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

Reaves Utility Income Fund (NYSEAMERICAN:UTG)’s stock price crossed below its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $40.47 and traded as low as $36.57. Reaves Utility Income Fund shares last traded at $36.63, with a volume of 596,341 shares traded.

Reaves Utility Income Fund Stock Up 0.5%

The company’s fifty day moving average price is $38.98 and its two-hundred day moving average price is $40.43.

Reaves Utility Income Fund Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Thursday, September 17th will be paid 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 dividend yield of 7.0%.

Institutional Trading of Reaves Utility Income Fund

Several hedge funds and other institutional investors have recently made changes to their positions in UTG. Abound Wealth Management acquired a new position in Reaves Utility Income Fund during the second quarter worth about $32,000. Rockefeller Capital Management L.P. lifted its position in shares of Reaves Utility Income Fund by 52.0% during the 4th quarter. Rockefeller Capital Management L.P. now owns 1,760 shares of the closed-end fund’s stock valued at $64,000 after acquiring an additional 602 shares during the period. Cassaday & Co Wealth Management LLC purchased a new stake in shares of Reaves Utility Income Fund during the 1st quarter worth approximately $73,000. Assetmark Inc. grew its holdings in shares of 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 acquiring an additional 283 shares during the period. Finally, Sunbelt Securities Inc. acquired a new stake in shares of Reaves Utility Income Fund in the 1st quarter worth approximately $106,000.

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.