Reaves Utility Income Fund Announces Monthly Dividend of $0.16 (UTG)
Reaves Utility Income Fund (NYSEAMERICAN:UTG) announced a monthly dividend on Tuesday, December 19th, Wall Street Journal reports. Shareholders of record on Friday, December 29th will be given a dividend of 0.16 per share by the closed-end fund on Tuesday, January 16th. This represents a $1.92 dividend on an annualized basis and a yield of 6.25%. The ex-dividend date is Thursday, December 28th.
Reaves Utility Income Fund (UTG) traded down $0.45 during midday trading on Wednesday, reaching $30.74. 322,200 shares of the company’s stock were exchanged, compared to its average volume of 155,474. Reaves Utility Income Fund has a 1 year low of $30.34 and a 1 year high of $36.73.
In other news, insider Ronald James Sorenson acquired 6,102 shares of Reaves Utility Income Fund stock in a transaction dated Wednesday, October 11th. The stock was acquired at an average cost of $29.93 per share, for a total transaction of $182,632.86. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.
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Reaves Utility Income Fund (the Fund) is closed-end management investment company. The Fund’s investment objective is to provide a high level of after-tax income and total return consisting primarily of tax-advantaged dividend income and capital appreciation. The Fund intends to invest approximately 80% of its total assets in dividend-paying common and preferred stocks and debt instruments of companies within the utility industry.
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