Reaves Utility Income Fund (NYSEAMERICAN:UTG) Shares Shorted: Short Interest Down 83.2% in September

Reaves Utility Income Fund (NYSEAMERICAN:UTG) was the target of a large drop in short interest in the month of September. As of September 30th, there was short interest totaling 27,041 shares, a drop of 83.2% from the September 15th total of 160,925 shares. Based on an average daily trading volume, of 432,808 shares, the days-to-cover ratio is currently 0.1 days.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Quantum Portfolio Management LLC lifted its position in Reaves Utility Income Fund by 980,504.5% during the 1st quarter. Quantum Portfolio Management LLC now owns 109,660,999 shares of the closed-end fund’s stock worth $4,307,484,000 after acquiring an additional 109,649,816 shares during the period. Bank of America Corp DE grew its stake in shares of Reaves Utility Income Fund by 27.2% during the 1st quarter. Bank of America Corp DE now owns 1,361,230 shares of the closed-end fund’s stock worth $53,469,000 after purchasing an additional 290,771 shares during the period. Gerald Baker Financial Group LLC acquired a new stake in Reaves Utility Income Fund during the first quarter valued at $6,147,000. NewEdge Advisors LLC grew its position in shares of Reaves Utility Income Fund by 111.4% during the 2nd quarter. NewEdge Advisors LLC now owns 172,636 shares of the closed-end fund’s stock valued at $7,030,000 after acquiring an additional 90,986 shares during the period. Finally, Independent Financial Group LLC purchased a new stake in shares of Reaves Utility Income Fund in the first quarter valued at approximately $2,873,000.

Reaves Utility Income Fund Stock Up 0.6%

Shares of UTG stock opened at $36.39 on Friday. Reaves Utility Income Fund has a twelve month low of $33.53 and a twelve month high of $43.90. The business’s fifty day moving average is $37.44 and its 200 day moving average is $39.79.

Reaves Utility Income Fund Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Wednesday, December 30th. Shareholders of record on Thursday, December 17th will be given a dividend of $0.21 per share. The ex-dividend date is Thursday, December 17th. This represents a $2.52 dividend on an annualized basis and a yield of 6.9%.

Reaves Utility Income Fund Company Profile

Reaves Utility Income Fund, Inc is a closed-end investment company listed on the NYSE American under the symbol UTG. The fund seeks to provide a high level of current income and long-term growth of capital by investing primarily in companies involved in the utility and infrastructure industries.

Its portfolio may include electric, gas and water utilities, telecommunications companies, energy infrastructure businesses, and other issuers whose operations are linked to essential services.