Reaves Utility Income Fund (NYSEAMERICAN:UTG) Short Interest Down 92.8% in May

Reaves Utility Income Fund (NYSEAMERICAN:UTG) saw a large decline in short interest in the month of May. As of May 29th, there was short interest totaling 7,528 shares, a decline of 92.8% from the May 14th total of 105,100 shares. Based on an average daily volume of 236,336 shares, the short-interest ratio is currently 0.0 days.

Hedge Funds Weigh In On Reaves Utility Income Fund

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Sunpointe LLC boosted its stake in shares of Reaves Utility Income Fund by 3.7% during the 3rd quarter. Sunpointe LLC now owns 18,427 shares of the closed-end fund’s stock worth $730,000 after acquiring an additional 653 shares in the last quarter. Walled Lake Planning & Wealth Management LLC boosted its stake in shares of Reaves Utility Income Fund by 9.5% during the 3rd quarter. Walled Lake Planning & Wealth Management LLC now owns 15,385 shares of the closed-end fund’s stock worth $610,000 after acquiring an additional 1,340 shares in the last quarter. IFG Advisory LLC purchased a new stake in shares of Reaves Utility Income Fund during the 3rd quarter worth approximately $215,000. Monetary Management Group Inc. boosted its stake in shares of Reaves Utility Income Fund by 15.9% during the 3rd quarter. Monetary Management Group Inc. now owns 19,000 shares of the closed-end fund’s stock worth $753,000 after acquiring an additional 2,600 shares in the last quarter. Finally, MAI Capital Management boosted its stake in shares of Reaves Utility Income Fund by 120.0% during the 3rd quarter. MAI Capital Management now owns 11,509 shares of the closed-end fund’s stock worth $456,000 after acquiring an additional 6,277 shares in the last quarter.

Reaves Utility Income Fund Stock Performance

NYSEAMERICAN UTG traded down $0.27 on Tuesday, hitting $40.14. 304,983 shares of the company’s stock were exchanged, compared to its average volume of 251,056. The firm’s 50-day moving average price is $41.73 and its two-hundred day moving average price is $39.57. Reaves Utility Income Fund has a fifty-two week low of $34.56 and a fifty-two week high of $43.90.

Reaves Utility Income Fund Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Wednesday, June 17th will be given a dividend of $0.20 per share. The ex-dividend date is Wednesday, June 17th. This represents a c) annualized dividend and a yield of 6.0%.

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.