ASHEVILLE, N.C. - Ingles Markets, Incorporated (NASDAQ:IMKTA), a prominent grocery store chain in the Southeastern United States, has announced dividend payments for its shareholders. The company's Board of Directors has declared a cash dividend of $0.165 per share for its Class A Common Stock and $0.15 per share for its Class B Common Stock.
The dividends announced today correspond to an annual rate of $0.66 for Class A and $0.60 for Class B shares. Shareholders on record as of July 11, 2024, will be eligible for the dividend, which is scheduled to be paid on July 18, 2024.
Ingles Markets operates a total of 198 supermarkets across six southeastern states, with its headquarters situated in Asheville, North Carolina. The company's business extends beyond its supermarket chain to include neighborhood shopping centers, predominantly anchored by an Ingles supermarket, and a fluid dairy facility that supplies both its stores and external customers.
This dividend declaration reflects the company's commitment to providing value to its shareholders and is based on the press release statement issued by Ingles Markets, Incorporated. The company's financial performance and strategic decisions are closely watched by investors, as dividends are often considered indicators of a company's stability and growth prospects.
The information regarding the dividends is based solely on the press release from Ingles Markets and does not include any additional commentary or speculative statements.
In other recent news, Ingles Markets, a prominent regional grocery chain, has declared a cash dividend for its shareholders. The company's Board of Directors approved a dividend of $0.165 per share on Class A Common Stock and $0.15 per share on Class B Common Stock.
The dividends are scheduled for payment to shareholders who are on record as of a recent date. This declaration signifies an annual dividend rate of $0.66 for Class A shares and $0.60 for Class B shares. These are the latest developments in the company's financial operations. As a reminder, this information is based on a press release issued by Ingles Markets and doesn't offer a comprehensive view of the company.
InvestingPro Insights
In light of Ingles Markets' recent dividend announcement, the InvestingPro data provides a deeper look into the company's financial health and market performance. The company currently holds a market capitalization of $1.31 billion USD and trades at a P/E ratio of 7.41, indicating that it may be undervalued relative to earnings. Moreover, Ingles Markets has maintained a steady dividend yield of 0.96%, which aligns with its history of 38 consecutive years of dividend payments, a testament to its commitment to shareholder returns.
While the company has experienced a modest revenue growth of 1.44% over the last twelve months as of Q2 2024, analysts are anticipating a sales decline in the current year. Despite this forecasted decline, Ingles Markets has demonstrated financial resilience with liquid assets surpassing short-term obligations, suggesting a strong liquidity position that may appeal to cautious investors.
For those looking to delve deeper into Ingles Markets' investment potential, InvestingPro offers valuable insights. The platform features PRONEWS24, a coupon code that grants up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
Investors can access additional InvestingPro Tips, including the company's low revenue valuation multiple and its moderate level of debt, which could influence investment decisions. With 8 additional tips available on InvestingPro, users can gain a comprehensive understanding of the company's financial landscape.
Moreover, the InvestingPro Fair Value estimate for Ingles Markets stands at $84.61 USD, suggesting potential undervaluation at the previous close price of $68.61 USD. This may indicate an opportunity for investors looking for value stocks in the grocery retail sector. As the company approaches its next earnings date on August 8, 2024, these insights could prove crucial for shareholders and potential investors alike.
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