Short Interest in Reaves Utility Income Fund (NYSEAMERICAN:UTG) Rises By 239.5%

Reaves Utility Income Fund (NYSEAMERICAN:UTG) was the recipient of a large increase in short interest in July. As of July 15th, there was short interest totaling 47,850 shares, an increase of 239.5% from the June 30th total of 14,096 shares. Based on an average daily trading volume, of 253,848 shares, the days-to-cover ratio is currently 0.2 days.

Hedge Funds Weigh In On Reaves Utility Income Fund

Hedge funds and other institutional investors have recently modified their holdings of the business. PMG Family Office LLC grew its holdings in shares of Reaves Utility Income Fund by 1.0% during the 1st quarter. PMG Family Office LLC now owns 25,712 shares of the closed-end fund’s stock valued at $1,010,000 after purchasing an additional 245 shares during the last quarter. Advisory Services Network LLC raised its holdings in Reaves Utility Income Fund by 1.4% during the 4th quarter. Advisory Services Network LLC now owns 19,404 shares of the closed-end fund’s stock worth $710,000 after purchasing an additional 269 shares during the last quarter. Assetmark Inc. raised its stake in Reaves Utility Income Fund by 13.1% during the first quarter. Assetmark Inc. now owns 2,449 shares of the closed-end fund’s stock worth $96,000 after buying an additional 283 shares during the last quarter. Mariner LLC lifted its stake in shares of Reaves Utility Income Fund by 0.3% in the 3rd quarter. Mariner LLC now owns 129,280 shares of the closed-end fund’s stock valued at $5,122,000 after purchasing an additional 328 shares during the period. Finally, Brookstone Capital Management lifted its stake in Reaves Utility Income Fund by 2.1% in the fourth quarter. Brookstone Capital Management now owns 20,258 shares of the closed-end fund’s stock valued at $741,000 after buying an additional 415 shares during the period.

Reaves Utility Income Fund Price Performance

Reaves Utility Income Fund stock traded down $0.83 during midday trading on Tuesday, hitting $38.70. The company’s stock had a trading volume of 254,614 shares, compared to its average volume of 253,301. The company has a 50-day moving average price of $41.01 and a two-hundred day moving average price of $40.43. Reaves Utility Income Fund has a 1-year low of $35.81 and a 1-year high of $43.90.

Reaves Utility Income Fund Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Wednesday, September 30th. Investors of record on Thursday, September 17th will be given a dividend of $0.21 per share. The ex-dividend date of this dividend is Thursday, September 17th. This represents a c) dividend on an annualized basis and a yield of 6.5%.

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.