Short Interest in Reaves Utility Income Fund (NYSEAMERICAN:UTG) Declines By 24.0%

Reaves Utility Income Fund (NYSEAMERICAN:UTGGet Rating) was the target of a large decline in short interest in July. As of July 31st, there was short interest totalling 123,300 shares, a decline of 24.0% from the July 15th total of 162,300 shares. Based on an average daily volume of 228,600 shares, the days-to-cover ratio is currently 0.5 days.

Institutional Investors Weigh In On Reaves Utility Income Fund

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Magnus Financial Group LLC lifted its holdings in Reaves Utility Income Fund by 2.8% in the 4th quarter. Magnus Financial Group LLC now owns 74,448 shares of the closed-end fund’s stock worth $2,615,000 after purchasing an additional 2,062 shares during the last quarter. Raymond James & Associates increased its stake in shares of Reaves Utility Income Fund by 3.4% in the fourth quarter. Raymond James & Associates now owns 207,301 shares of the closed-end fund’s stock worth $7,280,000 after purchasing an additional 6,857 shares during the period. Raymond James Financial Services Advisors Inc. lifted its position in shares of Reaves Utility Income Fund by 3.7% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 162,155 shares of the closed-end fund’s stock worth $5,695,000 after purchasing an additional 5,785 shares during the last quarter. Nations Financial Group Inc. IA ADV boosted its stake in Reaves Utility Income Fund by 3.7% during the 4th quarter. Nations Financial Group Inc. IA ADV now owns 100,548 shares of the closed-end fund’s stock valued at $3,531,000 after purchasing an additional 3,547 shares during the period. Finally, Biechele Royce Advisors acquired a new stake in Reaves Utility Income Fund in the 4th quarter valued at approximately $346,000.

Reaves Utility Income Fund Stock Up 1.3 %

UTG stock opened at $33.45 on Monday. Reaves Utility Income Fund has a 52-week low of $28.85 and a 52-week high of $36.50.

Reaves Utility Income Fund Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Friday, September 30th. Stockholders of record on Tuesday, September 20th will be paid a $0.19 dividend. This represents a $2.28 dividend on an annualized basis and a dividend yield of 6.82%. The ex-dividend date of this dividend is Monday, September 19th.

About Reaves Utility Income Fund

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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.

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