In a recent move, JoEllen Legg, a director at Reaves Utility Income Fund (NYSE:UTG), has increased her stake in the company by purchasing shares valued at $9,823. The transaction, which took place on September 17, involved the acquisition of 310 shares at a price of $31.6884 each.
This purchase demonstrates a vote of confidence by Legg in the utility-focused income fund, which has a diverse portfolio of investments within the utilities sector. Following the transaction, Legg now owns a total of 2,265 shares in Reaves Utility Income Fund.
Investors often monitor the buying and selling activities of company insiders as it can provide insights into their perspective on the company’s current valuation and future prospects. The recent acquisition by Legg may suggest her optimistic outlook on the fund’s performance.
Reaves Utility Income Fund, listed on the New York Stock Exchange, is known for its focus on income and growth through investments in utility stocks. The fund’s strategy is aimed at providing a high level of after-tax total return, primarily through dividend income and secondarily through capital appreciation.
As of now, there have been no further transactions reported by other insiders at the company. Investors and analysts alike will be keeping a close eye on the fund’s performance and any future investment moves by its directors and officers.
InvestingPro Insights
Following the recent insider purchase by director JoEllen Legg, the Reaves Utility Income Fund (NYSE:UTG) continues to present a mix of intriguing financial metrics and shareholder benefits. According to InvestingPro data, the fund has seen a significant revenue growth of 19.37% in the last twelve months as of Q2 2024, with its latest quarterly revenue growth at 5.58%. These figures underline the fund’s robust top-line growth amidst a challenging economic landscape.
Investors seeking income might be particularly interested in the fund’s dividend profile. One of the standout InvestingPro Tips for UTG is its substantial dividend yield, which stands at 7.31% as of the latest data, coupled with the fact that the fund has maintained dividend payments for 21 consecutive years. This consistent dividend track record might appeal to income-focused investors, especially considering the current yield is significantly higher than the average yield found in the broader market.
Another key point for potential investors is the fund’s performance over the recent months. UTG has generated a strong return over the last three months, with a 16.76% price total return, and a notable 23.18% year-to-date price total return. These figures suggest that investors have been recognizing the fund’s value, driving up its share price accordingly.
For those considering an investment in Reaves Utility Income Fund, it’s worth noting that the fund’s stock generally trades with low price volatility, as per another InvestingPro Tip. This might be an attractive feature for investors who prioritize stability in their investment choices.
For a deeper dive into the fund’s financial health and additional insights, investors can find more InvestingPro Tips by visiting With a total of 7 tips listed, these could provide further clarity on the fund’s investment potential and risks.
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