & Associates Ltd. lifted its position in shares of DNP Select Income Fund by 3.3% during the 4th quarter. GW Henssler & Associates Ltd. now owns 31,666 shares of the investment management company’s stock worth $316,000 after purchasing an additional 1,000 shares during the last quarter. First National Advisers LLC grew its stake in shares of DNP Select Income Fund by 11.3% during the third quarter. First National Advisers LLC now owns 11,196 shares of the investment management company’s stock worth $112,000 after purchasing an additional 1,137 shares in the last quarter. Scotia Capital Inc. increased its holdings in DNP Select Income Fund by 0.9% in the third quarter. Scotia Capital Inc. now owns 138,589 shares of the investment management company’s stock valued at $1,387,000 after buying an additional 1,204 shares during the last quarter. Finally, Tortoise Investment Management LLC raised its stake in DNP Select Income Fund by 2.0% in the third quarter. Tortoise Investment Management LLC now owns 65,100 shares of the investment management company’s stock valued at $652,000 after buying an additional 1,262 shares in the last quarter. Hedge funds and other institutional investors own 8.51% of the company’s stock.

DNP Select Income Fund Company Profile

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.