Reaves Utility Income Fund (NYSEAMERICAN:UTG) Stock Price Crosses Above 50-Day Moving Average – Should You Sell?

Reaves Utility Income Fund (NYSEAMERICAN:UTG)’s share price crossed above its 50 day moving average during trading on Wednesday . The stock has a 50 day moving average of $40.24 and traded as high as $41.95. Reaves Utility Income Fund shares last traded at $41.82, with a volume of 152,247 shares traded.

Reaves Utility Income Fund Trading Down 0.0%

The firm’s fifty day simple moving average is $40.24 and its 200-day simple moving average is $38.71.

Reaves Utility Income Fund Announces Dividend

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

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Wealthspire Advisors LLC bought a new stake in Reaves Utility Income Fund in the 4th quarter valued at about $5,279,000. Absolute Investment Advisers LLC bought a new stake in Reaves Utility Income Fund during the third quarter worth $5,137,000. Bank of America Corp DE grew its holdings in Reaves Utility Income Fund by 11.7% during the second quarter. Bank of America Corp DE now owns 1,043,401 shares of the closed-end fund’s stock worth $37,750,000 after buying an additional 109,614 shares in the last quarter. LPL Financial LLC grew its stake in shares of Reaves Utility Income Fund by 13.6% in the 4th quarter. LPL Financial LLC now owns 779,445 shares of the closed-end fund’s stock worth $28,512,000 after acquiring an additional 93,261 shares in the last quarter. Finally, HBW Advisory Services LLC grew its stake in shares of Reaves Utility Income Fund by 197.5% in the 4th quarter. HBW Advisory Services LLC now owns 109,016 shares of the closed-end fund’s stock worth $3,988,000 after acquiring an additional 72,369 shares in 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.