Reaves Utility Income Fund (NYSEAMERICAN:UTG) Stock Crosses Below 200 Day Moving Average – Should You Sell?

Reaves Utility Income Fund (NYSEAMERICAN:UTG) crossed below its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $37.73 and traded as low as $36.58. Reaves Utility Income Fund shares last traded at $36.58, with a volume of 389,884 shares changing hands.

Reaves Utility Income Fund Stock Up 0.6%

The company’s 50 day moving average price is $37.11 and its 200 day moving average price is $37.73.

Reaves Utility Income Fund Announces Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Wednesday, March 18th will be paid a $0.20 dividend. The ex-dividend date of this dividend is Wednesday, March 18th. This represents a c) dividend on an annualized basis and a yield of 6.6%.

Insider Activity

In related news, insider Joseph Burns Rhame III purchased 2,700 shares of the firm’s stock in a transaction dated Thursday, October 23rd. The shares were acquired at an average cost of $37.80 per share, with a total value of $102,060.00. Following the completion of the purchase, the insider directly owned 13,559 shares of the company’s stock, valued at $512,530.20. This trade represents a 24.86% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Hedge Funds Weigh In On Reaves Utility Income Fund

Several hedge funds have recently added to or reduced their stakes in UTG. Bank of America Corp DE boosted its stake in shares of Reaves Utility Income Fund by 5.0% in the 3rd quarter. Bank of America Corp DE now owns 1,095,850 shares of the closed-end fund’s stock valued at $43,418,000 after purchasing an additional 52,449 shares during the last quarter. Cornerstone Advisors LLC lifted its holdings in Reaves Utility Income Fund by 4.9% during the third quarter. Cornerstone Advisors LLC now owns 768,185 shares of the closed-end fund’s stock worth $30,435,000 after acquiring an additional 35,700 shares in the last quarter. J.W. Cole Advisors Inc. grew its position in shares of Reaves Utility Income Fund by 0.8% in the 3rd quarter. J.W. Cole Advisors Inc. now owns 365,774 shares of the closed-end fund’s stock valued at $14,492,000 after purchasing an additional 2,818 shares during the period. Raymond James Financial Inc. boosted its holdings in shares of Reaves Utility Income Fund by 8.9% in the third quarter. Raymond James Financial Inc. now owns 312,742 shares of the closed-end fund’s stock valued at $12,391,000 after buying an additional 25,504 shares during the period. Finally, Osaic Holdings Inc. increased its holdings in Reaves Utility Income Fund by 1.4% during the 2nd quarter. Osaic Holdings Inc. now owns 237,084 shares of the closed-end fund’s stock worth $8,579,000 after purchasing an additional 3,165 shares in the last quarter.

Reaves Utility Income Fund Company Profile

Reaves Utility Income Fund (NYSE American: UTG) is a closed-end management investment company organized as a Delaware statutory trust. Since commencing operations in 1994, the fund’s primary objective has been to provide its shareholders with a high level of current income and the potential for capital appreciation. It does so by investing in a diversified portfolio of income-producing securities within the utilities sector.

The fund typically allocates its assets across common stocks, preferred stocks, corporate debt securities, convertible securities, rights, warrants and depositary receipts of regulated utility companies.