BALTIMORE, July 12, 2012 /PRNewswire via COMTEX/ -- The Board of Directors of The Adams Express Company ADX -0.23% today declared a dividend of $0.05 per share, payable September 1, 2012, to stockholders of record on August 10, 2012. This dividend represents the third payment this year towards the Company's 6% minimum distribution commitment for the year.
For the six months ended June 30th, the total return on Adams Express' net asset value, with dividends and capital gains reinvested, was 8.0%. Comparable figures for the Standard & Poor's 500 Index (S&P 500) and the Lipper Large-Cap Core Mutual Funds Average were 9.5% and 8.0%, respectively. The total return on Adams Express' market value was 10.5%.
For the twelve months ended June 30th, the total return on Adams Express' net asset value, with dividends and capital gains reinvested, was 2.2%. Comparable figures for the S&P 500 and the Lipper Large-Cap Core Mutual Funds Average were 5.5% and 1.9%, respectively. The total return on Adams Express' market value was 1.0%.
Adams Express' net asset value at June 30, 2012, compared with the year earlier, was:
Net Asset Value
Net assets $1,125,291,245 $1,146,496,552
Shares outstanding 91,106,318 88,920,404
Net assets per share $12.35 $12.89
The net capital gains realized through June 30, 2012, were $0.21 per share.
During the three months ended June 30, 2012, Adams Express added six new names to its investment portfolio through the purchases of Amerigroup Corp. (health care), Anadarko Petroleum Corp. (energy), Eaton Corp. (industrials), Facebook, Inc. (social media) (subsequently sold during the quarter), Hancock Holding Co. (banking), and Noble Corp. (energy). The Company increased its holdings in Affiliated Managers Group, Apple, AT&T, AXIS Capital, Cognizant, Diageo, Digital Realty Trust, Express Scripts, General Electric, Goodrich, Kansas City Southern, McKesson, NiSource, Terex, United Technologies, and Verizon Communications.
In addition, the Company eliminated two holdings from its investment portfolio with the sales of Old Dominion Freight Line, Inc. and Facebook, Inc. The Company reduced its holdings in BorgWarner, Capital One, Caterpillar, Chevron, Cliffs Natural Resources, Coca-Cola, Emerson Electric, Exxon Mobil., F5 Networks, Freeport-McMoRan, Johnson & Johnson, Northeast Utilities, Peabody Energy, PepsiCo, Ryland, Seadrill Ltd., T. Rowe Price, Tech Resources, Unilever, Walt Disney, and Wells Fargo.
The Semi-Annual Report to Stockholders is expected to be released on or about July 20, 2012.