Reaves Utility Income Fund (NYSEAMERICAN:UTG) Stock Price Crosses Below 50 Day Moving Average – Should You Sell?

Reaves Utility Income Fund (NYSEAMERICAN:UTG)’s share price crossed below its fifty day moving average during trading on Tuesday . The stock has a fifty day moving average of $41.72 and traded as low as $39.65. Reaves Utility Income Fund shares last traded at $39.85, with a volume of 253,011 shares traded.

Reaves Utility Income Fund Price Performance

The company has a 50-day moving average price of $41.62 and a 200-day moving average price of $40.14.

Reaves Utility Income Fund Dividend Announcement

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

Institutional Trading of Reaves Utility Income Fund

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Rockefeller Capital Management L.P. boosted 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 acquiring an additional 602 shares during the period. Cassaday & Co Wealth Management LLC bought a new position in Reaves Utility Income Fund during the first quarter worth $73,000. Cornerstone Planning Group LLC bought a new position in Reaves Utility Income Fund during the fourth quarter worth $75,000. Assetmark Inc. raised its stake in Reaves Utility Income Fund by 13.1% during the 1st quarter. Assetmark Inc. now owns 2,449 shares of the closed-end fund’s stock valued at $96,000 after purchasing an additional 283 shares during the last quarter. Finally, Laurel Wealth Advisors LLC acquired a new position in Reaves Utility Income Fund during the 4th quarter valued at $91,000.

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.