Short Interest in Reaves Utility Income Fund (NYSEAMERICAN:UTG) Declines By 60.4%

by · The Markets Daily

Reaves Utility Income Fund (NYSEAMERICAN:UTG – Get Free Report) was the recipient of a significant decrease in short interest during the month of August. As of August 14th, there was short interest totaling 63,653 shares, a decrease of 60.4% from the July 30th total of 160,769 shares. Based on an average daily trading volume, of 234,189 shares, the short-interest ratio is currently 0.3 days.

Hedge Funds Weigh In On Reaves Utility Income Fund

Hedge funds have recently modified their holdings of the company. Readystate Asset Management LP bought a new stake in Reaves Utility Income Fund during the second quarter worth $605,000. Compass Financial Management LLC bought a new position in Reaves Utility Income Fund in the 2nd quarter valued at $110,000. Nabity Jensen Investment Management Inc purchased a new stake in shares of Reaves Utility Income Fund during the 2nd quarter valued at $205,000. NWF Advisory Services Inc. increased its position in shares of Reaves Utility Income Fund by 39.2% during the 2nd quarter. NWF Advisory Services Inc. now owns 69,225 shares of the closed-end fund’s stock valued at $2,819,000 after purchasing an additional 19,502 shares during the last quarter. Finally, Walker Asset Management LLC bought a new stake in shares of Reaves Utility Income Fund during the 2nd quarter worth $210,000.

Reaves Utility Income Fund Trading Down 1.3%

Shares of NYSEAMERICAN:UTG traded down $0.48 during midday trading on Friday, hitting $37.72. 323,628 shares of the company’s stock were exchanged, compared to its average volume of 257,022. Reaves Utility Income Fund has a 12 month low of $35.81 and a 12 month high of $43.90. The stock has a 50 day moving average price of $39.70 and a 200-day moving average price of $40.64.

Reaves Utility Income Fund Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Thursday, September 17th will be paid a $0.21 dividend. The ex-dividend date of this dividend is Thursday, September 17th. This represents a c) annualized dividend and a dividend yield of 6.7%.

About Reaves Utility Income Fund

(Get Free Report)

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.

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