Reaves Utility Income Fund (NYSEAMERICAN:UTG) Sees Significant Growth in Short Interest

Reaves Utility Income Fund (NYSEAMERICAN:UTG) was the recipient of a significant increase in short interest in the month of July. As of July 31st, there was short interest totaling 160,769 shares, an increase of 236.0% from the July 15th total of 47,850 shares. Based on an average daily volume of 306,542 shares, the short-interest ratio is presently 0.5 days.

Institutional Trading of Reaves Utility Income Fund

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Abound Wealth Management purchased a new position in Reaves Utility Income Fund during the 2nd quarter worth approximately $32,000. Rockefeller Capital Management L.P. increased its position in Reaves Utility Income Fund by 52.0% in the 4th quarter. Rockefeller Capital Management L.P. now owns 1,760 shares of the closed-end fund’s stock valued at $64,000 after acquiring an additional 602 shares during the period. Cassaday & Co Wealth Management LLC acquired a new stake in Reaves Utility Income Fund during the 1st quarter worth approximately $73,000. Cornerstone Planning Group LLC purchased a new position in Reaves Utility Income Fund in the 4th quarter valued at $75,000. Finally, Laurel Wealth Advisors LLC purchased a new stake in shares of Reaves Utility Income Fund in the fourth quarter valued at about $91,000.

Reaves Utility Income Fund Trading Down 0.0%

UTG traded down $0.01 on Thursday, hitting $39.96. 73,242 shares of the company were exchanged, compared to its average volume of 256,827. The firm has a 50-day moving average price of $40.21 and a two-hundred day moving average price of $40.56. Reaves Utility Income Fund has a twelve month low of $35.81 and a twelve month high of $43.90.

Reaves Utility Income Fund Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Thursday, September 17th will be issued a dividend of $0.21 per share. This represents a c) dividend on an annualized basis and a yield of 6.3%. The ex-dividend date of this dividend is Thursday, September 17th.

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.