Reaves Utility Income Fund (NYSEAMERICAN:UTG) Sees Significant Drop in Short Interest

Reaves Utility Income Fund (NYSEAMERICAN:UTG) was the target of a significant decrease in short interest in September. As of September 15th, there was short interest totaling 42,400 shares, a decrease of 28.7% from the August 31st total of 59,500 shares. Based on an average daily trading volume, of 233,700 shares, the days-to-cover ratio is presently 0.2 days. Based on an average daily trading volume, of 233,700 shares, the days-to-cover ratio is presently 0.2 days.

Institutional Investors Weigh In On Reaves Utility Income Fund

Several institutional investors and hedge funds have recently made changes to their positions in the company. Caldwell Trust Co purchased a new stake in Reaves Utility Income Fund in the 2nd quarter worth $30,000. AdvisorNet Financial Inc increased its stake in shares of Reaves Utility Income Fund by 73.9% in the second 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 during the period. Ameritas Advisory Services LLC acquired a new stake in Reaves Utility Income Fund during the second quarter valued at $96,000. Allworth Financial LP lifted its holdings in Reaves Utility Income Fund by 658.7% during the first quarter. Allworth Financial LP now owns 3,088 shares of the closed-end fund’s stock valued at $99,000 after purchasing an additional 2,681 shares in the last quarter. Finally, Montag A & Associates Inc. lifted its stake in shares of Reaves Utility Income Fund by 25.3% in the first quarter. Montag A & Associates Inc. now owns 3,416 shares of the closed-end fund’s stock worth $111,000 after buying an additional 689 shares in the last quarter.

Reaves Utility Income Fund Trading Up 0.4%

UTG stock opened at $40.71 on Tuesday. The business has a 50-day simple moving average of $38.36 and a two-hundred day simple moving average of $35.49. Reaves Utility Income Fund has a 52-week low of $27.55 and a 52-week high of $40.78.

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.