Raymond James Financial Inc. Takes Position in DNP Select Income Fund Inc. (NYSE:DNP)

Raymond James Financial Inc. bought a new stake in DNP Select Income Fund Inc. (NYSE:DNP - Free Report) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 877,363 shares of the investment management company's stock, valued at approximately $7,738,000. Raymond James Financial Inc. owned about 0.24% of DNP Select Income Fund at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Wells Fargo & Company MN increased its stake in shares of DNP Select Income Fund by 995.9% during the 4th quarter. Wells Fargo & Company MN now owns 1,578,766 shares of the investment management company's stock valued at $13,925,000 after acquiring an additional 1,434,708 shares during the last quarter. Kentucky Trust Co purchased a new position in DNP Select Income Fund during the fourth quarter worth approximately $5,598,000. Wolverine Asset Management LLC acquired a new position in shares of DNP Select Income Fund in the 4th quarter valued at $2,915,000. Essential Planning LLC. purchased a new stake in shares of DNP Select Income Fund during the 4th quarter valued at $1,440,000. Finally, J.W. Cole Advisors Inc. grew its stake in shares of DNP Select Income Fund by 23.4% during the 4th quarter. J.W. Cole Advisors Inc. now owns 766,719 shares of the investment management company's stock valued at $6,762,000 after buying an additional 145,449 shares during the period. 8.51% of the stock is owned by institutional investors and hedge funds.

DNP Select Income Fund Stock Up 1.3 %

Shares of DNP opened at $9.47 on Wednesday. DNP Select Income Fund Inc. has a twelve month low of $8.02 and a twelve month high of $10.04. The stock's fifty day simple moving average is $9.47 and its 200 day simple moving average is $9.39.

DNP Select Income Fund Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Monday, May 12th. Stockholders of record on Wednesday, April 30th will be paid a $0.065 dividend. This represents a $0.78 annualized dividend and a dividend yield of 8.24%. The ex-dividend date is Wednesday, April 30th.

Insider Activity

In related news, Director Geraldine M. Mcnamara sold 11,391 shares of DNP Select Income Fund stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $9.41, for a total transaction of $107,189.31. Following the transaction, the director now owns 5,344 shares in the company, valued at approximately $50,287.04. The trade was a 68.07 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.06% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.