Reaves Utility Income Fund (NYSEAMERICAN:UTG) Stock Price Passes Below Two Hundred Day Moving Average – What’s Next?

Shares of Reaves Utility Income Fund (NYSEAMERICAN:UTG) passed below its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $40.58 and traded as low as $38.02. Reaves Utility Income Fund shares last traded at $38.30, with a volume of 297,719 shares changing hands.

Reaves Utility Income Fund Trading Up 0.9%

The business has a fifty day moving average of $39.32 and a 200 day moving average of $40.58.

Reaves Utility Income Fund Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Wednesday, September 30th. Investors of record on Thursday, September 17th will be issued a dividend of $0.21 per share. The ex-dividend date of this dividend is Thursday, September 17th. This represents a c) dividend on an annualized basis and a dividend yield of 6.6%.

Hedge Funds Weigh In On Reaves Utility Income Fund

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Abound Wealth Management bought a new position in shares of Reaves Utility Income Fund in the second quarter valued at about $32,000. Rockefeller Capital Management L.P. boosted its holdings in shares of Reaves Utility Income Fund by 52.0% during the 4th quarter. Rockefeller Capital Management L.P. now owns 1,760 shares of the closed-end fund’s stock worth $64,000 after buying an additional 602 shares during the period. Cassaday & Co Wealth Management LLC bought a new stake in shares of Reaves Utility Income Fund during the 1st quarter worth about $73,000. Assetmark Inc. grew its stake in Reaves Utility Income Fund by 13.1% in the 1st quarter. Assetmark Inc. now owns 2,449 shares of the closed-end fund’s stock valued at $96,000 after buying an additional 283 shares during the last quarter. Finally, International Assets Investment Management LLC bought a new position in Reaves Utility Income Fund in the 4th quarter valued at about $102,000.

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.