Reaves Utility Income Fund (UTG) Short Interest Down 74.9% in November
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.
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%.
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.
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