Reaves Utility Income Fund Declares Monthly Dividend of $0.19 (NYSEAMERICAN:UTG)

Reaves Utility Income Fund (NYSEAMERICAN:UTG) declared a monthly dividend on Tuesday, April 9th, Wall Street Journal reports. Investors of record on Monday, June 17th will be given a dividend of 0.19 per share by the closed-end fund on Friday, June 28th. This represents a $2.28 annualized dividend and a dividend yield of 8.50%. The ex-dividend date is Monday, June 17th.

Reaves Utility Income Fund has raised its dividend by an average of 1.8% annually over the last three years.

Reaves Utility Income Fund Stock Up 0.4 %

Shares of UTG traded up $0.11 during mid-day trading on Tuesday, hitting $26.83. 258,564 shares of the company were exchanged, compared to its average volume of 320,535. Reaves Utility Income Fund has a 1-year low of $23.24 and a 1-year high of $29.50. The firm’s 50 day simple moving average is $26.45.

Insider Buying and Selling at Reaves Utility Income Fund

In other Reaves Utility Income Fund news, Director Joellen Legg acquired 1,890 shares of the business’s stock in a transaction on Monday, March 25th. The stock was bought at an average price of $26.46 per share, for a total transaction of $50,009.40. Following the acquisition, the director now owns 1,890 shares in the company, valued at $50,009.40. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Hedge Funds Weigh In On Reaves Utility Income Fund

A number of hedge funds have recently made changes to their positions in UTG. Bank of America Corp DE boosted its position in Reaves Utility Income Fund by 0.5% in the 1st quarter. Bank of America Corp DE now owns 750,788 shares of the closed-end fund’s stock valued at $21,307,000 after buying an additional 3,601 shares during the period. Morgan Stanley raised its stake in Reaves Utility Income Fund by 2.7% during the 4th quarter. Morgan Stanley now owns 651,814 shares of the closed-end fund’s stock worth $18,427,000 after acquiring an additional 17,321 shares in the last quarter. Wells Fargo & Company MN increased its stake in Reaves Utility Income Fund by 0.4% in the fourth quarter. Wells Fargo & Company MN now owns 442,811 shares of the closed-end fund’s stock valued at $12,518,000 after purchasing an additional 1,614 shares during the period. Royal Bank of Canada increased its stake in Reaves Utility Income Fund by 0.8% in the second quarter. Royal Bank of Canada now owns 323,333 shares of the closed-end fund’s stock valued at $8,866,000 after purchasing an additional 2,711 shares during the period. Finally, Ameriprise Financial Inc. increased its stake in Reaves Utility Income Fund by 4.5% in the first quarter. Ameriprise Financial Inc. now owns 302,543 shares of the closed-end fund’s stock valued at $8,592,000 after purchasing an additional 12,956 shares during the period.

About Reaves Utility Income Fund

Reaves Utility Income Fund is a closed ended balanced mutual fund launched and managed by W. H. Reaves & Company, Inc The fund invests in public equity and fixed income markets of the United States. It seeks to invest in securities of companies operating in the Utilities sector. The fund primarily invests in dividend paying stocks and debt instruments of companies operating across all market capitalizations.