Adams Diversified Equity Fund (NYSE:ADX) Hits New 52-Week High - Time to Buy?

Key Points

• Adams Diversified Equity Fund (NYSE:ADX) hit a new 52-week high, trading as high as $26.17 before ending slightly lower at $26.0750.
• The fund recently raised its quarterly dividend to $0.48 per share from $0.47, putting the annualized payout at $1.92 and the yield at 7.4%.
• Institutional interest remains meaningful, with hedge funds and other investors owning 28.41% of the stock and several firms adding to or initiating positions recently.

Adams Diversified Equity Fund, Inc. (NYSE:ADX - Get Free Report) shares reached a new 52-week high during mid-day trading on Monday . The company traded as high as $26.17 and last traded at $26.0750, with a volume of 245836 shares changing hands. The stock had previously closed at $26.11.

Adams Diversified Equity Fund Stock Down 0.1%

The company has a 50-day moving average price of $25.08 and a 200 day moving average price of $23.82.

Adams Diversified Equity Fund Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Monday, April 27th were given a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a yield of 7.4%. The ex-dividend date was Monday, April 27th. This is a boost from Adams Diversified Equity Fund's previous quarterly dividend of $0.47.

Hedge Funds Weigh In On Adams Diversified Equity Fund

Several institutional investors and hedge funds have recently bought and sold shares of ADX. Caldwell Trust Co purchased a new stake in shares of Adams Diversified Equity Fund in the fourth quarter worth approximately $45,000. Assetmark Inc. boosted its holdings in shares of Adams Diversified Equity Fund by 367.9% during the first quarter. Assetmark Inc. now owns 2,040 shares of the closed-end fund's stock worth $45,000 after purchasing an additional 1,604 shares during the period. Bayban purchased a new position in Adams Diversified Equity Fund during the fourth quarter valued at approximately $57,000. Resources Management Corp CT ADV purchased a new position in Adams Diversified Equity Fund during the first quarter valued at approximately $89,000. Finally, IFP Advisors Inc increased its stake in Adams Diversified Equity Fund by 119.4% in the 4th quarter. IFP Advisors Inc now owns 4,339 shares of the closed-end fund's stock valued at $101,000 after buying an additional 2,361 shares during the period. Hedge funds and other institutional investors own 28.41% of the company's stock.

Adams Diversified Equity Fund Company Profile

Adams Diversified Equity Fund NYSE: ADX is a closed-end management investment company that has traded on the New York Stock Exchange since 1929. The fund seeks long-term growth of capital with current income by investing primarily in equity securities of U.S. companies. As one of the oldest continuously operating diversified equity funds, ADX offers investors access to a broad portfolio of common stocks representing various sectors of the U.S. economy.

The fund employs a research-driven, bottom-up investment approach, emphasizing individual company fundamentals such as earnings growth, balance-sheet strength and valuation.

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