Reaves Utility Income Fund (NYSEAMERICAN:UTG) Share Price Passes Above Fifty Day Moving Average – Here’s What Happened

Reaves Utility Income Fund (NYSEAMERICAN:UTG) shares crossed above its 50-day moving average during trading on Monday . The stock has a 50-day moving average of $37.09 and traded as high as $38.09. Reaves Utility Income Fund shares last traded at $37.89, with a volume of 405,190 shares traded.

Reaves Utility Income Fund Stock Down 0.8%

The business has a 50 day moving average of $37.09 and a 200-day moving average of $37.83.

Reaves Utility Income Fund Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Tuesday, March 31st. Investors of record on Wednesday, March 18th will be paid a dividend of $0.20 per share. The ex-dividend date of this dividend is Wednesday, March 18th. This represents a c) dividend on an annualized basis and a dividend yield of 6.3%.

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 on Thursday, October 23rd. The shares were bought at an average cost of $37.80 per share, for a total transaction of $102,060.00. Following the acquisition, the insider owned 13,559 shares in the company, valued at approximately $512,530.20. This trade represents a 24.86% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website.

Hedge Funds Weigh In On Reaves Utility Income Fund

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

About Reaves Utility Income Fund

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.