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

Reaves Utility Income Fund (NYSEAMERICAN:UTG) saw a significant growth in short interest during the month of October. As of October 15th, there was short interest totaling 44,879 shares, a growth of 66.0% from the September 30th total of 27,041 shares. Based on an average trading volume of 280,996 shares, the short-interest ratio is presently 0.2 days.

Reaves Utility Income Fund Price Performance

UTG stock opened at $35.04 on Monday. Reaves Utility Income Fund has a fifty-two week low of $33.51 and a fifty-two week high of $43.90. The business has a fifty day moving average price of $36.13 and a 200 day moving average price of $39.31.

Reaves Utility Income Fund Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Wednesday, December 30th. Investors of record on Thursday, December 17th will be given a $0.21 dividend. This represents a $2.52 annualized dividend and a yield of 7.2%. The ex-dividend date is Thursday, December 17th.

Institutional Trading of Reaves Utility Income Fund

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Quantum Portfolio Management LLC raised its stake in shares of 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 buying an additional 109,649,816 shares during the last quarter. Bank of America Corp DE boosted its stake in 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 valued at $53,469,000 after acquiring an additional 290,771 shares during the last quarter. Gerald Baker Financial Group LLC acquired a new stake in Reaves Utility Income Fund during the 1st quarter worth $6,147,000. NewEdge Advisors LLC grew its holdings in 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 worth $7,030,000 after acquiring an additional 90,986 shares during the period. Finally, Independent Financial Group LLC acquired a new position in shares of Reaves Utility Income Fund in the 1st quarter valued at $2,873,000.

About Reaves Utility Income Fund

Reaves Utility Income Fund is a closed-end investment company that seeks to provide current income and long-term capital appreciation by investing primarily in companies involved in the utility and infrastructure sectors. Its portfolio may include electric, gas, water and telecommunications businesses, as well as other companies whose operations are tied to essential infrastructure and utility services.

The fund is managed by Reaves Asset Management, an investment management firm specializing in utility and infrastructure-related securities.