Reaves Utility Income Fund (NYSEAMERICAN:UTG) Short Interest Up 164.8% in April

Reaves Utility Income Fund (NYSEAMERICAN:UTG – Get Rating) was the target of a large growth in short interest during the month of April. As of April 15th, there was short interest totalling 14,300 shares, a growth of 164.8% from the March 31st total of 5,400 shares. Based on an average trading volume of 229,800 shares, the short-interest ratio is currently 0.1 days.

Shares of UTG stock traded down $0.98 during trading hours on Friday, hitting $33.26. The company’s stock had a trading volume of 248,574 shares, compared to its average volume of 238,234. Reaves Utility Income Fund has a 12-month low of $30.76 and a 12-month high of $36.50.

The company also recently announced a monthly dividend, which will be paid on Thursday, June 30th. Investors of record on Friday, June 17th will be paid a $0.19 dividend. This represents a $2.28 annualized dividend and a dividend yield of 6.86%. The ex-dividend date is Thursday, June 16th.

Several institutional investors and hedge funds have recently bought and sold shares of UTG. Nations Financial Group Inc. IA ADV acquired a new position in shares of Reaves Utility Income Fund in the 3rd quarter valued at $3,179,000. Royal Bank of Canada raised its position in Reaves Utility Income Fund by 16.7% during the third quarter. Royal Bank of Canada now owns 367,064 shares of the closed-end fund’s stock worth $12,029,000 after acquiring an additional 52,551 shares during the period. BOKF NA acquired a new position in Reaves Utility Income Fund during the third quarter worth $1,296,000. Private Advisor Group LLC raised its position in Reaves Utility Income Fund by 27.4% during the fourth quarter. Private Advisor Group LLC now owns 154,492 shares of the closed-end fund’s stock worth $5,426,000 after acquiring an additional 33,201 shares during the period. Finally, Oppenheimer & Co. Inc. acquired a new position in Reaves Utility Income Fund during the fourth quarter worth $1,085,000.

About Reaves Utility Income Fund (Get Rating)

Reaves Utility Income Fund is a closed ended balanced mutual fund launched and managed by W. H. Reaves & Company, Inc The fund invests in public equity and fixed income markets of the United States. It seeks to invest in securities of companies operating in the Utilities sector. The fund primarily invests in dividend paying stocks and debt instruments of companies operating across all market capitalizations.

See Also