Allianz Asset Management GmbH Acquires 28,045 Shares of Ingles Markets, Incorporated (NASDAQ:IMKTA)

Key Points

• Allianz Asset Management GmbH increased its stake in Ingles Markets by 23.4%, acquiring an additional 28,045 shares, bringing its total ownership to approximately 0.78% of the company valued at $9,625,000.
• Ingles Markets' stock has seen a recent upgrade, with analysts from Wall Street Zen raising its rating from "hold" to "buy."
• The company declared a quarterly dividend of $0.165 per share, resulting in an annualized dividend yield of 1.01%.

Allianz Asset Management GmbH increased its stake in Ingles Markets, Incorporated (NASDAQ:IMKTA - Free Report) by 23.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 147,777 shares of the company's stock after purchasing an additional 28,045 shares during the quarter. Allianz Asset Management GmbH owned approximately 0.78% of Ingles Markets worth $9,625,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC acquired a new stake in Ingles Markets during the 1st quarter worth about $2,137,000. Janney Montgomery Scott LLC boosted its position in Ingles Markets by 1.6% during the 1st quarter. Janney Montgomery Scott LLC now owns 17,729 shares of the company's stock worth $1,155,000 after acquiring an additional 286 shares during the period. Millennium Management LLC boosted its position in Ingles Markets by 22.9% during the 4th quarter. Millennium Management LLC now owns 69,306 shares of the company's stock worth $4,466,000 after acquiring an additional 12,933 shares during the period. GAMMA Investing LLC boosted its position in Ingles Markets by 6,448.6% during the 1st quarter. GAMMA Investing LLC now owns 11,984 shares of the company's stock worth $7,810,000 after acquiring an additional 11,801 shares during the period. Finally, Vanguard Group Inc. boosted its position in Ingles Markets by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 1,234,699 shares of the company's stock worth $79,564,000 after acquiring an additional 7,541 shares during the period. Hedge funds and other institutional investors own 62.54% of the company's stock.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen raised Ingles Markets from a "hold" rating to a "buy" rating in a report on Tuesday, May 6th.

Ingles Markets Price Performance

Shares of IMKTA traded up $0.45 on Wednesday, hitting $63.00. The company's stock had a trading volume of 214,488 shares, compared to its average volume of 90,135. The company has a market capitalization of $1.20 billion, a PE ratio of 19.33 and a beta of 0.71. The company has a debt-to-equity ratio of 0.32, a current ratio of 3.19 and a quick ratio of 1.46. Ingles Markets, Incorporated has a fifty-two week low of $58.92 and a fifty-two week high of $82.01. The company has a 50 day moving average price of $63.57 and a 200 day moving average price of $63.42.

Ingles Markets (NASDAQ:IMKTA - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported $0.80 earnings per share for the quarter. Ingles Markets had a net margin of 1.14% and a return on equity of 3.98%.

Ingles Markets Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 17th. Shareholders of record on Thursday, July 10th were issued a dividend of $0.165 per share. This represents a $0.66 dividend on an annualized basis and a yield of 1.05%. The ex-dividend date was Thursday, July 10th. Ingles Markets's dividend payout ratio is presently 20.25%.

Ingles Markets Company Profile

Ingles Markets, Incorporated, together with its subsidiaries, operates a chain of supermarkets in the southeast United States. It offers food products, including grocery, meat and dairy products, produce, frozen foods, and other perishables; and non-food products, which include fuel centers, pharmacies, health and beauty care products, and general merchandise, as well as private label items.