Adams Express Provides Year-To-Date Update at Annual Meeting in Baltimore

BALTIMORE, March 23 /PRNewswire-FirstCall/ -- The Adams Express Company (NYSE: ADX) held its Annual Meeting of Stockholders in Baltimore today in its 156th year as a company and provided this update on year-to-date activity through March 19, 2010:

PERFORMANCE AND REALIZED CAPITAL GAINS

The year-to-date total return for the Company, including the reinvestment of income dividends as well as capital gains distributions paid, was 4.5% on net asset value and 4.7% on market value. Comparable figures for the Standard & Poor's 500 Index and the Lipper Large-Cap Core Mutual Fund Average were 4.5% and 4.0%, respectively. Net realized capital gains for the Company were $0.08 per share.

SECURITIES TRANSACTIONS

Since January 1, 2010, the Company has added three new names to its portfolio with the purchases of shares of Hewlett-Packard Co., Praxair, Inc., and T. Rowe Price Group, Inc. The Company has added to its existing holdings in Bank of America (via conversion to common stock of its Bank of America Common Equivalent Shares), Cliffs Natural Resources, Freeport-McMoRan Copper & Gold, Google, and Qualcomm. The Company deleted two names from its portfolio with the sale of shares of ConocoPhillips and the conversion of its Bank of America Common Equivalent Shares previously described. Holdings have been reduced in Capital One, Northwest Natural Gas, Visa, and WGL Holdings. The Company holds 3.5% of net assets in net cash and short-term investments.

The Adams Express Company is a Baltimore-based closed-end investment company. It is traded on the New York Stock Exchange under the symbol ADX.  

For your convenience, all press releases are posted to our website.  If you would like to receive future press releases by fax or e-mail, please let us know.

SOURCE Adams Express Company

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED