Reaves Utility Income Fund (NYSEAMERICAN:UTG) was the target of a large decline in short interest in the month of January. As of January 31st, there was short interest totalling 233,342 shares, a decline of 27.7% from the January 15th total of 322,928 shares. Based on an average trading volume of 184,197 shares, the short-interest ratio is presently 1.3 days. Currently, 0.5% of the shares of the company are sold short.
UTG opened at $31.35 on Tuesday. Reaves Utility Income Fund has a 1 year low of $26.96 and a 1 year high of $31.82.
The business also recently declared a monthly dividend, which will be paid on Thursday, February 28th. Investors of record on Friday, February 15th will be issued a $0.17 dividend. This represents a $2.04 annualized dividend and a yield of 6.51%. The ex-dividend date is Thursday, February 14th.
In other news, insider Ronald James Sorenson bought 1,000 shares of the firm’s stock in a transaction that occurred on Monday, December 31st. The stock was purchased at an average cost of $29.46 per share, for a total transaction of $29,460.00. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Over the last 90 days, insiders have acquired 1,325 shares of company stock valued at $39,074.
A number of hedge funds and other institutional investors have recently modified their holdings of UTG. Bruderman Asset Management LLC purchased a new stake in Reaves Utility Income Fund in the 4th quarter worth $46,000. Parallel Advisors LLC grew its holdings in shares of Reaves Utility Income Fund by 196.6% during the fourth quarter. Parallel Advisors LLC now owns 1,928 shares of the closed-end fund’s stock worth $56,000 after buying an additional 1,278 shares in the last quarter. Intercontinental Wealth Advisors LLC purchased a new stake in shares of Reaves Utility Income Fund in the fourth quarter valued at about $102,000. Stratos Wealth Partners LTD. purchased a new stake in shares of Reaves Utility Income Fund in the third quarter valued at about $205,000. Finally, JLB & Associates Inc. purchased a new stake in shares of Reaves Utility Income Fund in the fourth quarter valued at about $206,000.
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About Reaves Utility Income Fund
Reaves Utility Income Fund is a closed ended balanced mutual fund launched and managed by W. H. Reaves & Company, Inc The fund invests in public equity and fixed income markets of the United States. It seeks to invest in securities of companies operating in the Utilities sector. The fund primarily invests in dividend paying stocks and debt instruments of companies operating across all market capitalizations.
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