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

Reaves Utility Income Fund (NYSEAMERICAN:UTG) saw a large decline in short interest in August. As of August 31st, there was short interest totalling 51,200 shares, a decline of 40.9% from the August 15th total of 86,600 shares. Based on an average daily volume of 399,400 shares, the short-interest ratio is presently 0.1 days.

Reaves Utility Income Fund Trading Up 0.4 %

Shares of Reaves Utility Income Fund stock opened at $30.69 on Friday. The business’s 50-day moving average price is $27.65. Reaves Utility Income Fund has a 1-year low of $23.24 and a 1-year high of $30.95.

Reaves Utility Income Fund Dividend Announcement

The firm also recently declared a dividend, which was paid on Wednesday, July 31st. Investors of record on Monday, July 22nd were issued a dividend of $0.19 per share. The ex-dividend date was Friday, July 19th. This represents a yield of 7.99%.

Institutional Trading of Reaves Utility Income Fund

A number of hedge funds and other institutional investors have recently made changes to their positions in UTG. Sanctuary Advisors LLC acquired a new stake in shares of Reaves Utility Income Fund during the 2nd quarter worth approximately $2,443,000. B. Riley Wealth Advisors Inc. bought a new position in Reaves Utility Income Fund in the second quarter valued at approximately $222,000. Northwestern Mutual Wealth Management Co. grew its holdings in Reaves Utility Income Fund by 5.4% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 57,609 shares of the closed-end fund’s stock worth $1,574,000 after acquiring an additional 2,933 shares during the period. Creative Planning raised its position in shares of Reaves Utility Income Fund by 11.4% during the 2nd quarter. Creative Planning now owns 25,935 shares of the closed-end fund’s stock valued at $709,000 after acquiring an additional 2,645 shares during the last quarter. Finally, ELCO Management Co. LLC lifted its stake in shares of Reaves Utility Income Fund by 5.3% in the 2nd quarter. ELCO Management Co. LLC now owns 7,900 shares of the closed-end fund’s stock valued at $216,000 after purchasing an additional 400 shares during the period.

Reaves Utility Income Fund Company Profile

Reaves Utility Income Fund is a closed ended balanced mutual fund launched and managed by W. H. Reaves & Company, Inc The fund invests in public equity and fixed income markets of the United States. It seeks to invest in securities of companies operating in the Utilities sector. The fund primarily invests in dividend paying stocks and debt instruments of companies operating across all market capitalizations.