Reaves Utility Income Fund (NYSEAMERICAN:UTG) Stock Passes Above 200 Day Moving Average – Here’s Why

Reaves Utility Income Fund (NYSEAMERICAN:UTG) passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $0.00 and traded as high as $31.69. Reaves Utility Income Fund shares last traded at $31.62, with a volume of 107,775 shares changing hands.

Reaves Utility Income Fund Stock Performance

The stock’s fifty day moving average price is $30.26.

Reaves Utility Income Fund Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Monday, March 31st. Investors of record on Tuesday, March 18th will be paid a dividend of $0.19 per share. This represents a $2.28 annualized dividend and a yield of 7.18%. The ex-dividend date of this dividend is Tuesday, March 18th.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of UTG. Commonwealth Equity Services LLC grew its holdings in shares of Reaves Utility Income Fund by 31.0% in the 2nd quarter. Commonwealth Equity Services LLC now owns 279,794 shares of the closed-end fund’s stock worth $7,644,000 after acquiring an additional 66,163 shares during the last quarter. Biechele Royce Advisors increased its stake in Reaves Utility Income Fund by 9.9% in the 2nd quarter. Biechele Royce Advisors now owns 24,350 shares of the closed-end fund’s stock worth $665,000 after purchasing an additional 2,200 shares in the last quarter. Consolidated Portfolio Review Corp raised its holdings in Reaves Utility Income Fund by 51.8% during the 2nd quarter. Consolidated Portfolio Review Corp now owns 93,562 shares of the closed-end fund’s stock worth $2,556,000 after buying an additional 31,944 shares during the period. Magnus Financial Group LLC lifted its stake in Reaves Utility Income Fund by 15.1% during the second quarter. Magnus Financial Group LLC now owns 144,497 shares of the closed-end fund’s stock valued at $3,948,000 after buying an additional 18,964 shares in the last quarter. Finally, Wealth Effects LLC boosted its holdings in shares of Reaves Utility Income Fund by 7.6% in the second quarter. Wealth Effects LLC now owns 68,445 shares of the closed-end fund’s stock worth $1,870,000 after buying an additional 4,806 shares during the period.

About Reaves Utility Income Fund

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.