ASHEVILLE, N.C. - Ingles Markets, Incorporated (NASDAQ: IMKTA), a regional grocery chain with operations across six southeastern states, has declared a cash dividend for its shareholders. The company, which is based in Asheville, North Carolina, announced that the dividend amounts to $0.165 per share for Class A Common Stock and $0.15 per share for Class B Common Stock.
This dividend declaration translates to an annual rate of $0.66 for Class A and $0.60 for Class B shares. Shareholders of record as of October 10, 2024, will be eligible to receive the dividend, which is scheduled for payment on October 17, 2024.
Ingles Markets operates a total of 198 supermarkets and is involved in the real estate business through its neighborhood shopping centers, many of which feature an Ingles supermarket. Additionally, the company owns a fluid dairy facility that not only serves Ingles Markets but also provides products to other customers.
The announcement of the dividend follows the company's established pattern of returning value to its shareholders. The information disclosed is based on a press release statement from Ingles Markets, Incorporated.
In other recent news, Ingles Markets, a notable grocery chain in the Southeastern United States, has declared dividend payments for its shareholders, marking a significant development. The company's Board of Directors has approved a cash dividend of $0.165 per share for its Class A Common Stock and $0.15 per share for its Class B Common Stock. This announcement corresponds to an annual rate of $0.66 for Class A and $0.60 for Class B shares. These dividends will be paid to shareholders recorded as of a recent date, demonstrating the company's commitment to providing value to its investors. The financial performance and strategic decisions of Ingles Markets are closely observed by investors, as dividends are often seen as indicators of a company's stability and growth prospects. Please note that this information is based solely on a press release from Ingles Markets.
InvestingPro Insights
Ingles Markets' recent dividend declaration aligns with its long-standing commitment to shareholder value. According to InvestingPro data, the company boasts a dividend yield of 0.89% as of the latest available information. More impressively, an InvestingPro Tip reveals that Ingles Markets has maintained dividend payments for 38 consecutive years, underscoring its reliability as an income-generating stock for long-term investors.
Despite operating in the competitive grocery sector, Ingles Markets demonstrates financial strength. The company's P/E ratio stands at 8.89, indicating that it's trading at a relatively low earnings multiple. This valuation metric, coupled with another InvestingPro Tip highlighting that Ingles Markets is trading at a low revenue valuation multiple, suggests the stock may be undervalued relative to its earnings and revenue.
For investors seeking more comprehensive analysis, InvestingPro offers 7 additional tips that could provide deeper insights into Ingles Markets' financial health and market position. These additional tips could be particularly valuable given the company's recent dividend announcement and its established presence in the southeastern United States retail market.
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