Adams Diversified Equity Fund (NYSE:ADX) Reaches New 1-Year High - Still a Buy?

Key Points

• Adams Diversified Equity Fund (NYSE:ADX) reached a new 52-week high at $22.68 during trading, with the last traded price being $22.61.
• The fund announced a quarterly dividend of $0.46, resulting in an annualized dividend of $1.84 and a yield of 8.2%.
• Institutional ownership of the fund has increased, with notable investors such as Royal Bank of Canada and Raymond James Financial Inc. significantly boosting their stakes in the first quarter.

Adams Diversified Equity Fund, Inc. (NYSE:ADX - ) shares reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $22.68 and last traded at $22.61, with a volume of 44297 shares traded. The stock had previously closed at $22.50.

Adams Diversified Equity Fund Stock Up 0.3%

The firm's 50-day moving average price is $21.89 and its 200-day moving average price is $20.72.

Adams Diversified Equity Fund Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 28th. Shareholders of record on Monday, July 28th were given a $0.46 dividend. The ex-dividend date of this dividend was Monday, July 28th. This represents a $1.84 annualized dividend and a yield of 8.2%.

Institutional Investors Weigh In On Adams Diversified Equity Fund

A number of large investors have recently modified their holdings of the stock. Royal Bank of Canada increased its position in Adams Diversified Equity Fund by 39.6% in the first quarter. Royal Bank of Canada now owns 1,054,872 shares of the closed-end fund's stock worth $20,032,000 after buying an additional 299,425 shares during the period. Penserra Capital Management LLC acquired a new stake in shares of Adams Diversified Equity Fund in the 1st quarter worth about $4,469,000. Raymond James Financial Inc. lifted its position in Adams Diversified Equity Fund by 16.4% in the 1st quarter. Raymond James Financial Inc. now owns 1,201,070 shares of the closed-end fund's stock valued at $22,808,000 after purchasing an additional 169,583 shares during the last quarter. Wolverine Asset Management LLC boosted its stake in Adams Diversified Equity Fund by 205.2% during the 1st quarter. Wolverine Asset Management LLC now owns 152,886 shares of the closed-end fund's stock valued at $2,903,000 after purchasing an additional 102,797 shares during the period. Finally, Bensler LLC grew its position in Adams Diversified Equity Fund by 13.0% in the 1st quarter. Bensler LLC now owns 787,512 shares of the closed-end fund's stock worth $14,955,000 after purchasing an additional 90,295 shares during the last quarter. Institutional investors and hedge funds own 28.41% of the company's stock.

Adams Diversified Equity Fund Company Profile

Adams Diversified Equity Fund, Inc is a publicly owned investment manager. It primarily provides its services to investment companies. The firm is a large advisory firm The firm is actively engaged in businesses, including commodity pool operator or commodity trading advisor. The firm launches equity.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.