Reaves Utility Income Fund (NYSEAMERICAN:UTG) Announces $0.21 Monthly Dividend

Reaves Utility Income Fund (NYSEAMERICAN:UTG) announced a monthly dividend on Tuesday, June 23rd. Investors of record on Thursday, September 17th will be given a dividend of 0.21 per share by the closed-end fund on Wednesday, September 30th. This represents a c) annualized dividend and a yield of 5.9%. The ex-dividend date is Thursday, September 17th.

Reaves Utility Income Fund Trading Down 0.2%

Shares of NYSEAMERICAN:UTG opened at $42.46 on Wednesday. Reaves Utility Income Fund has a 52 week low of $35.28 and a 52 week high of $43.90. The firm’s fifty day moving average is $41.99 and its 200-day moving average is $39.86.

Hedge Funds Weigh In On Reaves Utility Income Fund

A number of hedge funds have recently made changes to their positions in UTG. RMR Capital Management LLC bought a new stake in Reaves Utility Income Fund in the first quarter valued at approximately $211,000. Bank of America Corp DE raised its holdings in Reaves Utility Income Fund by 27.2% during the 1st 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 during the last quarter. Sunbelt Securities Inc. acquired a new position in shares of Reaves Utility Income Fund in the 1st quarter worth approximately $106,000. Royal Bank of Canada lifted its position in shares of Reaves Utility Income Fund by 7.7% in the 1st quarter. Royal Bank of Canada now owns 576,373 shares of the closed-end fund’s stock worth $22,639,000 after purchasing an additional 41,008 shares during the period. Finally, Matrix Private Capital Group LLC bought a new stake in shares of Reaves Utility Income Fund in the 1st quarter valued at $941,000.

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.