Fifth Third Bancorp Buys New Stake in Ingles Markets, Incorporated $IMKTA

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

A number of other large investors have also made changes to their positions in the business. Summer Road LLC lifted its holdings in shares of Ingles Markets by 17,247.1% during the 1st quarter. Summer Road LLC now owns 433,678 shares of the company’s stock valued at $38,983,000 after purchasing an additional 431,178 shares during the last quarter. Bragg Financial Advisors Inc grew its stake in Ingles Markets by 22.7% during the 4th quarter. Bragg Financial Advisors Inc now owns 372,210 shares of the company’s stock worth $25,515,000 after buying an additional 68,909 shares during the last quarter. UBS Group AG increased its position in Ingles Markets by 167.3% during the 3rd quarter. UBS Group AG now owns 102,333 shares of the company’s stock valued at $7,118,000 after buying an additional 64,049 shares in the last quarter. Brandes Investment Partners LP increased its position in Ingles Markets by 4.0% during the 4th quarter. Brandes Investment Partners LP now owns 1,206,646 shares of the company’s stock valued at $82,716,000 after buying an additional 46,269 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its stake in Ingles Markets by 29.9% in the fourth quarter. Goldman Sachs Group Inc. now owns 181,222 shares of the company’s stock valued at $12,423,000 after buying an additional 41,697 shares during the last quarter. 62.54% of the stock is owned by institutional investors and hedge funds.

Ingles Markets Price Performance

Shares of IMKTA opened at $90.15 on Monday. The company has a debt-to-equity ratio of 0.29, a current ratio of 3.34 and a quick ratio of 1.77. The company’s fifty day moving average price is $89.12 and its 200-day moving average price is $85.35. Ingles Markets, Incorporated has a 1-year low of $59.27 and a 1-year high of $95.62. The firm has a market capitalization of $1.71 billion, a PE ratio of 16.42 and a beta of 0.61.

Ingles Markets (NASDAQ:IMKTA) last issued 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 company had revenue of $1.31 billion during the quarter.

Ingles Markets Announces Dividend

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

Insider Activity

In other news, Director Dwight L. Jacobs bought 500 shares of the firm’s stock in a transaction that occurred on Wednesday, May 20th. The stock was purchased at an average price of $88.07 per share, with a total value of $44,035.00. Following the completion of the acquisition, the director directly owned 500 shares of the company’s stock, valued at $44,035. This trade represents a ∞ increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 22.80% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on IMKTA. Weiss Ratings lowered Ingles Markets from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, July 9th. Wall Street Zen lowered shares of Ingles Markets from a “strong-buy” rating to a “buy” rating in a research report on Saturday, May 16th. One research analyst has rated the stock with a Hold rating, Based on data from MarketBeat, the company presently has a consensus rating of “Hold”.

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.