DNP Select Income Fund (NYSE:DNP) Sees Large Volume Increase – Still a Buy?

Shares of DNP Select Income Fund Inc. (NYSE:DNP) saw strong trading volume on Friday . 765,235 shares were traded during mid-day trading, an increase of 10% from the previous session’s volume of 695,703 shares.The stock last traded at $9.17 and had previously closed at $8.93.

DNP Select Income Fund Stock Up 3.4 %

The stock has a fifty day moving average price of $9.29 and a two-hundred day moving average price of $9.21.

DNP Select Income Fund Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Monday, February 10th. Shareholders of record on Friday, January 31st will be issued a dividend of $0.065 per share. This represents a $0.78 dividend on an annualized basis and a yield of 8.45%. The ex-dividend date is Friday, January 31st.

Institutional Trading of DNP Select Income Fund

Institutional investors and hedge funds have recently made changes to their positions in the company. Safe Harbor Fiduciary LLC purchased a new stake in DNP Select Income Fund in the 3rd quarter valued at about $28,000. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of DNP Select Income Fund during the third quarter valued at approximately $44,000. Future Financial Wealth Managment LLC bought a new stake in DNP Select Income Fund during the third quarter worth $50,000. Larson Financial Group LLC purchased a new position in DNP Select Income Fund in the third quarter worth $54,000. Finally, Benjamin F. Edwards & Company Inc. grew its stake in DNP Select Income Fund by 13.5% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 9,647 shares of the investment management company’s stock valued at $79,000 after purchasing an additional 1,150 shares during the period. Hedge funds and other institutional investors own 8.51% of the company’s stock.

DNP Select Income Fund Company Profile

DNP Select Income Fund Inc is a closed ended balanced mutual fund launched by Virtus Investment Partners, Inc The fund is managed by Duff & Phelps Investment Management Co It invests in the public equity and fixed income markets of the United States. For the fixed income portion, the fund invests in bonds.