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

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

Reaves Utility Income Fund Stock Performance

NYSEAMERICAN:UTG opened at $35.04 on Monday. The business’s 50-day simple moving average is $36.13 and its 200-day simple moving average is $39.31. Reaves Utility Income Fund has a fifty-two week low of $33.51 and a fifty-two week high of $43.90.

Reaves Utility Income Fund Dividend Announcement

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Integrity Alliance LLC. raised its stake in shares of Reaves Utility Income Fund by 6.7% in the 3rd quarter. Integrity Alliance LLC. now owns 48,980 shares of the closed-end fund’s stock valued at $1,682,000 after purchasing an additional 3,066 shares during the period. Wright Wealth LLC lifted its holdings in shares of Reaves Utility Income Fund by 1.0% in the third quarter. Wright Wealth LLC now owns 45,255 shares of the closed-end fund’s stock valued at $1,555,000 after purchasing an additional 450 shares in the last quarter. MeadowBrook Investment Advisors LLC bought a new stake in shares of Reaves Utility Income Fund in the third quarter valued at about $79,000. Stevens Capital Partners boosted its position in shares of Reaves Utility Income Fund by 1.7% during the third quarter. Stevens Capital Partners now owns 57,000 shares of the closed-end fund’s stock worth $1,958,000 after buying an additional 962 shares during the period. Finally, Choreo LLC acquired a new position in shares of Reaves Utility Income Fund during the third quarter worth about $481,000.

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.