Short Interest in Reaves Utility Income Fund (NYSEAMERICAN:UTG) Rises By 293.7%

Reaves Utility Income Fund (NYSEAMERICAN:UTG) was the target of a large growth in short interest in the month of June. As of June 15th, there was short interest totaling 29,641 shares, a growth of 293.7% from the May 31st total of 7,528 shares. Based on an average daily trading volume, of 242,968 shares, the days-to-cover ratio is currently 0.1 days.

Reaves Utility Income Fund Stock Performance

NYSEAMERICAN:UTG traded down $0.54 during trading hours on Friday, reaching $40.80. The company had a trading volume of 327,211 shares, compared to its average volume of 252,583. The stock has a 50-day moving average of $41.96 and a two-hundred day moving average of $39.91. Reaves Utility Income Fund has a one year low of $35.61 and a one year high of $43.90.

Reaves Utility Income Fund Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Thursday, September 17th will be paid a $0.21 dividend. This represents a c) annualized dividend and a dividend yield of 6.2%. The ex-dividend date is Thursday, September 17th.

Institutional Investors Weigh In On Reaves Utility Income Fund

A number of hedge funds have recently made changes to their positions in the company. Focus Partners Wealth bought a new position in Reaves Utility Income Fund during the 1st quarter valued at about $286,000. Walleye Capital LLC bought a new stake in Reaves Utility Income Fund during the second quarter worth about $742,000. Baird Financial Group Inc. increased its holdings in shares of Reaves Utility Income Fund by 7.9% during the second quarter. Baird Financial Group Inc. now owns 7,586 shares of the closed-end fund’s stock worth $274,000 after buying an additional 556 shares in the last quarter. NewEdge Advisors LLC increased its holdings in shares of Reaves Utility Income Fund by 42.3% during the second quarter. NewEdge Advisors LLC now owns 111,791 shares of the closed-end fund’s stock worth $4,045,000 after buying an additional 33,237 shares in the last quarter. Finally, Raymond James Financial Inc. raised its stake in shares of Reaves Utility Income Fund by 17.8% in the second quarter. Raymond James Financial Inc. now owns 287,238 shares of the closed-end fund’s stock valued at $10,392,000 after acquiring an additional 43,358 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.