Reaves Utility Income Fund (NYSEAMERICAN:UTG) Stock Passes Below 200 Day Moving Average – Should You Sell?

Reaves Utility Income Fund (NYSEAMERICAN:UTG) passed below its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $40.35 and traded as low as $39.61. Reaves Utility Income Fund shares last traded at $39.73, with a volume of 282,566 shares trading hands.

Reaves Utility Income Fund Price Performance

The stock’s 50-day moving average price is $41.19 and its 200-day moving average price is $40.35.

Reaves Utility Income Fund Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Thursday, September 17th will be paid a $0.21 dividend. The ex-dividend date is Thursday, September 17th. This represents a c) annualized dividend and a dividend yield of 6.3%.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Abound Wealth Management acquired a new stake in Reaves Utility Income Fund in the second quarter worth $32,000. Rockefeller Capital Management L.P. increased its stake in Reaves Utility Income Fund by 52.0% in the fourth quarter. Rockefeller Capital Management L.P. now owns 1,760 shares of the closed-end fund’s stock valued at $64,000 after purchasing an additional 602 shares in the last quarter. Cassaday & Co Wealth Management LLC bought a new stake in Reaves Utility Income Fund in the first quarter valued at $73,000. Cornerstone Planning Group LLC acquired a new position in shares of Reaves Utility Income Fund during the fourth quarter valued at about $75,000. Finally, Laurel Wealth Advisors LLC acquired a new position in shares of Reaves Utility Income Fund during the fourth quarter valued at about $91,000.

About Reaves Utility Income Fund

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.