Archive for 'retirement Fund'

Retirement Income Fund Paying Over 6% Monthly

Utility Fund

Here’s a great utility fund that’s just been knocking it out of the park since 2004. It has just about everything going for it with low risk, long term growth, consistent dividend payouts, extra bonus in December and right now it’s at a discount.

As a result of the recently completed capital raise, retirement income investors can now buy shares of closed end fund Reaves Utility Income (NYSEMKT:UTG) at a 7% discount and lock in 6.2% yield paid monthly. But you need to act soon because I expect the market will recognize this exceptional value and reduce the discount and yield before long.

About UTG

Since its inception in 2004 the Reaves Utility Income closed end fund has been a great income investment for investors seeking income and capital growth in a low-risk investment. The objective of the fund is “to provide a high level of after-tax total return consisting primarily of tax-advantaged dividend income and capital appreciation. It intends to invest at least 80% of its total assets in dividend-paying common and preferred stocks and debt instruments of companies within the utility industry.”

At 6/30/2017 the fund’s portfolio consisted of 24% multi-utilities, 22% electric utilities, 12% media companies, 12% diversified telecommunication services, 10% oil and gas, and 5% REITs. About 88% of portfolio investments were in US issues and 12% in foreign companies.

Performance

Since its inception in February 2004 the fund has returned an annual average of 12.17% at net asset value and 11.08% at market price, outperforming the S&P 500.

Income

The fund paid its first dividend of $0.096 in April 2004 and has maintained or increased its dividend every month since including the challenging period of the Great Recession. The fund raised its dividend nine times over the years most recently in October 2016. The fund currently pays a dividend of $0.16 per month. As of 10/13/2017 the monthly income yield is 6.21%. The fund has paid a special dividend every December.

Long-Term Growth

In addition to providing reliable monthly income, the fund has also grown investors’ capital. The fund grew its net asset value per share 4.6% per year on average from its offering price of $19.07 in 2004 to $33.43 now without any reinvestment of dividends.

UTG Fund

 

Senior Citizen Wins Arbitration Against Wachovia Bank

Senior Citizen Wins Arbitration Against Wachovia Bank-Image via Wikipedia

A retired Dade County court clerk, whose nest egg was being managed by Wachovia, has been awarded by a FINRA arbitration panel, full recovery of the losses requested, plus interest, attorney fees, forum fees and costs.

The arbitration Award for the retiree follows a claim filed against Wachovia Securities, Inc., by the Securities Law Firm of Mark A. Tepper P.A., for allegedly disregarding that his client needed her retirement lump sum payment to supplement her social security and the remainder of her State pension.

“Investors who believe they’ve been defrauded should always investigate their legal rights to determine the merits of potential claims. We’re very pleased with the finding by FINRA’s arbitration panel in favor of our client,” Tepper said.

Tepper has represented customers in claims against major and regional brokerage firms including Merrill Lynch, Morgan Stanley and UBS.

In the claim against Wachovia, Tepper, a former New York Assistant Attorney General and Chief Trial Counsel at the Bureau of Investor Protection and Securities, alleged that a Wachovia Bank employee directed his client, to speak with a Wachovia financial advisor, instead of opening an IRA account and placing her retirement funds into a money market account.

“Wachovia Securities, Inc., did not act ‘vigorously,’ as required by the SEC, to contact the retiree about this ‘indication of wrongdoing,’ and instead allowed the financial adviser to exploit the retiree,” the claim alleged.

About Mark A. Tepper, P.A. (www.MarkTepper.com)

Securities Fraud Attorney Mark A. Tepper has earned the reputation of “Investor Advocate” while practicing law for over 35 years and representing investors in criminal and civil actions. A member of the Florida, New York and California Bars he is AVĀ®-rated, the highest rating of lawyers in the Martindale-Hubbell Law Directory.

MEDIA CONTACT:

Mark Hopkinson, NewsMark Public Relations

561-852-5767

www.newsmarkpublicrelations.com

CONTACT: Mark Hopkinson, NewsMark Public Relations, +1-561-852-5767

Web Site: http://www.MarkTepper.com