Short Interest in Reaves Utility Income Fund (NYSEAMERICAN:UTG) Rises By 293.7%

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

Hedge Funds Weigh In On Reaves Utility Income Fund

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Quantum Portfolio Management LLC increased its stake in Reaves Utility Income Fund by 980,504.5% in the first quarter. Quantum Portfolio Management LLC now owns 109,660,999 shares of the closed-end fund’s stock valued at $4,307,484,000 after acquiring an additional 109,649,816 shares during the period. Bank of America Corp DE lifted its stake in Reaves Utility Income Fund by 27.2% during the first 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 bought a new position in Reaves Utility Income Fund during the first quarter worth about $6,147,000. Wealthspire Advisors LLC acquired a new stake in Reaves Utility Income Fund during the fourth quarter valued at approximately $5,279,000. Finally, LPL Financial LLC boosted its holdings in Reaves Utility Income Fund by 13.6% during the fourth quarter. LPL Financial LLC now owns 779,445 shares of the closed-end fund’s stock valued at $28,512,000 after purchasing an additional 93,261 shares in the last quarter.

Reaves Utility Income Fund Stock Performance

Shares of UTG traded down $0.54 on Friday, reaching $40.80. 327,211 shares of the stock traded hands, compared to its average volume of 252,583. The stock’s 50-day moving average price is $41.96 and its 200-day moving average price is $39.91. Reaves Utility Income Fund has a 12 month low of $35.61 and a 12 month high of $43.90.

Reaves Utility Income Fund Announces Dividend

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

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.