Reaves Utility Income Fund (UTG): Louis Francisco Cimino , other of Reaves Utility Income Fund purchased 150 shares on Jun 28, 2016. The Insider buying transaction was reported by the company on Jun 30, 2016 to the Securities and Exchange Commission. The shares were purchased at $31.38 per share for a total value of $4,707.00 , the company said in a SEC Form 4 Filing.
Other Insider transactions have been reported by the company according to SEC Form 4, on May 26, 2016, Ronald James Sorenson (other) purchased 100 shares at $29.95 per share price.On Apr 18, 2016, Louis Francisco Cimino (other) purchased 100 shares at $29.95 per share price.Also, On Dec 29, 2015, William Avrum Ferer (other) purchased 1,168 shares at $23.99 per share price.On Dec 24, 2015, Timothy Ottaviano Porter (other) purchased 400 shares at $23.99 per share price.
Reaves Utility Income Fund: On Wednesday, Jun 29, 2016 heightened volatility was witnessed in Reaves Utility Income Fund which led to swings in the share price. The shares opened for trading at $31.75 and hit $32 on the upside , eventually ending the session at $32, with a gain of 1.07% or 0.34 points. The heightened volatility saw the trading volume jump to 95,321 shares. The 52-week high of the share price is $32 and the company has a market cap of $1,008 M . The 52-week low of the share price is at $23.01.
Reaves Utility Income Fund is a diversified closed-end management investment company. The Fund’s investment objective is to provide a high level of after-tax income and total return consisting primarily of tax-advantaged dividend income and capital appreciation. The Fund intends to invest at least 80% of its total assets in dividend-paying common and preferred stocks and debt instruments of companies within the utility industry. The remaining 20% of its assets may be invested in other securities including stocks money market instruments and debt instruments as well as certain derivative instruments in the utility industry or other industries. Reaves Asset Management (Reaves) serves as the Fund’s investment adviser. ALPS Fund Services Inc. (ALPS) serves as the Fund’s administrator.