Short Interest in Reaves Utility Income Fund (NYSEAMERICAN:UTG) Rises By 122.0%

Reaves Utility Income Fund (NYSEAMERICAN:UTG) was the recipient of a significant increase in short interest during the month of March. As of March 15th, there was short interest totalling 115,000 shares, an increase of 122.0% from the February 28th total of 51,800 shares. Based on an average daily volume of 305,100 shares, the short-interest ratio is presently 0.4 days.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in UTG. Bank of America Corp DE boosted its stake in Reaves Utility Income Fund by 1.8% during the fourth quarter. Bank of America Corp DE now owns 826,880 shares of the closed-end fund’s stock worth $26,204,000 after buying an additional 14,586 shares during the period. Wells Fargo & Company MN lifted its holdings in shares of Reaves Utility Income Fund by 2.4% in the 4th quarter. Wells Fargo & Company MN now owns 598,402 shares of the closed-end fund’s stock worth $18,963,000 after acquiring an additional 14,189 shares during the last quarter. LPL Financial LLC boosted its position in shares of Reaves Utility Income Fund by 4.7% during the 4th quarter. LPL Financial LLC now owns 585,115 shares of the closed-end fund’s stock worth $18,542,000 after purchasing an additional 26,496 shares during the period. Royal Bank of Canada increased its holdings in Reaves Utility Income Fund by 4.2% in the 4th quarter. Royal Bank of Canada now owns 490,955 shares of the closed-end fund’s stock valued at $15,558,000 after purchasing an additional 19,833 shares during the last quarter. Finally, Ameriprise Financial Inc. raised its position in Reaves Utility Income Fund by 7.7% in the fourth quarter. Ameriprise Financial Inc. now owns 451,310 shares of the closed-end fund’s stock valued at $14,300,000 after purchasing an additional 32,311 shares during the period.

Reaves Utility Income Fund Stock Up 0.2 %

Shares of NYSEAMERICAN UTG traded up $0.08 during midday trading on Friday, reaching $32.47. 250,607 shares of the stock were exchanged, compared to its average volume of 320,148. The company has a 50 day simple moving average of $32.98 and a 200 day simple moving average of $31.75. Reaves Utility Income Fund has a twelve month low of $25.26 and a twelve month high of $35.29.

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.