Financial Firms Adjust Stakes in Reaves Utility Income Fund
1 report, 1 independent
Updated Sat 00:00
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What happened
Reaves Utility Income Fund saw a significant drop in short interest during September, falling 83.2% from 160,925 shares to 27,041 shares. During the first quarter, Bank of America Corp DE grew its stake by 27.2% and Gerald Baker Financial Group LLC acquired a new stake valued at $6,147,000. NewEdge Advisors LLC also increased its position by 111.4% in the second quarter.
From themarketsdaily.com
Why it matters
The modifications by major financial firms indicate shifts in institutional investment strategies regarding the fund. These changes in ownership levels affect the demand and valuation of Reaves Utility Income Fund.
From themarketsdaily.com