Reaves Utility Income Fund Plans Monthly Dividend of $0.16 (UTG)
Reaves Utility Income Fund (NYSEMKT:UTG) declared a monthly dividend on Monday, July 10th, Wall Street Journal reports. Shareholders of record on Friday, August 18th will be given a dividend of 0.16 per share by the closed-end fund on Thursday, August 31st. This represents a $1.92 annualized dividend and a yield of 5.52%. The ex-dividend date is Wednesday, August 16th.
Reaves Utility Income Fund (NYSEMKT UTG) traded up 0.72% on Monday, reaching $34.92. 68,262 shares of the company’s stock traded hands. Reaves Utility Income Fund has a 12 month low of $28.18 and a 12 month high of $36.70. The firm’s 50-day moving average is $35.15 and its 200 day moving average is $33.35.
About Reaves Utility Income Fund
Reaves Utility Income Fund (the Fund) is closed-end management investment company. The Fund’s investment objective is to provide a high level of after-tax income and total return consisting primarily of tax-advantaged dividend income and capital appreciation. The Fund intends to invest approximately 80% of its total assets in dividend-paying common and preferred stocks and debt instruments of companies within the utility industry.
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