Reaves Utility Income Fund (UTG) To Go Ex-Dividend on February 18th

Reaves Utility Income Fund (NYSEAMERICAN:UTG) announced a monthly dividend on Tuesday, December 16th. Shareholders of record on Wednesday, February 18th will be given a dividend of 0.20 per share by the closed-end fund on Friday, February 27th. This represents a c) dividend on an annualized basis and a dividend yield of 6.6%. The ex-dividend date of this dividend is Wednesday, February 18th.

Reaves Utility Income Fund Stock Down 2.9%

Shares of NYSEAMERICAN:UTG opened at $36.13 on Thursday. The company has a 50 day moving average of $38.01 and a 200-day moving average of $37.53. Reaves Utility Income Fund has a twelve month low of $27.55 and a twelve month high of $41.94.

Insider Transactions at Reaves Utility Income Fund

In other news, insider Joseph Burns Rhame III bought 2,700 shares of the firm’s stock in a transaction that occurred on Thursday, October 23rd. The stock was acquired at an average price 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 represents a 24.86% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website.

Hedge Funds Weigh In On Reaves Utility Income Fund

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Bank of America Corp DE grew its stake in Reaves Utility Income Fund by 5.0% during 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 acquiring an additional 52,449 shares in the last quarter. Cornerstone Advisors LLC grew its position 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 valued at $30,435,000 after purchasing an additional 35,700 shares in the last quarter. Royal Bank of Canada grew its position in Reaves Utility Income Fund by 2.1% during the first quarter. Royal Bank of Canada now owns 501,145 shares of the closed-end fund’s stock valued at $16,307,000 after purchasing an additional 10,190 shares in the last quarter. J.W. Cole Advisors Inc. increased its stake in 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 buying an additional 2,818 shares during the period. Finally, Raymond James Financial Inc. lifted its position in Reaves Utility Income Fund by 8.9% in the 3rd quarter. Raymond James Financial Inc. now owns 312,742 shares of the closed-end fund’s stock worth $12,391,000 after buying an additional 25,504 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.