Reaves Utility Income Fund (NYSEAMERICAN:UTG) Short Interest Update

Reaves Utility Income Fund (NYSEAMERICAN:UTG) was the target of a large growth in short interest in the month of May. As of May 15th, there was short interest totaling 105,100 shares, a growth of 245.1% from the April 30th total of 30,457 shares. Based on an average daily trading volume, of 192,743 shares, the days-to-cover ratio is presently 0.5 days.

Hedge Funds Weigh In On Reaves Utility Income Fund

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Quantum Portfolio Management LLC raised its holdings in Reaves Utility Income Fund by 980,504.5% during the first quarter. Quantum Portfolio Management LLC now owns 109,660,999 shares of the closed-end fund’s stock worth $4,307,484,000 after purchasing an additional 109,649,816 shares during the last quarter. Bank of America Corp DE raised its holdings in shares of Reaves Utility Income Fund by 27.2% in the first quarter. Bank of America Corp DE now owns 1,361,230 shares of the closed-end fund’s stock worth $53,469,000 after acquiring an additional 290,771 shares during the last quarter. LPL Financial LLC raised its holdings in shares of Reaves Utility Income Fund by 13.6% in the fourth quarter. LPL Financial LLC now owns 779,445 shares of the closed-end fund’s stock worth $28,512,000 after acquiring an additional 93,261 shares during the last quarter. Cornerstone Advisors LLC raised its holdings in shares of Reaves Utility Income Fund by 4.9% in 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 during the last quarter. Finally, Wells Fargo & Company MN raised its holdings in shares of Reaves Utility Income Fund by 2.9% in the fourth quarter. Wells Fargo & Company MN now owns 679,292 shares of the closed-end fund’s stock worth $24,848,000 after acquiring an additional 18,922 shares during the last quarter.

Reaves Utility Income Fund Stock Down 0.7%

Shares of UTG traded down $0.29 during mid-day trading on Friday, hitting $42.37. The company’s stock had a trading volume of 148,337 shares, compared to its average volume of 250,176. The firm has a 50-day simple moving average of $41.42 and a 200 day simple moving average of $39.34. Reaves Utility Income Fund has a 1-year low of $34.02 and a 1-year high of $43.90.

Reaves Utility Income Fund Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Wednesday, June 17th will be issued a $0.20 dividend. This represents a c) annualized dividend and a dividend yield of 5.7%. The ex-dividend date of this dividend is Wednesday, June 17th.

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.