Reaves Utility Income Fund (UTG) to Issue Monthly Dividend of $0.20 on June 30th

Reaves Utility Income Fund (NYSEAMERICAN:UTG) declared a monthly dividend on Tuesday, April 7th. Shareholders of record on Wednesday, June 17th will be paid a dividend of 0.20 per share by the closed-end fund on Tuesday, June 30th. This represents a c) dividend on an annualized basis and a yield of 5.9%. The ex-dividend date is Wednesday, June 17th.

Reaves Utility Income Fund Price Performance

Shares of Reaves Utility Income Fund stock opened at $40.77 on Monday. Reaves Utility Income Fund has a 12-month low of $34.56 and a 12-month high of $43.90. The company’s 50-day moving average price is $41.78 and its 200-day moving average price is $39.65.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Focus Partners Wealth bought a new stake in shares of Reaves Utility Income Fund in the 1st quarter worth approximately $286,000. Walleye Capital LLC purchased a new stake in Reaves Utility Income Fund in the second quarter worth $742,000. Baird Financial Group Inc. boosted its holdings in Reaves Utility Income Fund by 7.9% in the second quarter. Baird Financial Group Inc. now owns 7,586 shares of the closed-end fund’s stock valued at $274,000 after acquiring an additional 556 shares in the last quarter. NewEdge Advisors LLC increased its position in Reaves Utility Income Fund by 42.3% during the 2nd quarter. NewEdge Advisors LLC now owns 111,791 shares of the closed-end fund’s stock valued at $4,045,000 after purchasing an additional 33,237 shares during the period. Finally, Raymond James Financial Inc. raised its holdings in Reaves Utility Income Fund by 17.8% in the 2nd quarter. Raymond James Financial Inc. now owns 287,238 shares of the closed-end fund’s stock worth $10,392,000 after purchasing an additional 43,358 shares in the last quarter.

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.