Ingles Markets sets cash dividend for common stock

ASHEVILLE, N.C. - Ingles Markets, Incorporated (NASDAQ:IMKTA), a leading regional grocery chain, has declared a cash dividend for its shareholders. The company announced today that its 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 on April 18, 2024, to shareholders who are on record as of April 11, 2024. This declaration represents an annual dividend rate of $0.66 for Class A shares and $0.60 for Class B shares.

Ingles Markets operates 198 supermarkets across six southeastern states and is involved in neighborhood shopping center operations, with most centers featuring an Ingles supermarket. Additionally, the company owns a fluid dairy facility that supplies its supermarkets and other customers.

The information provided herein is based solely on the press release issued by Ingles Markets.

As Ingles Markets (NASDAQ:IMKTA) continues to reward its shareholders with consistent dividends, interesting metrics from InvestingPro provide a deeper look into the company's financial standing. With a market capitalization of approximately $1.45 billion and a price-to-earnings (P/E) ratio of 7.98 based on the last twelve months as of Q1 2024, Ingles Markets is trading at a low earnings multiple. This could suggest that the company's stock is potentially undervalued compared to its earnings capacity.

Moreover, the company's revenue for the same period stands at $5.88 billion, with a slight growth of 1.73%. Despite analysts anticipating a sales decline in the current year, Ingles Markets has maintained dividend payments for 38 consecutive years, highlighting its financial resilience and commitment to shareholder returns. An InvestingPro Tip notes that Ingles Markets is trading at a low revenue valuation multiple, which might interest value-oriented investors.

Investors looking for stability might also take comfort in knowing that Ingles Markets' liquid assets exceed its short-term obligations, as per another InvestingPro Tip. This indicates a strong liquidity position, which is crucial for meeting short-term liabilities and sustaining operations, especially in unpredictable market conditions.

For those interested in a more comprehensive analysis, there are additional InvestingPro Tips available at https://www.investing.com/pro/IMKTA. Plus, by using the coupon code PRONEWS24, readers can get an extra 10% off a yearly or biyearly Pro and Pro+ subscription to access these valuable insights.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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