Reaves Utility Income Fund (NYSEAMERICAN:UTG – Get Free Report) was the recipient of a large growth in short interest during the month of June. As of June 15th, there was short interest totaling 29,641 shares, a growth of 293.7% from the May 31st total of 7,528 shares. Based on an average daily trading volume, of 242,968 shares, the short-interest ratio is presently 0.1 days.
Institutional Investors Weigh In On Reaves Utility Income Fund
Institutional investors and hedge funds have recently modified their holdings of the business. Rockefeller Capital Management L.P. boosted its stake in 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 last quarter. Cassaday & Co Wealth Management LLC bought a new position in shares of Reaves Utility Income Fund in the 1st quarter worth $73,000. Cornerstone Planning Group LLC acquired a new stake in shares of Reaves Utility Income Fund during the fourth quarter worth $75,000. Laurel Wealth Advisors LLC acquired a new stake in shares of Reaves Utility Income Fund during the fourth quarter worth $91,000. Finally, Assetmark Inc. increased its holdings in Reaves Utility Income Fund by 13.1% in the first 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.
Reaves Utility Income Fund Trading Down 0.8%
Shares of UTG stock traded down $0.33 on Monday, reaching $40.47. 118,099 shares of the stock were exchanged, compared to its average volume of 250,715. Reaves Utility Income Fund has a one year low of $35.61 and a one year high of $43.90. The stock has a 50 day moving average price of $41.96 and a 200 day moving average price of $39.93.
Reaves Utility Income Fund Announces Dividend
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.
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