Ingles Markets (NASDAQ:IMKTA) Reaches New 1-Year High After Dividend Announcement

Ingles Markets, Incorporated (NASDAQ:IMKTA) shares hit a new 52-week high on Monday following a dividend announcement from the company. The company traded as high as $90.83 and last traded at $90.7980, with a volume of 22431 shares. The stock had previously closed at $89.00.

The newly announced dividend which will be paid on Thursday, April 16th. Investors of record on Thursday, April 9th will be given a dividend of $0.165 per share. This represents a $0.66 annualized dividend and a yield of 0.7%. The ex-dividend date is Thursday, April 9th. Ingles Markets’s payout ratio is presently 13.17%.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on IMKTA shares. Weiss Ratings restated a “hold (c-)” rating on shares of Ingles Markets in a research note on Monday, December 29th. Wall Street Zen raised Ingles Markets from a “buy” rating to a “strong-buy” rating in a report on Saturday, February 7th. One analyst has rated the stock with a Hold rating, According to MarketBeat, Ingles Markets presently has a consensus rating of “Hold”.

Ingles Markets Trading Up 0.8%

The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.69 and a current ratio of 3.36. The firm has a market cap of $1.72 billion, a PE ratio of 18.09 and a beta of 0.74. The stock’s 50 day simple moving average is $83.89 and its 200 day simple moving average is $76.08.

Ingles Markets (NASDAQ:IMKTA) last posted its quarterly earnings data on Thursday, February 5th. The company reported $1.48 earnings per share for the quarter. Ingles Markets had a net margin of 1.76% and a return on equity of 5.93%. The firm had revenue of $1.37 billion for the quarter.

Institutional Investors Weigh In On Ingles Markets

Several hedge funds have recently added to or reduced their stakes in the company. State of Alaska Department of Revenue bought a new position in shares of Ingles Markets during the 3rd quarter valued at about $38,000. Highlander Partners L.P. purchased a new position in shares of Ingles Markets during the 4th quarter valued at about $45,000. Eastern Bank bought a new stake in Ingles Markets in the 4th quarter worth approximately $48,000. Torren Management LLC bought a new stake in Ingles Markets in the 4th quarter worth approximately $51,000. Finally, Huntington National Bank boosted its stake in Ingles Markets by 63.1% in the fourth quarter. Huntington National Bank now owns 778 shares of the company’s stock worth $53,000 after buying an additional 301 shares in the last quarter. Institutional investors own 62.54% of the company’s stock.

Ingles Markets Company Profile

Ingles Markets, Inc (NASDAQ: IMKTA) is a family‐owned regional supermarket chain headquartered in Asheville, North Carolina. Since its founding in 1963 by Robert P. Ingle Sr., the company has grown to serve communities across the southeastern United States, including North Carolina, South Carolina, Georgia, Tennessee, Virginia and Alabama. Ingles Markets operates a full-service grocery platform, delivering a broad assortment of fresh produce, meat and seafood, bakery items, deli offerings and dairy products alongside pantry staples and household essentials.

In addition to traditional grocery departments, Ingles Markets provides in-store pharmacy services and fuel centers at many of its locations.