Reaves Utility Income Fund (NYSEAMERICAN:UTG) Stock Passes Below Two Hundred Day Moving Average – Here’s What Happened

Reaves Utility Income Fund (NYSEAMERICAN:UTG) shares passed below its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $37.90 and traded as low as $37.51. Reaves Utility Income Fund shares last traded at $37.80, with a volume of 261,736 shares changing hands.

Reaves Utility Income Fund Stock Up 0.4%

The stock has a 50-day simple moving average of $37.15 and a 200 day simple moving average of $37.90.

Reaves Utility Income Fund Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Wednesday, March 18th will be given a $0.20 dividend. The ex-dividend date of this dividend is Wednesday, March 18th. This represents a c) dividend on an annualized basis and a yield of 6.3%.

Institutional Investors Weigh In On Reaves Utility Income Fund

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Quest 10 Wealth Builders Inc. purchased a new position in shares of Reaves Utility Income Fund during the 3rd quarter worth approximately $27,000. Caldwell Trust Co acquired a new position in Reaves Utility Income Fund during the second quarter worth $30,000. American National Bank & Trust purchased a new position in shares of Reaves Utility Income Fund during the third quarter worth $34,000. CX Institutional acquired a new stake in shares of Reaves Utility Income Fund in the third quarter valued at $36,000. Finally, Assetmark Inc. raised its holdings in shares of Reaves Utility Income Fund by 201.9% in the 3rd quarter. Assetmark Inc. now owns 1,947 shares of the closed-end fund’s stock valued at $77,000 after buying an additional 1,302 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.