Reaves Utility Income Fund (UTG) To Go Ex-Dividend on April 18th

Reaves Utility Income Fund (NYSEAMERICAN:UTG) announced a monthly dividend on Friday, April 5th, NASDAQ reports. Shareholders of record on Friday, April 19th will be given a dividend of 0.19 per share by the closed-end fund on Tuesday, April 30th. This represents a $2.28 annualized dividend and a yield of 8.89%. The ex-dividend date of this dividend is Thursday, April 18th.

Reaves Utility Income Fund has raised its dividend payment by an average of 4.6% annually over the last three years.

Reaves Utility Income Fund Trading Down 1.6 %

NYSEAMERICAN UTG opened at $25.65 on Tuesday. The company has a 50 day moving average price of $26.42. Reaves Utility Income Fund has a 52 week low of $23.24 and a 52 week high of $29.28.

Insiders Place Their Bets

In related news, Director Joellen Legg purchased 1,890 shares of the stock in a transaction on Monday, March 25th. The shares were purchased at an average price of $26.46 per share, with a total value of $50,009.40. Following the transaction, the director now directly owns 1,890 shares of the company’s stock, valued at $50,009.40. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink.

Institutional Trading of Reaves Utility Income Fund

Several institutional investors have recently added to or reduced their stakes in UTG. FMR LLC lifted its position in shares of Reaves Utility Income Fund by 131,200.0% during the 1st 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 position in shares of Reaves Utility Income Fund by 264.5% during the 1st 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 position in shares of Reaves Utility Income Fund by 76.8% during the 1st 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 position in shares of Reaves Utility Income Fund by 31.9% during the 2nd 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 stake in shares of Reaves Utility Income Fund during the 1st quarter valued at $201,000.

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.