Reaves Utility Income Fund (NYSEAMERICAN:UTG) Shares Pass Below Fifty Day Moving Average – What’s Next?

Reaves Utility Income Fund (NYSEAMERICAN:UTG) crossed below its 50 day moving average during trading on Tuesday . The stock has a 50 day moving average of $41.72 and traded as low as $39.65. Reaves Utility Income Fund shares last traded at $39.85, with a volume of 253,011 shares trading hands.

Reaves Utility Income Fund Trading Down 0.6%

The firm has a fifty day simple moving average of $41.72 and a 200-day simple moving average of $40.09.

Reaves Utility Income Fund Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Wednesday, September 30th. Shareholders 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) dividend on an annualized basis and a yield of 6.3%.

Hedge Funds Weigh In On Reaves Utility Income Fund

A number of hedge funds have recently modified their holdings of the business. PMG Family Office LLC raised its position in Reaves Utility Income Fund by 1.0% in the 1st quarter. PMG Family Office LLC now owns 25,712 shares of the closed-end fund’s stock valued at $1,010,000 after purchasing an additional 245 shares during the last quarter. Advisory Services Network LLC increased its stake in Reaves Utility Income Fund by 1.4% in the fourth quarter. Advisory Services Network LLC now owns 19,404 shares of the closed-end fund’s stock valued at $710,000 after purchasing an additional 269 shares during the period. Assetmark Inc. raised its holdings in shares of Reaves Utility Income Fund by 13.1% in the first quarter. Assetmark Inc. now owns 2,449 shares of the closed-end fund’s stock valued at $96,000 after buying an additional 283 shares during the last quarter. Mariner LLC boosted its stake in shares of Reaves Utility Income Fund by 0.3% during the third quarter. Mariner LLC now owns 129,280 shares of the closed-end fund’s stock worth $5,122,000 after buying an additional 328 shares during the period. Finally, Brookstone Capital Management grew its holdings in shares of Reaves Utility Income Fund by 2.1% during the fourth quarter. Brookstone Capital Management now owns 20,258 shares of the closed-end fund’s stock worth $741,000 after buying an additional 415 shares during the last quarter.

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.