Reaves Utility Income Fund (NYSEAMERICAN:UTG) was the target of a large decline in short interest during the month of November. As of November 30th, there was short interest totalling 13,015 shares, a decline of 74.9% from the November 15th total of 51,843 shares. Based on an average trading volume of 158,678 shares, the days-to-cover ratio is currently 0.1 days.

In other Reaves Utility Income Fund news, insider Ronald James Sorenson bought 6,102 shares of the firm’s stock in a transaction dated Wednesday, October 11th. The stock was acquired at an average price of $29.93 per share, with a total value of $182,632.86. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Institutional investors have recently modified their holdings of the company. Armor Investment Advisors LLC acquired a new stake in shares of Reaves Utility Income Fund in the third quarter worth $239,000. Carnick & Kubik Group LLC acquired a new stake in shares of Reaves Utility Income Fund in the third quarter worth $209,000. Intl Fcstone Inc. acquired a new stake in shares of Reaves Utility Income Fund in the second quarter worth $866,000. Stifel Financial Corp boosted its position in shares of Reaves Utility Income Fund by 11.6% in the second quarter. Stifel Financial Corp now owns 31,161 shares of the closed-end fund’s stock worth $1,070,000 after buying an additional 3,238 shares during the period. Finally, Ameriprise Financial Inc. acquired a new stake in shares of Reaves Utility Income Fund in the second quarter worth $246,000.

Shares of Reaves Utility Income Fund (UTG) opened at $31.50 on Tuesday. Reaves Utility Income Fund has a 12-month low of $29.48 and a 12-month high of $36.73.

The firm also recently announced a monthly dividend, which was paid on Thursday, November 30th. Stockholders of record on Friday, November 17th were given a $0.16 dividend. The ex-dividend date of this dividend was Thursday, November 16th. This represents a $1.92 annualized dividend and a dividend yield of 6.10%.

TRADEMARK VIOLATION NOTICE: “Reaves Utility Income Fund (UTG) Short Interest Down 74.9% in November” was originally reported by American Banking News and is owned by of American Banking News. If you are accessing this story on another site, it was illegally stolen and reposted in violation of international copyright legislation. The legal version of this story can be viewed at https://www.americanbankingnews.com/2017/12/12/reaves-utility-income-fund-utg-short-interest-down-74-9-in-november.html.

Reaves Utility Income Fund Company Profile

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.

Receive News & Ratings for Reaves Utility Income Fund Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Reaves Utility Income Fund and related companies with MarketBeat.com's FREE daily email newsletter.