Reaves Utility Income Fund (NYSEAMERICAN:UTG) Stock Passes Below Two Hundred Day Moving Average – Time to Sell?

Reaves Utility Income Fund (NYSEAMERICAN:UTG)’s share price passed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $37.59 and traded as low as $36.30. Reaves Utility Income Fund shares last traded at $36.77, with a volume of 132,223 shares changing hands.

Reaves Utility Income Fund Trading Up 0.8%

The business’s 50-day moving average is $37.54 and its two-hundred day moving average is $37.59.

Reaves Utility Income Fund Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Tuesday, March 31st. Investors of record on Wednesday, March 18th will be paid a $0.20 dividend. This represents a c) dividend on an annualized basis and a yield of 6.5%. The ex-dividend date is Wednesday, March 18th.

Insiders Place Their Bets

In other Reaves Utility Income Fund news, insider Joseph Burns Rhame III acquired 2,700 shares of the stock in a transaction that occurred on Thursday, October 23rd. The stock was acquired at an average price of $37.80 per share, with a total value of $102,060.00. Following the transaction, the insider directly owned 13,559 shares in the company, valued at approximately $512,530.20. This represents a 24.86% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. HighTower Advisors LLC lifted its holdings in Reaves Utility Income Fund by 21.1% in the 1st quarter. HighTower Advisors LLC now owns 18,120 shares of the closed-end fund’s stock valued at $590,000 after acquiring an additional 3,158 shares during the last quarter. Kestra Advisory Services LLC lifted its stake in Reaves Utility Income Fund by 2.3% during the first quarter. Kestra Advisory Services LLC now owns 35,177 shares of the closed-end fund’s stock valued at $1,145,000 after purchasing an additional 776 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its stake in Reaves Utility Income Fund by 4.1% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 54,120 shares of the closed-end fund’s stock valued at $1,761,000 after purchasing an additional 2,140 shares during the last quarter. Comerica Bank boosted its holdings in Reaves Utility Income Fund by 61.1% during the first quarter. Comerica Bank now owns 18,844 shares of the closed-end fund’s stock worth $613,000 after buying an additional 7,146 shares in the last quarter. Finally, Per Stirling Capital Management LLC. grew its position in Reaves Utility Income Fund by 85.5% in the first quarter. Per Stirling Capital Management LLC. now owns 12,230 shares of the closed-end fund’s stock worth $398,000 after buying an additional 5,638 shares during the last quarter.

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.