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

Reaves Utility Income Fund (NYSEAMERICAN:UTG – Get Free Report)’s share price crossed below its 50 day moving average during trading on Tuesday . The stock has a 50 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 Stock Down 0.6%

The company’s fifty day moving average is $41.72 and its two-hundred day moving average is $40.09.

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Reaves Utility Income Fund Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Thursday, September 17th will be issued a $0.21 dividend. This represents a c) dividend on an annualized basis and a dividend yield of 6.3%. The ex-dividend date is Thursday, September 17th.

Hedge Funds Weigh In On Reaves Utility Income Fund

A number of institutional investors and hedge funds have recently modified their holdings of UTG. Quantum Portfolio Management LLC boosted its holdings in Reaves Utility Income Fund by 980,504.5% in the first quarter. Quantum Portfolio Management LLC now owns 109,660,999 shares of the closed-end fund’s stock valued at $4,307,484,000 after purchasing an additional 109,649,816 shares in the last quarter. Bank of America Corp DE raised its holdings in Reaves Utility Income Fund by 27.2% during the first quarter. Bank of America Corp DE now owns 1,361,230 shares of the closed-end fund’s stock worth $53,469,000 after purchasing an additional 290,771 shares in the last quarter. Gerald Baker Financial Group LLC purchased a new stake in shares of Reaves Utility Income Fund during the 1st quarter worth approximately $6,147,000. Wealthspire Advisors LLC purchased a new stake in shares of Reaves Utility Income Fund during the 4th quarter worth approximately $5,279,000. Finally, LPL Financial LLC boosted its holdings in shares of Reaves Utility Income Fund by 13.6% in the 4th quarter. LPL Financial LLC now owns 779,445 shares of the closed-end fund’s stock valued at $28,512,000 after buying an additional 93,261 shares in the last quarter.

Reaves Utility Income Fund Company Profile

(Get Free Report)

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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