An officer of DNP Select Income Fund Inc (NYSE:DNP), Kyle P. West, has recently purchased additional shares of the company, signaling a positive outlook on the investment management firm's prospects. The transaction, which took place on June 14, 2024, involved the acquisition of 1,000 shares of common stock at a price of $8.2399 per share, amounting to a total investment of $8,239.90.
Following this latest purchase, West's total holdings in DNP Select Income Fund have increased to 7,176.978 shares. Notably, this figure includes 316.978 shares acquired through a dividend reinvestment plan since his last filing, as indicated in the footnotes of the SEC Form 4 report. The dividend reinvestment plan has contributed to West's stake in the company, with a total of 876.978 shares held through this method.
Investors often monitor insider transactions like these for insights into the confidence levels of a company's executives and directors regarding the firm's future performance. The recent acquisition by West may be interpreted by some as a sign of his belief in the company's value and potential for growth.
DNP Select Income Fund Inc, listed on the New York Stock Exchange, is a closed-end fund managed by Duff & Phelps Investment Management Co. The company focuses on income-generating strategies and has a history of providing investors with dividend income.
InvestingPro Insights
Recent insider activity at DNP Select Income Fund Inc (NYSE:DNP) has caught the attention of investors, as Officer Kyle P. West increased his stake in the company. InvestingPro data and tips provide additional context to this move, potentially offering a deeper understanding of the company's current financial health and future prospects.
According to InvestingPro data, DNP Select Income Fund has a market capitalization of $2.96 billion. Despite a negative P/E ratio of -15.85, indicating that the company is not currently profitable, the firm has managed to maintain dividend payments for an impressive 38 consecutive years. This commitment to returning value to shareholders is further underscored by a substantial dividend yield of 9.44%, as of the latest figures.
Moreover, the company's revenue for the last twelve months as of Q4 2023 stands at $140.97 million, with a gross profit margin of 100%. This suggests that the company has been effective in managing its cost of sales, although it is essential to consider other operating expenses that may affect overall profitability.
InvestingPro Tips highlight that the stock is trading near its 52-week low, which could indicate a potential buying opportunity for those who believe in the company's fundamentals. Additionally, the company's liquid assets exceed its short-term obligations, which may provide some reassurance to investors concerned about financial stability.
For readers interested in a more comprehensive analysis, additional InvestingPro Tips related to DNP Select Income Fund Inc are available, which could further inform investment decisions. To explore these insights, visit https://www.investing.com/pro/DNP and remember to use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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