Adams Diversified Equity Fund (NYSE:ADX) Reaches New 52-Week High - Still a Buy?

Key Points

• ADX reached a new 52-week high, trading as high as $26.54 and closing near that level, up 0.2%. Its 50-day and 200-day moving averages were $25.54 and $24.25, respectively.
• The fund raised its quarterly dividend to $0.50 per share from $0.48, equivalent to $2.00 annually and a 7.5% yield. The dividend is payable August 28 to shareholders of record July 27.
• Institutional investors and hedge funds collectively own 28.41% of ADX, with several firms modestly increasing their positions. ADX is a closed-end fund focused primarily on U.S. equities for long-term capital growth and current income.

Adams Diversified Equity Fund, Inc. (NYSE:ADX - Get Free Report)'s stock price reached a new 52-week high during trading on Thursday . The company traded as high as $26.54 and last traded at $26.5390, with a volume of 86514 shares. The stock had previously closed at $26.47.

Adams Diversified Equity Fund Stock Up 0.2%

The firm's 50 day simple moving average is $25.54 and its two-hundred day simple moving average is $24.25.

Adams Diversified Equity Fund Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Monday, July 27th will be given a $0.50 dividend. The ex-dividend date is Monday, July 27th. This is an increase from Adams Diversified Equity Fund's previous quarterly dividend of $0.48. This represents a $2.00 dividend on an annualized basis and a dividend yield of 7.5%.

Hedge Funds Weigh In On Adams Diversified Equity Fund

Several hedge funds and other institutional investors have recently made changes to their positions in ADX. Bank of Montreal Can grew its stake in Adams Diversified Equity Fund by 3.8% during the fourth quarter. Bank of Montreal Can now owns 11,886 shares of the closed-end fund's stock worth $277,000 after purchasing an additional 435 shares during the period. MML Investors Services LLC lifted its stake in Adams Diversified Equity Fund by 1.3% in the fourth quarter. MML Investors Services LLC now owns 32,763 shares of the closed-end fund's stock valued at $764,000 after buying an additional 436 shares during the period. Uniting Wealth Partners LLC boosted its holdings in shares of Adams Diversified Equity Fund by 2.0% during the 4th quarter. Uniting Wealth Partners LLC now owns 22,306 shares of the closed-end fund's stock worth $520,000 after buying an additional 439 shares in the last quarter. Capstone Financial Advisors Inc. boosted its holdings in shares of Adams Diversified Equity Fund by 1.1% during the 4th quarter. Capstone Financial Advisors Inc. now owns 42,513 shares of the closed-end fund's stock worth $991,000 after buying an additional 451 shares in the last quarter. Finally, Quad Cities Investment Group LLC grew its position in shares of Adams Diversified Equity Fund by 1.9% during the 2nd quarter. Quad Cities Investment Group LLC now owns 29,033 shares of the closed-end fund's stock worth $742,000 after buying an additional 545 shares during the period. 28.41% of the stock is currently owned by institutional investors and hedge funds.

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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