Reaves Utility Income Fund (NYSEAMERICAN:UTG) Shares Cross Below 200-Day Moving Average – Here’s What Happened

Reaves Utility Income Fund (NYSEAMERICAN:UTG)’s stock price passed below its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $40.35 and traded as low as $39.61. Reaves Utility Income Fund shares last traded at $39.73, with a volume of 282,566 shares traded.

Reaves Utility Income Fund Stock Up 0.7%

The business has a fifty day moving average of $41.13 and a two-hundred day moving average of $40.37.

Reaves Utility Income Fund Announces Dividend

The company also recently announced 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. The ex-dividend date of this dividend is Thursday, September 17th. This represents a c) annualized dividend and a yield of 6.2%.

Hedge Funds Weigh In On Reaves Utility Income Fund

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Purus Wealth Management LLC raised its holdings in Reaves Utility Income Fund by 11.3% in the 4th quarter. Purus Wealth Management LLC now owns 7,240 shares of the closed-end fund’s stock valued at $265,000 after acquiring an additional 734 shares during the last quarter. Wealth Effects LLC lifted its stake in shares of Reaves Utility Income Fund by 9.8% during the 4th quarter. Wealth Effects LLC now owns 77,110 shares of the closed-end fund’s stock worth $2,821,000 after purchasing an additional 6,865 shares during the period. Westbourne Investment Advisors Inc. boosted its holdings in shares of Reaves Utility Income Fund by 2.2% during the fourth quarter. Westbourne Investment Advisors Inc. now owns 23,700 shares of the closed-end fund’s stock worth $867,000 after purchasing an additional 500 shares during the last quarter. HBW Advisory Services LLC boosted its holdings in shares of Reaves Utility Income Fund by 197.5% during the fourth quarter. HBW Advisory Services LLC now owns 109,016 shares of the closed-end fund’s stock worth $3,988,000 after purchasing an additional 72,369 shares during the last quarter. Finally, Apollon Wealth Management LLC grew its position in shares of Reaves Utility Income Fund by 34.4% in the fourth quarter. Apollon Wealth Management LLC now owns 10,784 shares of the closed-end fund’s stock valued at $394,000 after purchasing an additional 2,761 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.