Reaves Utility Income Fund (NYSEAMERICAN:UTG) Stock Crosses Above 50-Day Moving Average – What’s Next?

Reaves Utility Income Fund (NYSEAMERICAN:UTG)’s share price crossed above its 50 day moving average during trading on Thursday . The stock has a 50 day moving average of $40.61 and traded as high as $42.28. Reaves Utility Income Fund shares last traded at $42.14, with a volume of 206,402 shares.

Reaves Utility Income Fund Stock Performance

The company’s 50-day simple moving average is $40.64 and its 200 day simple moving average is $38.81.

Reaves Utility Income Fund Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Wednesday, June 17th will be paid a dividend of $0.20 per share. The ex-dividend date is Wednesday, June 17th. This represents a c) annualized dividend and a dividend yield of 5.7%.

Institutional Investors Weigh In On Reaves Utility Income Fund

Large investors have recently modified their holdings of the stock. American National Bank & Trust purchased a new position in shares of Reaves Utility Income Fund during the 3rd quarter valued at $34,000. Commonwealth Financial Services LLC lifted its holdings in shares of Reaves Utility Income Fund by 85.1% during the 3rd quarter. Commonwealth Financial Services LLC now owns 10,773 shares of the closed-end fund’s stock worth $427,000 after acquiring an additional 4,954 shares during the last quarter. Quest 10 Wealth Builders Inc. bought a new stake in shares of Reaves Utility Income Fund during the 3rd quarter worth $27,000. Absolute Investment Advisers LLC bought a new stake in shares of Reaves Utility Income Fund during the 3rd quarter worth $5,137,000. Finally, Perigon Wealth Management LLC bought a new stake in shares of Reaves Utility Income Fund during the 3rd quarter worth $204,000.

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.