Reaves Utility Income Fund (NYSEAMERICAN:UTG – Get Free Report) was the target of a significant increase in short interest in October. As of October 15th, there was short interest totaling 44,879 shares, an increase of 66.0% from the September 30th total of 27,041 shares. Based on an average daily volume of 280,996 shares, the days-to-cover ratio is presently 0.2 days.
Institutional Investors Weigh In On Reaves Utility Income Fund
Several hedge funds have recently bought and sold shares of the business. Abound Wealth Management purchased a new position in shares of Reaves Utility Income Fund in the 2nd quarter worth about $32,000. Rockefeller Capital Management L.P. grew its position in 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 valued at $64,000 after purchasing an additional 602 shares during the last quarter. Cassaday & Co Wealth Management LLC purchased a new stake in Reaves Utility Income Fund during the 1st quarter valued at about $73,000. Latitude Advisors LLC purchased a new stake in Reaves Utility Income Fund during the 3rd quarter valued at about $69,000. Finally, MeadowBrook Investment Advisors LLC purchased a new stake in Reaves Utility Income Fund during the 3rd quarter valued at about $79,000.
Reaves Utility Income Fund Stock Performance
Shares of UTG stock opened at $34.61 on Tuesday. Reaves Utility Income Fund has a 12 month low of $33.51 and a 12 month high of $43.90. The company’s fifty day moving average price is $36.05 and its 200-day moving average price is $39.30.
Reaves Utility Income Fund Announces Dividend
The firm also recently declared a monthly dividend, which will be paid on Wednesday, December 30th. Investors of record on Thursday, December 17th will be paid a $0.21 dividend. This represents a $2.52 annualized dividend and a dividend yield of 7.3%. The ex-dividend date is Thursday, December 17th.
Reaves Utility Income Fund Company Profile
Reaves Utility Income Fund is a closed-end investment company that seeks to provide current income and long-term capital appreciation by investing primarily in companies involved in the utility and infrastructure sectors. Its portfolio may include electric, gas, water and telecommunications businesses, as well as other companies whose operations are tied to essential infrastructure and utility services.
The fund is managed by Reaves Asset Management, an investment management firm specializing in utility and infrastructure-related securities.
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