DENVER—JoEllen Legg, a director at Reaves Utility Income Fund (NYSE:UTG), recently acquired 294 shares of the company, according to a filing with the Securities and Exchange Commission. The purchase, made on November 15, 2024, was valued at approximately $9,795, with each share priced at $33.3181.
Following this transaction, Legg’s total holdings in the fund increased to 2,885.283 shares. This move reflects her continued investment in the fund, which is known for its focus on utility sector investments.
InvestingPro Insights
JoEllen Legg’s recent purchase of Reaves Utility Income Fund (NYSE:UTG) shares aligns with several positive aspects of the fund’s performance and strategy. According to InvestingPro data, UTG has demonstrated strong revenue growth, with a 19.37% increase in the last twelve months as of Q2 2024. This growth is complemented by an impressive gross profit margin of 100%, indicating efficient management of its investment portfolio.
InvestingPro Tips highlight that UTG “pays a significant dividend to shareholders” and “has maintained dividend payments for 21 consecutive years.” These factors likely contribute to the fund’s appeal for income-focused investors like Legg. The current dividend yield stands at a robust 6.83%, which is particularly attractive in the current market environment.
Furthermore, UTG has shown a “strong return over the last three months,” with InvestingPro data revealing a 16.2% price total return over that period. This recent performance, coupled with a year-to-date return of 33.43%, suggests that the fund has been delivering value to its shareholders.
It’s worth noting that InvestingPro offers 7 additional tips for UTG, providing investors with a more comprehensive analysis of the fund’s prospects and potential risks. These insights can be valuable for those considering following Legg’s lead in investing in UTG.
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