In a significant transaction, MetLife (NYSE:MET) Investment Management, LLC has added a substantial amount of securities to its holdings. The investment firm purchased $9.61 trillion worth of 3.00% Series B Senior Secured Notes from DNP Select Income Fund Inc (NYSE:DNP), a move that was reported in a recent filing.
The transaction took place on July 22, 2024, and involved the acquisition of notes due to mature on July 22, 2026. According to the filing, the price per note was set at $3.1 million, reflecting the aggregate principal amount of the securities purchased. This purchase increases MetLife Investment Management's position in the notes to the same amount, signaling a strong commitment to the DNP Select Income Fund's financial instruments.
It's important to note that these securities are held directly by a client for whom MetLife Investment Management serves as an investment manager. The firm has disclaimed beneficial ownership of the reported securities, except to the extent of its pecuniary interest. Moreover, the report should not be considered an admission that MetLife Investment Management is the beneficial owner of these securities for the purposes of Section 16 of the Securities Exchange Act of 1934, or for any other purpose.
The transaction was signed off by Israel Grafstein, the Chief Compliance Officer of MetLife Investment Management, LLC, underscoring the formal and regulated nature of such financial activities. Investors and market watchers will likely keep an eye on how this sizable investment influences MetLife Investment Management's strategy and the performance of DNP Select Income Fund moving forward.
InvestingPro Insights
With MetLife Investment Management's recent purchase of DNP Select Income Fund Inc (NYSE:DNP) securities, investors may find the following insights valuable. The DNP Select Income Fund has been a consistent player in the market, maintaining dividend payments for an impressive 38 consecutive years, which is a testament to its stability and reliability as an income-generating investment. Additionally, the fund's liquid assets surpass its short-term obligations, indicating a strong liquidity position that can appeal to cautious investors looking for a less risky profile.
Examining real-time data from InvestingPro, DNP Select Income Fund Inc currently has a market capitalization of $3.16 billion. Despite not being profitable over the last twelve months, the fund offers a significant dividend yield of 9.0%, which can be particularly attractive to income-focused investors. The revenue growth over the last twelve months as of Q2 2024 stands at 10.35%, showing a positive trajectory in the fund's earnings capability.
For investors seeking further insights and tips, there are additional InvestingPro Tips available that delve deeper into the financial health and prospects of DNP Select Income Fund Inc. To enhance your investment strategy with these insights, consider using the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription at InvestingPro.
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