ASHEVILLE, NC – 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 has approved a dividend of $0.165 per share on Class A common stock and $0.15 per share on Class B common stock.
Dividend payments are scheduled to be made on April 18, 2024 to shareholders of 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 in six southeastern states and is involved in neighborhood shopping center operations, with most centers featuring an Ingles supermarket. Additionally, the company owns a dairy plant that supplies its supermarkets and other customers.
The information provided herein is based solely on the press release issued by Ingles Markets.
Insights on InvestingPro
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 position. With a market capitalization of approximately $1.45 billion and a price-to-earnings (P/E) ratio of 7.98 based on the trailing twelve months as of Q1 2024, Ingles Markets trades at a multiple of low profits. This could suggest that the company’s shares are potentially undervalued relative to its earnings power.
Furthermore, the company’s revenue for the same period amounted to $5.88 billion, a slight growth of 1.73%. Despite analysts predicting a decline in sales this 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 trades at a low revenue valuation multiple, which may be of interest to value-oriented investors.
Investors looking for stability might also take comfort in knowing that Ingles Markets’ cash exceeds its short-term obligations, as per another InvestingPro tip. This indicates a strong liquidity position, which is critical for meeting short-term liabilities and supporting operations, especially in unpredictable market conditions.
For those interested in a more comprehensive analysis, additional InvestingPro tips are available at https://www.investing.com/pro/IMKTA. Also, using the coupon code PRONEWS24Readers can get an additional 10% discount on an annual or two-year Pro and Pro+ subscription to access these valuable insights.
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