Reaves Utility Income Fund (NYSEAMERICAN:UTG) Sees Large Decline in Short Interest

Reaves Utility Income Fund (NYSEAMERICAN:UTG) was the target of a large decrease in short interest in the month of September. As of September 30th, there was short interest totaling 27,041 shares, a decrease of 83.2% from the September 15th total of 160,925 shares. Based on an average daily volume of 432,808 shares, the days-to-cover ratio is presently 0.1 days.

Reaves Utility Income Fund Stock Performance

Shares of UTG stock traded up $0.20 during mid-day trading on Friday, hitting $36.39. The company’s stock had a trading volume of 158,776 shares, compared to its average volume of 273,826. Reaves Utility Income Fund has a 52 week low of $33.53 and a 52 week high of $43.90. The company’s fifty day simple moving average is $37.44 and its 200-day simple moving average is $39.79.

Reaves Utility Income Fund Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Wednesday, December 30th. Investors of record on Thursday, December 17th will be given a dividend of $0.21 per share. This represents a $2.52 dividend on an annualized basis and a dividend yield of 6.9%. The ex-dividend date is Thursday, December 17th.

Institutional Trading of Reaves Utility Income Fund

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Abound Wealth Management acquired a new stake in Reaves Utility Income Fund in the 2nd quarter valued at $32,000. Rockefeller Capital Management L.P. raised its stake in shares of Reaves Utility Income Fund by 52.0% in the fourth quarter. Rockefeller Capital Management L.P. now owns 1,760 shares of the closed-end fund’s stock worth $64,000 after purchasing an additional 602 shares during the last quarter. Cassaday & Co Wealth Management LLC bought a new stake in Reaves Utility Income Fund during the first quarter worth $73,000. Assetmark Inc. raised its position in Reaves Utility Income Fund by 13.1% in the 1st quarter. Assetmark Inc. now owns 2,449 shares of the closed-end fund’s stock valued at $96,000 after buying an additional 283 shares during the last quarter. Finally, Sunbelt Securities Inc. purchased a new position in Reaves Utility Income Fund during the 1st quarter worth $106,000.

Reaves Utility Income Fund Company Profile

Reaves Utility Income Fund (NYSE American: UTG) is a closed-end investment company that seeks to provide investors with a high level of current income and the opportunity for long-term capital appreciation. The fund invests primarily in equity securities issued by companies involved in essential services and infrastructure.

Its portfolio may include electric, gas and water utilities, telecommunications companies, midstream energy businesses, and other firms supporting the delivery of utility and infrastructure services.