Reaves Utility Income Fund (NYSEAMERICAN:UTG) Plans $0.19 Monthly Dividend

Reaves Utility Income Fund (NYSEAMERICAN:UTG) declared a monthly dividend on Friday, April 5th, NASDAQ reports. Stockholders of record on Friday, April 19th will be given a dividend of 0.19 per share by the closed-end fund on Tuesday, April 30th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 8.89%. The ex-dividend date is Thursday, April 18th.

Reaves Utility Income Fund has raised its dividend payment by an average of 4.6% per year over the last three years.

Reaves Utility Income Fund Price Performance

UTG opened at $25.65 on Tuesday. The business has a 50-day moving average price of $26.42. Reaves Utility Income Fund has a 12-month low of $23.24 and a 12-month high of $29.28.

Insider Transactions at Reaves Utility Income Fund

In related news, Director Joellen Legg bought 1,890 shares of the company’s stock in a transaction that occurred on Monday, March 25th. The stock was bought at an average cost of $26.46 per share, for a total transaction of $50,009.40. Following the acquisition, the director now directly owns 1,890 shares of the company’s stock, valued at approximately $50,009.40. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Institutional Investors Weigh In On Reaves Utility Income Fund

Institutional investors have recently bought and sold shares of the stock. Bank of America Corp DE raised its position in Reaves Utility Income Fund by 6.8% during the 4th quarter. Bank of America Corp DE now owns 747,187 shares of the closed-end fund’s stock valued at $21,123,000 after purchasing an additional 47,790 shares during the last quarter. LPL Financial LLC raised its position in Reaves Utility Income Fund by 20.9% during the 2nd quarter. LPL Financial LLC now owns 183,286 shares of the closed-end fund’s stock valued at $5,682,000 after purchasing an additional 31,626 shares during the last quarter. Envestnet Asset Management Inc. raised its position in Reaves Utility Income Fund by 294.0% during the 2nd quarter. Envestnet Asset Management Inc. now owns 39,856 shares of the closed-end fund’s stock valued at $1,093,000 after purchasing an additional 29,739 shares during the last quarter. Susquehanna International Group LLP bought a new position in Reaves Utility Income Fund during the 4th quarter valued at approximately $826,000. Finally, Cetera Advisor Networks LLC raised its position in Reaves Utility Income Fund by 30.3% during the 4th quarter. Cetera Advisor Networks LLC now owns 86,211 shares of the closed-end fund’s stock valued at $2,437,000 after purchasing an additional 20,049 shares during the last quarter.

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.