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

Reaves Utility Income Fund (NYSEAMERICAN:UTG) was the target of a significant drop in short interest during the month of June. As of June 30th, there was short interest totaling 14,096 shares, a drop of 52.4% from the June 15th total of 29,641 shares. Based on an average daily volume of 301,568 shares, the days-to-cover ratio is presently 0.0 days.

Reaves Utility Income Fund Price Performance

Shares of UTG opened at $40.75 on Tuesday. The firm has a fifty day moving average price of $41.56 and a 200-day moving average price of $40.21. Reaves Utility Income Fund has a 12-month low of $35.81 and a 12-month high of $43.90.

Reaves Utility Income Fund Announces Dividend

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

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of UTG. Focus Partners Wealth bought a new position in shares of Reaves Utility Income Fund during the 1st quarter worth $286,000. Walleye Capital LLC bought a new stake in shares of Reaves Utility Income Fund in the second quarter valued at about $742,000. Baird Financial Group Inc. lifted its stake in Reaves Utility Income Fund by 7.9% in the second quarter. Baird Financial Group Inc. now owns 7,586 shares of the closed-end fund’s stock worth $274,000 after acquiring an additional 556 shares during the period. NewEdge Advisors LLC lifted its stake in Reaves Utility Income Fund by 42.3% in the second quarter. NewEdge Advisors LLC now owns 111,791 shares of the closed-end fund’s stock worth $4,045,000 after acquiring an additional 33,237 shares during the period. Finally, Raymond James Financial Inc. lifted its stake in Reaves Utility Income Fund by 17.8% in the second quarter. Raymond James Financial Inc. now owns 287,238 shares of the closed-end fund’s stock worth $10,392,000 after acquiring an additional 43,358 shares during the period.

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.