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

Reaves Utility Income Fund (NYSEAMERICAN:UTG) was the target of a large decline in short interest during the month of May. As of May 29th, there was short interest totaling 7,528 shares, a decline of 92.8% from the May 14th total of 105,100 shares. Based on an average daily volume of 236,336 shares, the short-interest ratio is currently 0.0 days.

Reaves Utility Income Fund Stock Down 1.3%

Shares of Reaves Utility Income Fund stock traded down $0.52 on Wednesday, hitting $39.62. The stock had a trading volume of 251,042 shares, compared to its average volume of 251,021. Reaves Utility Income Fund has a 52-week low of $34.56 and a 52-week high of $43.90. The company’s 50 day moving average price is $41.73 and its 200 day moving average price is $39.57.

Reaves Utility Income Fund Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Wednesday, June 17th will be issued a $0.20 dividend. This represents a c) annualized dividend and a dividend yield of 6.1%. The ex-dividend date of this dividend is Wednesday, June 17th.

Institutional Trading of Reaves Utility Income Fund

Several institutional investors and hedge funds have recently added to or reduced their stakes in UTG. Quantum Portfolio Management LLC raised its stake in Reaves Utility Income Fund by 980,504.5% during the 1st quarter. Quantum Portfolio Management LLC now owns 109,660,999 shares of the closed-end fund’s stock valued at $4,307,484,000 after acquiring an additional 109,649,816 shares during the last quarter. Bank of America Corp DE raised its stake in Reaves Utility Income Fund by 27.2% during the 1st quarter. Bank of America Corp DE now owns 1,361,230 shares of the closed-end fund’s stock valued at $53,469,000 after acquiring an additional 290,771 shares during the last quarter. Gerald Baker Financial Group LLC purchased a new stake in Reaves Utility Income Fund during the 1st quarter valued at approximately $6,147,000. Wealthspire Advisors LLC purchased a new stake in Reaves Utility Income Fund during the 4th quarter valued at approximately $5,279,000. Finally, LPL Financial LLC raised its stake in Reaves Utility Income Fund by 13.6% during the 4th quarter. LPL Financial LLC now owns 779,445 shares of the closed-end fund’s stock valued at $28,512,000 after acquiring an additional 93,261 shares during the last quarter.

Reaves Utility Income Fund Company Profile

Reaves Utility Income Fund (NYSE American: UTG) is a closed-end management investment company organized as a Delaware statutory trust. Since commencing operations in 1994, the fund’s primary objective has been to provide its shareholders with a high level of current income and the potential for capital appreciation. It does so by investing in a diversified portfolio of income-producing securities within the utilities sector.

The fund typically allocates its assets across common stocks, preferred stocks, corporate debt securities, convertible securities, rights, warrants and depositary receipts of regulated utility companies.