Reaves Utility Income Fund (NYSEAMERICAN:UTG) Declares Monthly Dividend of $0.19

Reaves Utility Income Fund (NYSEAMERICAN:UTG) declared a monthly dividend on Monday, April 8th, Wall Street Journal reports. Investors of record on Friday, May 17th will be paid a dividend of 0.19 per share by the closed-end fund on Friday, May 31st. This represents a $2.28 annualized dividend and a yield of 8.53%. The ex-dividend date is Thursday, May 16th.

Reaves Utility Income Fund has increased its dividend by an average of 1.8% annually over the last three years.

Reaves Utility Income Fund Price Performance

Shares of UTG stock opened at $26.72 on Tuesday. Reaves Utility Income Fund has a one year low of $23.24 and a one year high of $29.50. The business has a fifty day moving average price of $26.45.

Insider Buying and Selling

In other news, Director Joellen Legg bought 1,890 shares of Reaves Utility Income Fund stock in a transaction that occurred on Monday, March 25th. The stock was purchased at an average cost of $26.46 per share, with a total value of $50,009.40. Following the completion of the transaction, the director now directly owns 1,890 shares in the company, valued at $50,009.40. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in UTG. FMR LLC lifted its holdings in shares of Reaves Utility Income Fund by 131,200.0% during the first quarter. FMR LLC now owns 1,313 shares of the closed-end fund’s stock valued at $37,000 after acquiring an additional 1,312 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of Reaves Utility Income Fund by 264.5% during the first quarter. JPMorgan Chase & Co. now owns 1,509 shares of the closed-end fund’s stock valued at $43,000 after acquiring an additional 1,095 shares during the period. Harbour Investments Inc. lifted its holdings in shares of Reaves Utility Income Fund by 76.8% during the first quarter. Harbour Investments Inc. now owns 2,302 shares of the closed-end fund’s stock valued at $65,000 after acquiring an additional 1,000 shares during the period. IFP Advisors Inc lifted its holdings in shares of Reaves Utility Income Fund by 31.9% during the second quarter. IFP Advisors Inc now owns 4,188 shares of the closed-end fund’s stock valued at $115,000 after acquiring an additional 1,012 shares during the period. Finally, First Republic Investment Management Inc. bought a new position in shares of Reaves Utility Income Fund during the first quarter valued at $201,000.

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.