Reaves Utility Income Fund (NYSEAMERICAN:UTG) Stock Crosses Below 200 Day Moving Average – What’s Next?

Shares of Reaves Utility Income Fund (NYSEAMERICAN:UTG) passed below its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $37.73 and traded as low as $36.58. Reaves Utility Income Fund shares last traded at $36.58, with a volume of 389,884 shares.

Reaves Utility Income Fund Stock Up 0.6%

The stock has a 50 day simple moving average of $37.11 and a 200 day simple moving average of $37.74.

Reaves Utility Income Fund Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Tuesday, March 31st. Investors of record on Wednesday, March 18th will be given a $0.20 dividend. The ex-dividend date of this dividend is Wednesday, March 18th. This represents a c) annualized dividend and a yield of 6.6%.

Insider Buying and Selling

In other Reaves Utility Income Fund news, insider Joseph Burns Rhame III acquired 2,700 shares of the stock in a transaction on Thursday, October 23rd. The shares were purchased at an average price of $37.80 per share, for a total transaction of $102,060.00. Following the completion of the acquisition, the insider owned 13,559 shares in the company, valued at approximately $512,530.20. This represents a 24.86% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Hedge Funds Weigh In On Reaves Utility Income Fund

Hedge funds have recently bought and sold shares of the company. Quest 10 Wealth Builders Inc. purchased a new stake in shares of Reaves Utility Income Fund in the third quarter valued at about $27,000. Caldwell Trust Co bought a new stake in shares of Reaves Utility Income Fund in the second quarter valued at $30,000. American National Bank & Trust bought a new position in shares of Reaves Utility Income Fund during the 3rd quarter worth $34,000. CX Institutional purchased a new stake in Reaves Utility Income Fund in the 3rd quarter worth about $36,000. Finally, AdvisorNet Financial Inc raised its stake in Reaves Utility Income Fund by 73.9% in the 2nd quarter. AdvisorNet Financial Inc now owns 1,461 shares of the closed-end fund’s stock valued at $53,000 after acquiring an additional 621 shares during the period.

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.