Reaves Utility Income Fund (NYSEAMERICAN:UTG) Stock Passes Below Two Hundred Day Moving Average – Here’s What Happened

Reaves Utility Income Fund (NYSEAMERICAN:UTG) shares crossed below its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $37.33 and traded as low as $37.25. Reaves Utility Income Fund shares last traded at $37.62, with a volume of 254,769 shares.

Reaves Utility Income Fund Trading Up 0.3%

The company has a fifty day simple moving average of $38.54 and a two-hundred day simple moving average of $37.33.

Reaves Utility Income Fund Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Tuesday, December 30th. Investors of record on Wednesday, December 17th will be paid a dividend of $0.20 per share. This represents a c) dividend on an annualized basis and a dividend yield of 6.4%. The ex-dividend date is Wednesday, December 17th.

Insiders Place Their Bets

In other news, insider Joseph Burns Rhame III bought 2,700 shares of Reaves Utility Income Fund stock in a transaction that occurred on Thursday, October 23rd. The shares were purchased at an average price of $37.80 per share, with a total value of $102,060.00. Following the completion of the acquisition, the insider directly owned 13,559 shares in the company, valued at $512,530.20. The trade was a 24.86% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Institutional Investors Weigh In On Reaves Utility Income Fund

Large investors have recently modified their holdings of the company. Quest 10 Wealth Builders Inc. purchased a new stake in shares of Reaves Utility Income Fund during the 3rd quarter worth $27,000. Caldwell Trust Co acquired a new stake in Reaves Utility Income Fund in the second quarter valued at $30,000. American National Bank & Trust acquired a new stake in Reaves Utility Income Fund in the third quarter valued at $34,000. CX Institutional purchased a new stake in Reaves Utility Income Fund during the 3rd quarter worth about $36,000. Finally, AdvisorNet Financial Inc boosted its position in shares of Reaves Utility Income Fund by 73.9% during the 2nd quarter. AdvisorNet Financial Inc now owns 1,461 shares of the closed-end fund’s stock worth $53,000 after acquiring an additional 621 shares in the last quarter.

Reaves Utility Income Fund Company Profile

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.