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

Reaves Utility Income Fund (NYSEAMERICAN:UTG) was the target of a significant drop in short interest in the month of April. As of April 30th, there was short interest totaling 30,457 shares, a drop of 52.6% from the April 15th total of 64,273 shares. Based on an average daily volume of 201,645 shares, the days-to-cover ratio is presently 0.2 days.

Institutional Trading of Reaves Utility Income Fund

Institutional investors have recently modified their holdings of the stock. Rockefeller Capital Management L.P. grew its position in shares of Reaves Utility Income Fund by 52.0% in the fourth quarter. Rockefeller Capital Management L.P. now owns 1,760 shares of the closed-end fund’s stock valued at $64,000 after purchasing an additional 602 shares during the period. Cassaday & Co Wealth Management LLC acquired a new stake in shares of Reaves Utility Income Fund in the first quarter valued at about $73,000. Assetmark Inc. grew its position in shares of Reaves Utility Income Fund by 201.9% in the third quarter. Assetmark Inc. now owns 1,947 shares of the closed-end fund’s stock valued at $77,000 after purchasing an additional 1,302 shares during the period. Cornerstone Planning Group LLC acquired a new stake in shares of Reaves Utility Income Fund in the fourth quarter valued at about $75,000. Finally, Laurel Wealth Advisors LLC acquired a new stake in shares of Reaves Utility Income Fund in the fourth quarter valued at about $91,000.

Reaves Utility Income Fund Stock Down 2.4%

Shares of NYSEAMERICAN UTG traded down $1.02 during trading on Friday, hitting $42.24. The company had a trading volume of 235,217 shares, compared to its average volume of 252,345. The stock has a fifty day simple moving average of $41.11 and a two-hundred day simple moving average of $39.08. Reaves Utility Income Fund has a fifty-two week low of $33.50 and a fifty-two week high of $43.90.

Reaves Utility Income Fund Dividend Announcement

The business also recently announced a monthly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Wednesday, June 17th will be given a $0.20 dividend. The ex-dividend date is Wednesday, June 17th. This represents a c) annualized dividend and a dividend yield of 5.7%.

About Reaves Utility Income Fund

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.