Fifth Third Bancorp Invests $3.08 Million in Ingles Markets, Incorporated $IMKTA

Fifth Third Bancorp purchased a new position in Ingles Markets, Incorporated (NASDAQ:IMKTA) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 34,245 shares of the company’s stock, valued at approximately $3,078,000. Fifth Third Bancorp owned 0.18% of Ingles Markets at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Summer Road LLC grew its stake in Ingles Markets by 17,247.1% in the 1st quarter. Summer Road LLC now owns 433,678 shares of the company’s stock worth $38,983,000 after acquiring an additional 431,178 shares in the last quarter. Bragg Financial Advisors Inc boosted its holdings in shares of Ingles Markets by 22.7% in the fourth quarter. Bragg Financial Advisors Inc now owns 372,210 shares of the company’s stock valued at $25,515,000 after purchasing an additional 68,909 shares during the period. UBS Group AG grew its stake in Ingles Markets by 167.3% in the third quarter. UBS Group AG now owns 102,333 shares of the company’s stock worth $7,118,000 after purchasing an additional 64,049 shares in the last quarter. Brandes Investment Partners LP grew its stake in Ingles Markets by 4.0% in the fourth quarter. Brandes Investment Partners LP now owns 1,206,646 shares of the company’s stock worth $82,716,000 after purchasing an additional 46,269 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its holdings in Ingles Markets by 29.9% during the 4th quarter. Goldman Sachs Group Inc. now owns 181,222 shares of the company’s stock worth $12,423,000 after purchasing an additional 41,697 shares during the period. Institutional investors own 62.54% of the company’s stock.

Insiders Place Their Bets

In related news, Director Dwight L. Jacobs bought 500 shares of the business’s stock in a transaction on Wednesday, May 20th. The shares were bought at an average price of $88.07 per share, for a total transaction of $44,035.00. Following the completion of the purchase, the director directly owned 500 shares of the company’s stock, valued at approximately $44,035. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 22.80% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

IMKTA has been the subject of several research reports. Wall Street Zen cut Ingles Markets from a “strong-buy” rating to a “buy” rating in a report on Saturday, May 16th. Weiss Ratings lowered Ingles Markets from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, July 9th. One analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, the company currently has an average rating of “Hold”.

Ingles Markets Stock Performance

Shares of NASDAQ:IMKTA opened at $90.15 on Monday. The firm has a 50 day moving average of $89.12 and a 200 day moving average of $85.35. The company has a quick ratio of 1.77, a current ratio of 3.34 and a debt-to-equity ratio of 0.29. The company has a market capitalization of $1.71 billion, a price-to-earnings ratio of 16.42 and a beta of 0.61. Ingles Markets, Incorporated has a 52 week low of $59.27 and a 52 week high of $95.62.

Ingles Markets (NASDAQ:IMKTA) last announced its earnings results on Thursday, May 7th. The company reported $1.28 earnings per share (EPS) for the quarter. Ingles Markets had a return on equity of 6.41% and a net margin of 1.93%.The business had revenue of $1.31 billion for the quarter.

Ingles Markets Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 16th. Investors of record on Thursday, July 9th were given a dividend of $0.165 per share. The ex-dividend date of this dividend was Thursday, July 9th. This represents a $0.66 dividend on an annualized basis and a yield of 0.7%. Ingles Markets’s dividend payout ratio (DPR) is presently 12.02%.

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.