Reaves Utility Income Fund (NYSEAMERICAN:UTG) Short Interest Up 293.7% in June

Reaves Utility Income Fund (NYSEAMERICAN:UTG) saw a significant increase in short interest during the month of June. As of June 15th, there was short interest totaling 29,641 shares, an increase of 293.7% from the May 31st total of 7,528 shares. Based on an average daily trading volume, of 242,968 shares, the short-interest ratio is currently 0.1 days.

Reaves Utility Income Fund Trading Down 1.3%

Reaves Utility Income Fund stock traded down $0.54 during trading on Friday, hitting $40.80. 327,211 shares of the company were exchanged, compared to its average volume of 252,583. The business’s 50 day moving average is $41.96 and its 200 day moving average is $39.93. Reaves Utility Income Fund has a 52 week low of $35.61 and a 52 week high of $43.90.

Reaves Utility Income Fund Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Thursday, September 17th will be paid a $0.21 dividend. The ex-dividend date is Thursday, September 17th. This represents a c) annualized dividend and a dividend yield of 6.2%.

Institutional Trading of Reaves Utility Income Fund

Several institutional investors and hedge funds have recently made changes to their positions in the company. Rockefeller Capital Management L.P. grew its position in Reaves Utility Income Fund by 52.0% in the 4th quarter. Rockefeller Capital Management L.P. now owns 1,760 shares of the closed-end fund’s stock worth $64,000 after purchasing an additional 602 shares in the last quarter. Cassaday & Co Wealth Management LLC purchased a new position in shares of Reaves Utility Income Fund in the 1st quarter worth approximately $73,000. Cornerstone Planning Group LLC bought a new position in shares of Reaves Utility Income Fund in the fourth quarter valued at approximately $75,000. Laurel Wealth Advisors LLC bought a new position in shares of Reaves Utility Income Fund in the fourth quarter valued at approximately $91,000. Finally, Assetmark Inc. increased its position in shares of Reaves Utility Income Fund by 13.1% during the first quarter. Assetmark Inc. now owns 2,449 shares of the closed-end fund’s stock valued at $96,000 after acquiring an additional 283 shares during the last quarter.

About Reaves Utility Income Fund

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.