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. reports recurring fund developments as a closed-end diversified investment management company focused on current income and long-term growth of income. The fund is advised by Duff & Phelps Investment Management Co. and invests primarily in diversified equity and fixed-income securities of companies in the public utilities industry.
Its news commonly covers board-authorized dividends on common stock, monthly distribution timing, and Section 19(a) notices that estimate the sources of distributions under the fund's managed distribution plan. Updates also describe how distribution amounts are presented under U.S. GAAP and may differ from federal income tax treatment.
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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.
Summary not available.
The Board of Directors of DNP Select Income Fund (NYSE: DNP) has approved a monthly dividend of 6.5 cents per share to be distributed on multiple dates: May 10, 2021, June 10, 2021, and July 12, 2021. The Fund follows a Managed Distribution Plan to sustain this distribution rate. As of now, the estimated sources for the February 2021 distribution of $0.065 per share are: net investment income (32%), long-term capital gains (32%), and return of capital (36%). Average annual total return on NAV for 5 years stands at 10.65%.
DNP Select Income Fund announced the completion of its merger with Duff & Phelps Utility and Corporate Bond Trust. The merger, approved by DUC shareholders on February 22, 2021, allows the combined fund to retain the DNP name and ticker symbol, alongside its investment objectives. DUC shares ceased trading on March 5, 2021. Shareholders received 1.055545 shares of DNP for each share of DUC, based on net asset values at the time of the conversion.
Summary not available.
DNP Select Income Fund Inc. (DNP) provided answers to shareholder questions regarding its proposed merger with Duff & Phelps Utility and Corporate Bond Trust Inc. (DUC) on January 29, 2021. Notably, shareholders are not required to vote on the merger. DNP aims to achieve long-term income growth through a diversified portfolio, particularly in public utilities. The fund is advised by Duff & Phelps Investment Management, a subsidiary of Virtus Investment Partners (VRTS), managing $116.5 billion in assets as of September 30, 2020.
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DNP Select Income Fund (NYSE: DNP) announced a monthly dividend of 6.5 cents per share, payable on February 10, 2021, as part of its Managed Distribution Plan established in 2007. The Plan aims to maintain this distribution rate by utilizing available investment income or long-term capital gains when necessary. In the fiscal year-to-date, the Fund's cumulative total return on NAV is -10.57%, with an annualized distribution rate of 9.03% of NAV. Investors are advised that these distribution amounts are estimates and may change as the fiscal year progresses.
Summary not available.