Key Points
- Director Mark Kahrer acquired 20,000 shares at an average price of $10.21 on Feb. 11 for $204,200, increasing his stake to 23,000 shares — a 666.67% rise in his ownership.
- The fund declared a monthly dividend of $0.065 per share (ex-dividend and record date March 31, payable April 10), implying an annualized yield of about 7.6%.
- DNP opened at $10.29 and is trading near its 52-week high ($10.35) with 50- and 200-day moving averages around $10.04 and $10.01, while institutional investors hold roughly 8.51% of the stock.
DNP Select Income Fund Inc. (NYSE:DNP - Get Free Report) Director Mark Kahrer acquired 20,000 shares of the stock in a transaction dated Wednesday, February 11th. The shares were purchased at an average price 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 in the company, valued at $234,830. The trade was a 666.67% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website.
DNP Select Income Fund Trading Up 0.3%
NYSE:DNP opened at $10.29 on Friday. DNP Select Income Fund Inc. has a one year low of $8.69 and a one year high of $10.35. The firm's fifty day moving average price is $10.04 and its two-hundred day moving average price is $10.01.
DNP Select Income Fund Announces Dividend
The company also recently announced a monthly dividend, which will be paid on Friday, April 10th. Shareholders of record on Tuesday, March 31st will be issued a $0.065 dividend. This represents a c) annualized dividend and a yield of 7.6%. The ex-dividend date of this dividend is Tuesday, March 31st.
Institutional Investors Weigh In On DNP Select Income Fund
Several hedge funds have recently added to or reduced their stakes in DNP. J.W. Cole Advisors Inc. raised its position in DNP Select Income Fund by 447.6% during the 2nd quarter. J.W. Cole Advisors Inc. now owns 1,046,654 shares of the investment management company's stock worth $10,247,000 after purchasing an additional 855,521 shares during the last quarter. N.E.W. Advisory Services LLC grew its stake in DNP Select Income Fund by 414.2% in the fourth quarter. N.E.W. Advisory Services LLC now owns 653,002 shares of the investment management company's stock valued at $6,523,000 after acquiring an additional 526,009 shares during the period. LPL Financial LLC increased its stake in DNP Select Income Fund by 16.3% during the 4th quarter. LPL Financial LLC now owns 3,060,999 shares of the investment management company's stock valued at $30,579,000 after purchasing an additional 430,094 shares in the last quarter. Sowell Financial Services LLC acquired a new stake in shares of DNP Select Income Fund in the 3rd quarter worth about $2,211,000. Finally, Creative Planning lifted its holdings in shares of DNP Select Income Fund by 68.2% in the third quarter. Creative Planning now owns 408,748 shares of the investment management company's stock valued at $4,092,000 after purchasing an additional 165,688 shares in the last quarter. 8.51% of the stock is currently owned by institutional investors and hedge funds.
DNP Select Income Fund Company Profile
(
Get Free Report)
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.
Featured Articles
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
