Reaves Utility Income Fund (NYSEAMERICAN:UTG) Sees Significant Growth in Short Interest

Reaves Utility Income Fund (NYSEAMERICAN:UTG) was the target of a large growth in short interest in July. As of July 31st, there was short interest totaling 160,769 shares, a growth of 236.0% from the July 15th total of 47,850 shares. Based on an average daily trading volume, of 306,542 shares, the short-interest ratio is presently 0.5 days.

Institutional Trading of Reaves Utility Income Fund

A number of hedge funds and other institutional investors have recently made changes to their positions in UTG. Quantum Portfolio Management LLC boosted its stake in Reaves Utility Income Fund by 980,504.5% in the 1st quarter. Quantum Portfolio Management LLC now owns 109,660,999 shares of the closed-end fund’s stock worth $4,307,484,000 after purchasing an additional 109,649,816 shares during the period. Bank of America Corp DE lifted its holdings in shares of Reaves Utility Income Fund by 27.2% in 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 buying 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 in the first quarter worth about $6,147,000. Wealthspire Advisors LLC bought a new position in shares of Reaves Utility Income Fund in the fourth quarter valued at approximately $5,279,000. Finally, LPL Financial LLC boosted its position in shares of Reaves Utility Income Fund by 13.6% in the fourth quarter. LPL Financial LLC now owns 779,445 shares of the closed-end fund’s stock valued at $28,512,000 after acquiring an additional 93,261 shares during the period.

Reaves Utility Income Fund Price Performance

Shares of UTG stock opened at $40.34 on Friday. The company’s fifty day simple moving average is $40.16 and its two-hundred day simple moving average is $40.57. Reaves Utility Income Fund has a 1 year low of $35.81 and a 1 year high of $43.90.

Reaves Utility Income Fund Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Thursday, September 17th will be given a $0.21 dividend. The ex-dividend date is Thursday, September 17th. This represents a c) annualized dividend and a dividend yield of 6.2%.

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.