Reaves Utility Income Fund (NYSEAMERICAN:UTG) Stock Short Interest Climbs 66.0%

Reaves Utility Income Fund (NYSEAMERICAN:UTG) was the recipient of a significant growth in short interest in October. As of October 15th, there was short interest totaling 44,879 shares, a growth of 66.0% from the September 30th total of 27,041 shares. Based on an average daily volume of 280,996 shares, the short-interest ratio is currently 0.2 days.

Reaves Utility Income Fund Price Performance

NYSEAMERICAN UTG opened at $34.73 on Wednesday. The company’s 50 day moving average is $35.99 and its 200-day moving average is $39.29. Reaves Utility Income Fund has a 12-month low of $33.51 and a 12-month high of $43.90.

Reaves Utility Income Fund Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Wednesday, December 30th. Investors of record on Thursday, December 17th will be issued a $0.21 dividend. The ex-dividend date of this dividend is Thursday, December 17th. This represents a $2.52 annualized dividend and a yield of 7.3%.

Institutional Investors Weigh In On Reaves Utility Income Fund

Hedge funds and other institutional investors have recently bought and sold shares of the business. Abound Wealth Management bought a new position in shares of Reaves Utility Income Fund in the second quarter worth $32,000. Rockefeller Capital Management L.P. grew its position 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 valued at $64,000 after purchasing an additional 602 shares in the last quarter. Latitude Advisors LLC purchased a new position in shares of Reaves Utility Income Fund in the third quarter valued at $69,000. Cassaday & Co Wealth Management LLC purchased a new position in shares of Reaves Utility Income Fund in the first quarter valued at $73,000. Finally, MeadowBrook Investment Advisors LLC bought a new stake in shares of Reaves Utility Income Fund during the 3rd quarter valued at $79,000.

Reaves Utility Income Fund Company Profile

Reaves Utility Income Fund is a closed-end investment company that seeks to provide current income and long-term capital appreciation by investing primarily in companies involved in the utility and infrastructure sectors. Its portfolio may include electric, gas, water and telecommunications businesses, as well as other companies whose operations are tied to essential infrastructure and utility services.

The fund is managed by Reaves Asset Management, an investment management firm specializing in utility and infrastructure-related securities.