Reaves Utility Income Fund Plans Monthly Dividend of $0.16 (UTG)
Reaves Utility Income Fund (NYSEAMERICAN:UTG) declared a monthly dividend on Tuesday, December 19th, Wall Street Journal reports. Shareholders of record on Friday, February 16th will be given a dividend of 0.16 per share by the closed-end fund on Wednesday, February 28th. This represents a $1.92 dividend on an annualized basis and a yield of 6.25%. The ex-dividend date of this dividend is Thursday, February 15th.
Reaves Utility Income Fund (NYSEAMERICAN:UTG) traded down $0.45 during mid-day trading on Tuesday, reaching $30.74. 322,288 shares of the company’s stock were exchanged, compared to its average volume of 155,474. Reaves Utility Income Fund has a fifty-two week low of $30.34 and a fifty-two week high of $36.73.
In related news, insider Ronald James Sorenson purchased 6,102 shares of the business’s stock in a transaction on 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 legal filing with the SEC, which is available through this link.
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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