Reaves Utility Income Fund (NYSEAMERICAN:UTG) Shares Pass Above 50 Day Moving Average – What’s Next?

Reaves Utility Income Fund (NYSEAMERICAN:UTG) passed above its 50-day moving average during trading on Thursday . The stock has a 50-day moving average of $40.61 and traded as high as $42.28. Reaves Utility Income Fund shares last traded at $42.14, with a volume of 206,402 shares trading hands.

Reaves Utility Income Fund Stock Up 1.8%

The stock has a 50 day simple moving average of $40.61 and a two-hundred day simple moving average of $38.80.

Reaves Utility Income Fund Announces Dividend

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

Institutional Investors Weigh In On Reaves Utility Income Fund

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Focus Partners Wealth acquired a new position in shares of Reaves Utility Income Fund in the first quarter valued at approximately $286,000. Walleye Capital LLC acquired a new position in shares of Reaves Utility Income Fund in the second quarter valued at approximately $742,000. Baird Financial Group Inc. increased its holdings in shares of Reaves Utility Income Fund by 7.9% in the second quarter. Baird Financial Group Inc. now owns 7,586 shares of the closed-end fund’s stock valued at $274,000 after purchasing an additional 556 shares during the period. NewEdge Advisors LLC increased its holdings in shares of Reaves Utility Income Fund by 42.3% in the second quarter. NewEdge Advisors LLC now owns 111,791 shares of the closed-end fund’s stock valued at $4,045,000 after purchasing an additional 33,237 shares during the period. Finally, Raymond James Financial Inc. increased its holdings in shares of Reaves Utility Income Fund by 17.8% in the second quarter. Raymond James Financial Inc. now owns 287,238 shares of the closed-end fund’s stock valued at $10,392,000 after purchasing an additional 43,358 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.