Reaves Utility Income Fund (NYSEAMERICAN:UTG) Stock Passes Above Fifty Day Moving Average – Time to Sell?

Shares of Reaves Utility Income Fund (NYSEAMERICAN:UTG) crossed above its fifty day moving average during trading on Monday . The stock has a fifty day moving average of $30.43 and traded as high as $32.80. Reaves Utility Income Fund shares last traded at $32.70, with a volume of 293,444 shares traded.

Reaves Utility Income Fund Stock Performance

The stock’s 50-day moving average price is $30.43.

Reaves Utility Income Fund Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Monday, March 31st. Investors of record on Tuesday, March 18th will be issued a dividend of $0.19 per share. This represents a $2.28 dividend on an annualized basis and a yield of 6.97%. The ex-dividend date of this dividend is Tuesday, March 18th.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Private Advisor Group LLC lifted its stake in Reaves Utility Income Fund by 1.2% during the second quarter. Private Advisor Group LLC now owns 205,892 shares of the closed-end fund’s stock valued at $5,625,000 after buying an additional 2,377 shares in the last quarter. Wedbush Securities Inc. increased its stake in shares of Reaves Utility Income Fund by 3.4% in the second quarter. Wedbush Securities Inc. now owns 28,420 shares of the closed-end fund’s stock worth $776,000 after acquiring an additional 924 shares during the last quarter. J.W. Cole Advisors Inc. increased its position in Reaves Utility Income Fund by 4.4% in the 2nd quarter. J.W. Cole Advisors Inc. now owns 278,213 shares of the closed-end fund’s stock worth $7,601,000 after purchasing an additional 11,694 shares during the last quarter. AE Wealth Management LLC raised its stake in shares of Reaves Utility Income Fund by 18.7% during the 2nd quarter. AE Wealth Management LLC now owns 19,587 shares of the closed-end fund’s stock worth $535,000 after purchasing an additional 3,086 shares in the last quarter. Finally, EverSource Wealth Advisors LLC acquired a new stake in shares of Reaves Utility Income Fund during the 2nd quarter valued at about $71,000.

About Reaves Utility Income Fund

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.