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

Reaves Utility Income Fund (NYSEAMERICAN:UTG) declared a monthly dividend on Friday, April 5th, NASDAQ reports. Shareholders of record on Friday, April 19th will be paid a dividend of 0.19 per share by the closed-end fund on Tuesday, April 30th. This represents a $2.28 dividend on an annualized basis and a yield of 8.94%. The ex-dividend date of this dividend is Thursday, April 18th.

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

Reaves Utility Income Fund Stock Performance

UTG opened at $25.49 on Wednesday. Reaves Utility Income Fund has a 52-week low of $23.24 and a 52-week high of $29.28. The firm’s 50-day moving average is $26.42.

Insider Activity at Reaves Utility Income Fund

In other news, Director Joellen Legg bought 1,890 shares of the company’s stock in a transaction that occurred on Monday, March 25th. The shares were purchased at an average price of $26.46 per share, for a total transaction 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 document filed with the Securities & Exchange Commission, which is available at this link.

Institutional Investors Weigh In On Reaves Utility Income Fund

Several hedge funds have recently bought and sold shares of UTG. Bank of America Corp DE lifted its position in shares of Reaves Utility Income Fund by 0.5% during the 1st quarter. Bank of America Corp DE now owns 750,788 shares of the closed-end fund’s stock valued at $21,307,000 after buying an additional 3,601 shares in the last quarter. Morgan Stanley raised its stake in Reaves Utility Income Fund by 2.7% in the 4th quarter. Morgan Stanley now owns 651,814 shares of the closed-end fund’s stock valued at $18,427,000 after purchasing an additional 17,321 shares during the last quarter. Wells Fargo & Company MN raised its stake in Reaves Utility Income Fund by 0.4% in the 4th quarter. Wells Fargo & Company MN now owns 442,811 shares of the closed-end fund’s stock valued at $12,518,000 after purchasing an additional 1,614 shares during the last quarter. Royal Bank of Canada raised its stake in Reaves Utility Income Fund by 0.8% in the 2nd quarter. Royal Bank of Canada now owns 323,333 shares of the closed-end fund’s stock valued at $8,866,000 after purchasing an additional 2,711 shares during the last quarter. Finally, Ameriprise Financial Inc. raised its stake in Reaves Utility Income Fund by 4.5% in the 1st quarter. Ameriprise Financial Inc. now owns 302,543 shares of the closed-end fund’s stock valued at $8,592,000 after purchasing an additional 12,956 shares during the last quarter.

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.