Balanced Wealth Group LLC Buys New Shares in DNP Select Income Fund Inc. (NYSE:DNP)

Balanced Wealth Group LLC acquired a new position in DNP Select Income Fund Inc. (NYSE:DNP) in the fourth quarter, Holdings Channel.com reports. The institutional investor acquired 33,830 shares of the investment management company’s stock, valued at approximately $287,000.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Bay Colony Advisory Group Inc d b a Bay Colony Advisors boosted its stake in DNP Select Income Fund by 353.1% in the fourth quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 1,027,018 shares of the investment management company’s stock worth $8,709,000 after purchasing an additional 800,351 shares in the last quarter. Sowell Financial Services LLC bought a new position in shares of DNP Select Income Fund in the fourth quarter worth about $964,000. Wolverine Asset Management LLC acquired a new position in shares of DNP Select Income Fund during the fourth quarter worth approximately $1,401,000. B. Riley Wealth Advisors Inc. acquired a new stake in shares of DNP Select Income Fund in the third quarter valued at approximately $108,000. Finally, Advisor Resource Council bought a new position in DNP Select Income Fund in the 4th quarter worth approximately $352,000. 8.51% of the stock is currently owned by institutional investors.

DNP Select Income Fund Stock Up 0.6 %

DNP traded up $0.05 during mid-day trading on Wednesday, reaching $8.85. The stock had a trading volume of 549,973 shares, compared to its average volume of 618,275. The firm’s fifty day simple moving average is $8.89 and its two-hundred day simple moving average is $8.86. DNP Select Income Fund Inc. has a 52 week low of $8.09 and a 52 week high of $10.70.

DNP Select Income Fund Announces Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Monday, June 10th. Investors of record on Friday, May 31st will be issued a $0.065 dividend. The ex-dividend date of this dividend is Friday, May 31st. This represents a $0.78 annualized dividend and a yield of 8.81%.

DNP Select Income Fund 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.