Reaves Utility Income Fund (NYSEAMERICAN:UTG) Shares Pass Below 200-Day Moving Average – What’s Next?

Reaves Utility Income Fund (NYSEAMERICAN:UTG)’s share price passed below its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $37.73 and traded as low as $36.58. Reaves Utility Income Fund shares last traded at $36.58, with a volume of 389,884 shares.

Reaves Utility Income Fund Stock Performance

The firm has a 50 day moving average of $37.11 and a two-hundred day moving average of $37.73.

Reaves Utility Income Fund Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Wednesday, March 18th will be paid a $0.20 dividend. The ex-dividend date is Wednesday, March 18th. This represents a c) annualized dividend and a dividend yield of 6.6%.

Insider Buying and Selling

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

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in UTG. Bank of America Corp DE boosted its holdings in Reaves Utility Income Fund by 5.0% during the third quarter. Bank of America Corp DE now owns 1,095,850 shares of the closed-end fund’s stock valued at $43,418,000 after purchasing an additional 52,449 shares in the last quarter. Cornerstone Advisors LLC lifted its position in shares of Reaves Utility Income Fund by 4.9% during the 3rd quarter. Cornerstone Advisors LLC now owns 768,185 shares of the closed-end fund’s stock worth $30,435,000 after buying an additional 35,700 shares during the period. J.W. Cole Advisors Inc. lifted its position in shares of Reaves Utility Income Fund by 0.8% during the 3rd quarter. J.W. Cole Advisors Inc. now owns 365,774 shares of the closed-end fund’s stock worth $14,492,000 after buying an additional 2,818 shares during the period. Raymond James Financial Inc. boosted its stake in Reaves Utility Income Fund by 8.9% in the 3rd quarter. Raymond James Financial Inc. now owns 312,742 shares of the closed-end fund’s stock valued at $12,391,000 after buying an additional 25,504 shares in the last quarter. Finally, Osaic Holdings Inc. grew its position in Reaves Utility Income Fund by 1.4% in the second quarter. Osaic Holdings Inc. now owns 237,084 shares of the closed-end fund’s stock valued at $8,579,000 after acquiring an additional 3,165 shares during the period.

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.