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

Reaves Utility Income Fund (NYSEAMERICAN:UTG) saw a large drop in short interest in the month of April. As of April 30th, there was short interest totaling 30,457 shares, a drop of 52.6% from the April 15th total of 64,273 shares. Based on an average daily trading volume, of 201,645 shares, the short-interest ratio is currently 0.2 days.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the business. PMG Family Office LLC boosted its holdings in Reaves Utility Income Fund by 1.0% in the 1st quarter. PMG Family Office LLC now owns 25,712 shares of the closed-end fund’s stock worth $1,010,000 after buying an additional 245 shares during the period. Advisory Services Network LLC boosted its holdings in Reaves Utility Income Fund by 1.4% in the 4th quarter. Advisory Services Network LLC now owns 19,404 shares of the closed-end fund’s stock worth $710,000 after buying an additional 269 shares during the period. Assetmark Inc. boosted its holdings in Reaves Utility Income Fund by 13.1% in the 1st 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 period. Mariner LLC boosted its holdings in 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 worth $5,122,000 after buying an additional 328 shares during the period. Finally, Brookstone Capital Management boosted its holdings in Reaves Utility Income Fund by 2.1% in the 4th quarter. Brookstone Capital Management now owns 20,258 shares of the closed-end fund’s stock worth $741,000 after buying an additional 415 shares during the period.

Reaves Utility Income Fund Stock Down 2.4%

UTG traded down $1.02 on Friday, hitting $42.24. The company’s stock had a trading volume of 235,217 shares, compared to its average volume of 252,345. The company’s 50 day simple moving average is $41.11 and its 200-day simple moving average is $39.08. Reaves Utility Income Fund has a 12 month low of $33.50 and a 12 month high of $43.90.

Reaves Utility Income Fund Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Tuesday, June 30th. Investors of record on Wednesday, June 17th will be issued a $0.20 dividend. The ex-dividend date of this dividend is Wednesday, June 17th. This represents a c) annualized dividend and a yield of 5.7%.

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.