JoEllen Legg, serving as a director at Reaves Utility Income Fund (NASDAQ: UTG), has executed a purchase of common shares of beneficial interest amounting to $24,719. The transaction was recorded on June 24, 2026, and details were disclosed in a recent filing with the Securities and Exchange Commission (SEC). The acquisition was made at a price of $42.62 per share, resulting in the acquisition of 580 additional shares.
Following this transaction, Ms. Legg's direct holdings in the fund stand at 4,095.76 common shares of beneficial interest. This insider purchase occurs while the fund is trading at $41.34 per share, placing the company's market capitalization at $3.63 billion. The Reaves Utility Income Fund has delivered a return of 23% over the past year. The fund currently provides a dividend yield of 5.84%. According to data, the fund has maintained dividend payments for 23 consecutive years.
The insider transaction underscores the continued confidence of fund leadership in the utility sector's valuation and income potential. Reaves Utility Income Fund operates within the closed-end fund space, focusing on utility companies. The acquisition of shares by a director may signal an internal assessment of the fund's current pricing relative to its underlying asset value and income-generating capacity.
The utility sector remains a critical component of the broader financial markets, particularly for investors seeking stable income streams and exposure to regulated industries. The fund's long history of dividend payments highlights its focus on consistent shareholder returns. The recent insider purchase provides a snapshot of director-level sentiment regarding the fund's prospects in the current market environment.