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Though she's not engaged, "Bethenny is happy and enjoying her summer," a friend of the star tells PEOPLE

By Liz McNeil and Aurelie Corinthios
Updated August 03, 2016 12:50 PM
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Bethenny Frankel certainly knows how to send her fans into a tizzy.

On Wednesday, the Real Housewives of New York City star took to the new Instagram Story function to share a picture of herself wearing one massive sparkler on that finger while nuzzling into boyfriend Dennis Shields‘ neck – but despite the bling, PEOPLE has learned the star is not engaged.

“Bethenny is happy and enjoying her summer,” a friend of the star tells PEOPLE.

And while she’s not heading down the aisle, Frankel, 45, appears to be going strong with her new beau Shields, a New York banker whom she first met about 27 years ago when he dated (and later married) one of her high school friends.

Though she did not stay in touch with her high school friend (“We’ve spoken three times in 25 years,” she recently told PEOPLE), Frankel and Shields share other mutual pals and recently began dating, several months after he separated from his wife.

“I am in a really happy place right now,” she told PEOPLE exclusively in June. “I haven’t been this happy in a really long time.”

“We have a lot of friends in common, and we’ve been friends for years,” she added. “We’ve both been married and separated, so we’re a perfect match. Like everything else in my life, I’m owning it.

Meanwhile, Frankel has since finalized her divorce with ex-husband Jason Hoppy after a nearly four-year battle.

Frankel’s lawyer Allan Mayefsky released a statement exclusively to PEOPLE on her behalf: “Out of respect for her privacy and the well-being of her daughter, Bethenny is declining to comment. We can confirm that the divorce has been resolved. Our client is ecstatic that this long chapter is over, and she is looking forward to moving on with her life.”

The Real Housewives of New York City airs Wednesdays (9 p.m. ET) on Bravo.