Reaves Utility Income Fund (NYSEAMERICAN:UTG) Stock Passes Below 200-Day Moving Average – Here’s Why

Shares of Reaves Utility Income Fund (NYSEAMERICAN:UTG) passed below its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $40.49 and traded as low as $38.22. Reaves Utility Income Fund shares last traded at $38.51, with a volume of 487,360 shares trading hands.

Reaves Utility Income Fund Stock Down 0.1%

The stock has a fifty day moving average price of $40.57 and a 200 day moving average price of $40.50.

Reaves Utility Income Fund Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Wednesday, September 30th. Investors of record on Thursday, September 17th will be given a $0.21 dividend. The ex-dividend date is Thursday, September 17th. This represents a c) dividend on an annualized basis and a yield of 6.5%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of UTG. Oak Family Advisors LLC boosted its stake in shares of Reaves Utility Income Fund by 1.4% during the 4th quarter. Oak Family Advisors LLC now owns 224,222 shares of the closed-end fund’s stock worth $8,202,000 after purchasing an additional 3,049 shares during the period. Oppenheimer & Co. Inc. raised its position in Reaves Utility Income Fund by 6.7% in the 4th quarter. Oppenheimer & Co. Inc. now owns 64,447 shares of the closed-end fund’s stock worth $2,357,000 after purchasing an additional 4,026 shares during the period. Sigma Planning Corp lifted its stake in Reaves Utility Income Fund by 15.6% in the fourth quarter. Sigma Planning Corp now owns 36,948 shares of the closed-end fund’s stock worth $1,352,000 after purchasing an additional 4,988 shares during the last quarter. Simplicity Wealth LLC bought a new stake in Reaves Utility Income Fund in the fourth quarter worth about $297,000. Finally, Cornerstone Planning Group LLC purchased a new position in shares of Reaves Utility Income Fund during the fourth quarter valued at approximately $75,000.

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.