Reaves Utility Income Fund (NYSEAMERICAN:UTG) Shares Pass Below 200 Day Moving Average – Here’s What Happened

Shares of Reaves Utility Income Fund (NYSEAMERICAN:UTG) crossed below its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $37.59 and traded as low as $36.30. Reaves Utility Income Fund shares last traded at $36.77, with a volume of 132,223 shares.

Reaves Utility Income Fund Stock Performance

The firm’s fifty day moving average price is $37.45 and its 200 day moving average price is $37.58.

Reaves Utility Income Fund Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Wednesday, March 18th will be given a $0.20 dividend. The ex-dividend date of this dividend is Wednesday, March 18th. This represents a c) dividend on an annualized basis and a dividend yield of 6.5%.

Insider Activity at Reaves Utility Income Fund

In related news, insider Joseph Burns Rhame III acquired 2,700 shares of the business’s stock in a transaction that occurred on Thursday, October 23rd. The shares were acquired at an average cost of $37.80 per share, with a total value of $102,060.00. Following the purchase, the insider owned 13,559 shares of the company’s stock, valued at approximately $512,530.20. The trade was a 24.86% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Institutional Investors Weigh In On Reaves Utility Income Fund

Several hedge funds have recently modified their holdings of the business. Quest 10 Wealth Builders Inc. bought a new stake in shares of Reaves Utility Income Fund in the third quarter valued at about $27,000. Caldwell Trust Co acquired a new stake in shares of Reaves Utility Income Fund during the 2nd quarter worth approximately $30,000. American National Bank & Trust bought a new stake in shares of Reaves Utility Income Fund during the third quarter valued at approximately $34,000. CX Institutional bought a new stake in shares of Reaves Utility Income Fund during the third quarter valued at approximately $36,000. Finally, AdvisorNet Financial Inc raised its stake in shares of Reaves Utility Income Fund by 73.9% in the second quarter. AdvisorNet Financial Inc now owns 1,461 shares of the closed-end fund’s stock valued at $53,000 after purchasing an additional 621 shares in 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.