Reaves Utility Income Fund (UTG) Sees Large Drop in Short Interest

Reaves Utility Income Fund (NYSEAMERICAN:UTG) was the target of a significant drop in short interest in January. As of January 31st, there was short interest totalling 233,342 shares, a drop of 27.7% from the January 15th total of 322,928 shares. Based on an average trading volume of 184,197 shares, the short-interest ratio is presently 1.3 days. Currently, 0.5% of the company’s stock are short sold.

In other Reaves Utility Income Fund news, insider Ronald James Sorenson bought 1,000 shares of the stock in a transaction on Monday, December 31st. The shares were purchased at an average cost of $29.46 per share, with a total value of $29,460.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Over the last quarter, insiders have purchased 1,325 shares of company stock valued at $39,074.

Several large investors have recently modified their holdings of the company. Magnus Financial Group LLC acquired a new stake in shares of Reaves Utility Income Fund in the fourth quarter valued at about $747,000. Sound View Wealth Advisors LLC acquired a new stake in shares of Reaves Utility Income Fund in the fourth quarter valued at about $956,000. Advisor Group Inc. grew its position in Reaves Utility Income Fund by 1.8% during the fourth quarter. Advisor Group Inc. now owns 18,926 shares of the closed-end fund’s stock worth $557,000 after buying an additional 336 shares in the last quarter. Raymond James Financial Services Advisors Inc. grew its position in Reaves Utility Income Fund by 25.0% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 79,141 shares of the closed-end fund’s stock worth $2,329,000 after buying an additional 15,827 shares in the last quarter. Finally, Bank of Nova Scotia acquired a new stake in Reaves Utility Income Fund during the fourth quarter worth about $668,000.

Shares of NYSEAMERICAN:UTG opened at $30.88 on Thursday. Reaves Utility Income Fund has a 52-week low of $26.96 and a 52-week high of $31.82.

The firm also recently declared a monthly dividend, which will be paid on Thursday, February 28th. Stockholders of record on Friday, February 15th will be given a $0.17 dividend. This represents a $2.04 annualized dividend and a dividend yield of 6.61%. The ex-dividend date is Thursday, February 14th.

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Reaves Utility Income Fund Company Profile

Reaves Utility Income Fund is a closed ended balanced mutual fund launched and managed by W. H. Reaves & Company, Inc The fund invests in public equity and fixed income markets of the United States. It seeks to invest in securities of companies operating in the Utilities sector. The fund primarily invests in dividend paying stocks and debt instruments of companies operating across all market capitalizations.

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