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% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 147,777 shares of the company's stock after buying an additional 28,045 shares during the quarter. Allianz Asset Management GmbH owned about 0.78% of Ingles Markets worth $9,625,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the stock. Denali Advisors LLC boosted its position in Ingles Markets by 1.5% during the first quarter. Denali Advisors LLC now owns 102,221 shares of the company's stock valued at $6,658,000 after purchasing an additional 1,513 shares in the last quarter. DMC Group LLC acquired a new stake in shares of Ingles Markets in the first quarter worth $239,000. Significant Wealth Partners LLC lifted its stake in shares of Ingles Markets by 19.3% in the 1st quarter. Significant Wealth Partners LLC now owns 7,186 shares of the company's stock valued at $468,000 after purchasing an additional 1,165 shares during the period. Linden Thomas Advisory Services LLC grew its holdings in Ingles Markets by 18.1% in the first quarter. Linden Thomas Advisory Services LLC now owns 9,917 shares of the company's stock valued at $646,000 after purchasing an additional 1,518 shares during the period. Finally, Envestnet Asset Management Inc. grew its stake in Ingles Markets by 19.2% in the 1st quarter. Envestnet Asset Management Inc. now owns 8,745 shares of the company's stock valued at $570,000 after acquiring an additional 1,410 shares during the period. 62.54% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

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

Ingles Markets Price Performance

IMKTA stock opened at $65.11 on Friday. The company has a market capitalization of $1.24 billion, a PE ratio of 19.97 and a beta of 0.71. The company has a current ratio of 3.19, a quick ratio of 1.46 and a debt-to-equity ratio of 0.32. Ingles Markets, Incorporated has a 12-month low of $58.92 and a 12-month high of $82.01. The business's fifty day moving average price is $63.45 and its 200 day moving average price is $63.42.

Ingles Markets (NASDAQ:IMKTA - Get Free Report) last issued 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 business also recently announced a quarterly dividend, which was paid on Thursday, July 17th. Shareholders of record on Thursday, July 10th were paid a $0.165 dividend. The ex-dividend date was Thursday, July 10th. This represents a $0.66 annualized dividend and a dividend yield of 1.01%. Ingles Markets's dividend payout ratio (DPR) is currently 20.25%.

Ingles Markets 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.

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