UBS Group AG, a Swiss multinational investment bank and financial services company, recently reported an increase in its position in DNP Select Income Fund, Inc. (NYSE:DNP) by 8.1%. This means that the firm now owns 585,109 shares of the investment management company’s stock worth $6,582,000 after buying an additional 43,925 shares during the fourth quarter of 2021.
DNP Select Income Fund, Inc is a closed-end investment fund that aims to provide current income, long-term growth of income and capital appreciation through investing primarily in a portfolio of equity and fixed income securities of companies in the public utilities industry. The Chicago-headquartered company was founded on January 21, 1986.
The news comes just after the business announced its latest dividend payout on May 10th. The shareholders for record as of April 28th were issued a dividend of $0.065 per share. This represents a dividend yield of 7.27%. The ex-dividend date for this dividend was Thursday, April 27th.
This move undoubtedly speaks to UBS Group AG’s continued faith in DNP Select Income Fund despite market uncertainties and fluctuations brought about by events such as the COVID-19 pandemic. Historically speaking, dividend-paying stocks like the ones embraced by DNP Select Income Fund have outperformed non-dividend paying stocks over the long term.
It is worth noting that investment decisions should be made based on careful consideration and analysis of all available information as well as each individual’s unique financial objectives and needs. Thus it is essential to seek advice from professional financial advisors before making any investment decisions or changes to one’s portfolio.
Overall UBS Group AG’s recent increase in its position in DNP Select Income Fund demonstrates both confidence in this sector and provides further validation for those who favor investing in publicly owned utility companies as well as long-term dividend-yielding stocks.
Institutional and Hedge Fund Investors Make Notable Changes to Holdings in DNP Select Income Fund Inc.
DNP Select Income Fund Inc., an investment management company that primarily invests in utility stocks, has recently been seeing some notable changes in its holdings by institutional and hedge fund investors. Royal Bank of Canada, for instance, increased its stake in the company’s shares by 1.3% during the third quarter and currently owns over 1.7 million shares worth $18.6 million. LPL Financial LLC also upped its position by 12.8% during the fourth quarter, owning over 1.6 million shares worth $18.4 million.
American Financial Advisors LLC owns over 1.3 million shares worth around $15 million after a 1.1% increase in the fourth quarter, while Commonwealth Equity Services LLC increased its stake by nearly 4%, owning over 800,000 shares worth around $9.7 million as of last quarter’s records.
Another institutional investor to move into DNP Select Income Fund Inc.’s stock is Baird Financial Group Inc., which increased its position by nearly 5% in the third quarter of last year and now owns almost 640,000 shares worth around $6.6 million.
Overall, hedge funds and institutional investors now own around 7.75% of DNP Select Income Fund Inc.’s outstanding shares.
In recent news for DNP Select Income Fund Inc., Director Mareile B. Cusack purchased more than 4,700 shares of the firm’s stock on April 26th at an average price of $10.50 per share, bringing her total ownership to just under $50,000 worth of DNP Select Income Fund Inc.’s stock.
Shares of DNP stock opened at $10.10 on Friday while holding an average moving price of $10.69 for fifty days along with a two-hundred day moving price of $11.12 marked as high for fifty-two weeks with a low at $9.83.
The acquisition was recorded and disclosed in a document that was filed with the Securities & Exchange Commission, making it accessible to everyone interested in the institutional changes transpiring at DNP Select Income Fund Inc.
Discussion about this post