Daniel Petrisko, Executive Vice President of DNP Select Income Fund Inc (NYSE:DNP), has recently increased his stake in the company through the purchase of additional shares. On June 21, 2024, Petrisko acquired 800 shares of common stock at a price of $8.1253 per share, amounting to a total investment of $6,500.
The transaction has bolstered Petrisko's total holdings in DNP Select Income Fund to 3,569.5852 shares. Notably, this figure includes shares acquired through a dividend reinvestment plan, which now total 472.5852 shares as per the footnotes in the SEC filing.
Investors often keep a close eye on insider transactions, as they can provide insights into how executives perceive the company's prospects. The decision by Petrisko to expand his ownership in DNP Select Income Fund may be interpreted as a sign of confidence in the firm's future performance.
DNP Select Income Fund Inc, listed on the New York Stock Exchange, is a closed-end fund with a focus on income generation. The company's investment strategy includes a diversified portfolio that targets income-producing securities.
As always, investors are encouraged to consider the context of such transactions and perform their own due diligence when evaluating investment opportunities.
InvestingPro Insights
In light of Daniel Petrisko's recent purchase of shares in DNP Select Income Fund Inc (NYSE:DNP), current and prospective investors may find the following InvestingPro Data and Tips particularly informative. With a market capitalization of $2.96 billion, the company showcases a significant size in its sector. Despite a negative P/E ratio of -15.91, indicating that the company has been unprofitable over the last twelve months, DNP Select Income Fund stands out for its substantial dividend yield of 9.63%. This figure is particularly noteworthy given the current investment landscape and may appeal to income-focused investors.
Moreover, DNP Select Income Fund has a record of maintaining dividend payments for 38 consecutive years, an InvestingPro Tip that underscores the company's commitment to returning value to shareholders. This consistency in dividends could be a key factor for those seeking reliable income streams from their investments. Additionally, the firm's liquidity position is robust, with liquid assets surpassing short-term obligations, providing a degree of financial stability.
For those considering an investment in DNP Select Income Fund, it's worth noting that the stock is currently trading near its 52-week low, which could suggest a potential entry point for value investors. To explore more about DNP Select Income Fund's financial metrics and to access additional InvestingPro Tips, visit https://www.investing.com/pro/DNP. Remember to use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking even more insights to inform your investment decisions. There are 7 more InvestingPro Tips available for DNP Select Income Fund that could provide further guidance.
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