35,895 Shares in DNP Select Income Fund Inc. (NYSE:DNP) Acquired by Sovereign Financial Group Inc.

Sovereign Financial Group Inc. bought a new stake in shares of DNP Select Income Fund Inc. (NYSE:DNP) during the 1st quarter, Holdings Channel reports. The firm bought 35,895 shares of the investment management company’s stock, valued at approximately $326,000.

Several other hedge funds have also recently added to or reduced their stakes in DNP. Bay Colony Advisory Group Inc d b a Bay Colony Advisors increased its holdings in shares of DNP Select Income Fund by 353.1% during 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 valued at $8,709,000 after purchasing an additional 800,351 shares during the period. Apollon Wealth Management LLC raised its position in shares of DNP Select Income Fund by 21.7% during the 4th quarter. Apollon Wealth Management LLC now owns 738,710 shares of the investment management company’s stock worth $6,264,000 after buying an additional 131,858 shares in the last quarter. UBS Group AG lifted its stake in shares of DNP Select Income Fund by 4.9% in the 3rd quarter. UBS Group AG now owns 652,492 shares of the investment management company’s stock worth $6,212,000 after acquiring an additional 30,278 shares during the period. N.E.W. Advisory Services LLC boosted its holdings in shares of DNP Select Income Fund by 5.1% in the fourth quarter. N.E.W. Advisory Services LLC now owns 444,850 shares of the investment management company’s stock valued at $3,772,000 after acquiring an additional 21,541 shares in the last quarter. Finally, J.W. Cole Advisors Inc. increased its stake in shares of DNP Select Income Fund by 6.0% during the fourth quarter. J.W. Cole Advisors Inc. now owns 396,842 shares of the investment management company’s stock valued at $3,365,000 after acquiring an additional 22,533 shares during the period. Institutional investors own 8.51% of the company’s stock.

DNP Select Income Fund Price Performance

DNP opened at $8.32 on Friday. The stock’s fifty day moving average is $8.60 and its 200-day moving average is $8.73. DNP Select Income Fund Inc. has a one year low of $8.02 and a one year high of $10.53.

DNP Select Income Fund Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Thursday, October 10th. Investors of record on Monday, September 30th will be issued a $0.065 dividend. The ex-dividend date of this dividend is Monday, September 30th. This represents a $0.78 dividend on an annualized basis and a dividend yield of 9.38%.

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.