Comerica Bank Has $2.57 Million Stake in Ingles Markets, Incorporated $IMKTA

Comerica Bank lifted its holdings in shares of Ingles Markets, Incorporated (NASDAQ:IMKTA) by 157.5% in the 4th quarter, Holdings Channel reports. The institutional investor owned 37,415 shares of the company’s stock after acquiring an additional 22,883 shares during the period. Comerica Bank’s holdings in Ingles Markets were worth $2,565,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. Vanguard Group Inc. grew its position in shares of Ingles Markets by 1.6% during the 4th quarter. Vanguard Group Inc. now owns 1,300,136 shares of the company’s stock worth $89,124,000 after buying an additional 20,189 shares during the period. American Century Companies Inc. grew its position in shares of Ingles Markets by 4.5% during the 3rd quarter. American Century Companies Inc. now owns 561,306 shares of the company’s stock worth $39,045,000 after buying an additional 24,406 shares during the period. Allianz Asset Management GmbH grew its position in shares of Ingles Markets by 24.5% during the 3rd quarter. Allianz Asset Management GmbH now owns 188,964 shares of the company’s stock worth $13,144,000 after buying an additional 37,194 shares during the period. Two Sigma Investments LP grew its position in shares of Ingles Markets by 23.2% during the 3rd quarter. Two Sigma Investments LP now owns 145,510 shares of the company’s stock worth $10,122,000 after buying an additional 27,403 shares during the period. Finally, Denali Advisors LLC grew its position in shares of Ingles Markets by 1.7% during the 3rd quarter. Denali Advisors LLC now owns 102,839 shares of the company’s stock worth $7,153,000 after buying an additional 1,750 shares during the period. Institutional investors and hedge funds own 62.54% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Wall Street Zen upgraded shares of Ingles Markets from a “buy” rating to a “strong-buy” rating in a research report on Saturday. One analyst has rated the stock with a Hold rating, According to data from MarketBeat, Ingles Markets presently has an average rating of “Hold”.

Ingles Markets Stock Down 4.0%

Shares of NASDAQ IMKTA opened at $87.66 on Tuesday. The stock has a market cap of $1.66 billion, a P/E ratio of 17.50 and a beta of 0.62. The firm has a 50 day moving average price of $88.45 and a 200 day moving average price of $79.30. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.69 and a current ratio of 3.36. Ingles Markets, Incorporated has a 52-week low of $59.09 and a 52-week high of $95.62.

Ingles Markets (NASDAQ:IMKTA) last issued its quarterly earnings data on Thursday, February 5th. The company reported $1.48 earnings per share (EPS) for the quarter. The firm had revenue of $1.37 billion during the quarter. Ingles Markets had a net margin of 1.76% and a return on equity of 5.93%.

Ingles Markets Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 16th. Investors of record on Thursday, April 9th were issued a dividend of $0.165 per share. The ex-dividend date was Thursday, April 9th. This represents a $0.66 dividend on an annualized basis and a yield of 0.8%. Ingles Markets’s payout ratio is currently 13.17%.

About Ingles Markets

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.