Welcome to our dedicated page for DNP Select Income Fund news (Ticker: DNP), a resource for investors and traders seeking the latest updates and insights on DNP Select Income Fund stock.
DNP Select Income Fund Inc. (symbol: DNP) is a closed-ended investment management fund dedicated to providing current income and long-term growth of income, with a secondary objective of capital appreciation. The fund primarily invests in the public utility industry, leveraging its strategic position to deliver consistent returns to its investors.
Managed by Duff & Phelps Investment Management Co., a reputable Chicago-based SEC-registered investment advisor founded in 1932, DNP Select Income Fund Inc. benefits from over 30 years of expertise in managing institutional separate accounts and both open- and closed-end funds. This management team has a proven track record, highlighted by the receipt of 20 Lipper Awards for top performance in peer comparisons.
DNP Select Income Fund Inc. focuses on key sectors such as global utilities, global infrastructure, global real estate, investment-grade fixed income, and large-cap equities. This diversified approach ensures the fund is well-positioned to achieve its investment objectives in various market conditions.
In recent developments, DNP Select Income Fund Inc. continues to deliver strong financial performance, maintaining robust partnerships and consistently launching new projects that align with its core objectives. Investors can stay updated with the latest news and performance metrics directly from the fund's periodic reports and official announcements.
As a wholly-owned subsidiary of Virtus Investment Partners (Nasdaq: VRTS), DNP Select Income Fund Inc. benefits from the operational support and strategic guidance of a publicly traded parent company, further enhancing its capability to meet and exceed investor expectations.
DNP Select Income Fund has declared a monthly dividend of 6.5 cents per share, payable on November 10, 2021. This dividend follows a consistent payout plan initiated in 2007, which aims to distribute all available investment income to shareholders. If sufficient income isn't available, the fund will utilize long-term capital gains or return of capital to maintain the distribution level. For fiscal year-to-date, cumulative distributions amount to $0.650 per share, with 18.95% cumulative total return on NAV.
DNP Select Income Fund announced a dividend of 6.5 cents per share for multiple dates including July 29, August 30, and September 29, 2021. This distribution is part of its Managed Distribution Plan established in 2007, aimed at providing consistent income to shareholders. For fiscal year-to-date, the total distribution per share stands at $0.455, with net investment income contributing 30% of distributions. The fund's current annualized distribution rate is 8.00% of NAV, with expected returns from long-term capital gains and return of capital if needed.
DNP Select Income Fund (NYSE: DNP) will redeem its Floating Rate Mandatory Redeemable Preferred Shares on April 1, 2021. This includes the redemption of 600 Series B MRP Shares valued at $60 million and 330 Series D MRP Shares worth $33 million, both at 100% of their liquidation preference. The total redemption will be financed by a $93 million borrowing from the Fund's existing credit facility. These shares will not incur accrued and unpaid dividends as they are redeemed on their final payment date.
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