TSX runs higher on rate cut expectations
Reaves Utility Income Fund stock soared to a new 52-week high, hitting 35.29 USD, marking a significant milestone for the closed-end fund that primarily invests in utility stocks. The fund, with a market capitalization of $3.11 billion and a conservative beta of 0.79, has maintained dividend payments for 22 consecutive years according to InvestingPro data. Over the past year, the fund has experienced a notable surge, with a 33.43% total return and currently offers an attractive 6.51% dividend yield. This rise reflects growing investor confidence and interest in utility sectors, driven by strong performance in energy and infrastructure investments amid broader market volatility. The achievement comes as utility stocks continue to appeal to investors seeking stability and dividend income. InvestingPro subscribers can access additional insights, including 4 more key investment tips for this fund.
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