Reaves Utility Income Fund (UTG) to Issue Monthly Dividend of $0.20 on March 31st

Reaves Utility Income Fund (NYSEAMERICAN:UTG) declared a monthly dividend on Tuesday, December 16th. Stockholders of record on Wednesday, March 18th will be paid a dividend of 0.20 per share by the closed-end fund on Tuesday, March 31st. This represents a c) dividend on an annualized basis and a dividend yield of 6.6%. The ex-dividend date of this dividend is Wednesday, March 18th.

Reaves Utility Income Fund Stock Performance

UTG opened at $36.13 on Thursday. The business has a fifty day simple moving average of $38.01 and a 200 day simple moving average of $37.53. Reaves Utility Income Fund has a 1 year low of $27.55 and a 1 year high of $41.94.

Insider Activity

In other Reaves Utility Income Fund news, insider Joseph Burns Rhame III bought 2,700 shares of Reaves Utility Income Fund stock in a transaction dated Thursday, October 23rd. The stock was bought at an average price of $37.80 per share, with a total value of $102,060.00. Following the completion of the transaction, the insider owned 13,559 shares in the company, valued at $512,530.20. The trade was a 24.86% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website.

Institutional Trading of Reaves Utility Income Fund

A number of institutional investors have recently bought and sold shares of UTG. Cornerstone Advisors LLC raised its stake in Reaves Utility Income Fund by 80.2% in the second quarter. Cornerstone Advisors LLC now owns 732,485 shares of the closed-end fund’s stock valued at $26,501,000 after purchasing an additional 325,939 shares in the last quarter. J.W. Cole Advisors Inc. increased its holdings in Reaves Utility Income Fund by 366.2% in the 2nd quarter. J.W. Cole Advisors Inc. now owns 362,956 shares of the closed-end fund’s stock valued at $13,132,000 after buying an additional 285,103 shares during the period. Absolute Investment Advisers LLC acquired a new position in shares of Reaves Utility Income Fund in the 3rd quarter valued at approximately $5,137,000. Bank of America Corp DE lifted its holdings in shares of Reaves Utility Income Fund by 11.7% during the 2nd quarter. Bank of America Corp DE now owns 1,043,401 shares of the closed-end fund’s stock worth $37,750,000 after acquiring an additional 109,614 shares during the period. Finally, Laurel Wealth Advisors LLC boosted its position in shares of Reaves Utility Income Fund by 3,518.0% during the 2nd quarter. Laurel Wealth Advisors LLC now owns 90,450 shares of the closed-end fund’s stock worth $3,272,000 after acquiring an additional 87,950 shares in the last quarter.

Reaves Utility Income Fund Company Profile

Reaves Utility Income Fund is a closed ended balanced mutual fund launched and managed by W. H. Reaves & Company, Inc The fund invests in public equity and fixed income markets of the United States. It seeks to invest in securities of companies operating in the Utilities sector. The fund primarily invests in dividend paying stocks and debt instruments of companies operating across all market capitalizations.