Hsbc Holdings PLC Buys New Stake in Ingles Markets, Incorporated $IMKTA

Hsbc Holdings PLC bought a new stake in shares of Ingles Markets, Incorporated (NASDAQ:IMKTA) in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 10,622 shares of the company’s stock, valued at approximately $955,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Parallel Advisors LLC lifted its stake in Ingles Markets by 14.4% in the 3rd quarter. Parallel Advisors LLC now owns 1,561 shares of the company’s stock worth $109,000 after purchasing an additional 197 shares in the last quarter. PNC Financial Services Group Inc. increased its holdings in shares of Ingles Markets by 4.5% in the fourth quarter. PNC Financial Services Group Inc. now owns 4,809 shares of the company’s stock worth $330,000 after purchasing an additional 207 shares during the last quarter. The Manufacturers Life Insurance Company increased its holdings in shares of Ingles Markets by 4.2% in the second quarter. The Manufacturers Life Insurance Company now owns 5,163 shares of the company’s stock worth $327,000 after purchasing an additional 209 shares during the last quarter. Ballentine Partners LLC lifted its position in shares of Ingles Markets by 4.0% in the fourth quarter. Ballentine Partners LLC now owns 5,643 shares of the company’s stock worth $387,000 after buying an additional 217 shares in the last quarter. Finally, Legal & General Group Plc lifted its position in shares of Ingles Markets by 1.5% in the third quarter. Legal & General Group Plc now owns 16,096 shares of the company’s stock worth $1,120,000 after buying an additional 234 shares in the last quarter. 62.54% of the stock is currently owned by institutional investors.

Ingles Markets Stock Performance

Shares of NASDAQ:IMKTA opened at $89.97 on Wednesday. Ingles Markets, Incorporated has a 52 week low of $59.27 and a 52 week high of $95.62. The stock has a market capitalization of $1.71 billion, a P/E ratio of 16.39 and a beta of 0.61. The firm has a fifty day simple moving average of $89.46 and a two-hundred day simple moving average of $86.31. The company has a quick ratio of 1.77, a current ratio of 3.34 and a debt-to-equity ratio of 0.29.

Ingles Markets (NASDAQ:IMKTA) last announced its earnings results on Thursday, May 7th. The company reported $1.28 earnings per share (EPS) for the quarter. Ingles Markets had a net margin of 1.93% and a return on equity of 6.41%. The firm had revenue of $1.31 billion for the quarter.

Ingles Markets Announces Dividend

The business 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 of this dividend was Thursday, July 9th. Ingles Markets’s dividend payout ratio (DPR) is presently 12.02%.

Wall Street Analysts Forecast Growth

IMKTA has been the subject of several research analyst reports. Wall Street Zen cut Ingles Markets from a “strong-buy” rating to a “buy” rating in a report on Saturday, May 16th. Weiss Ratings raised Ingles Markets from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday. One investment analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, Ingles Markets has an average rating of “Buy”.

Insider Activity at Ingles Markets

In related news, Director Dwight L. Jacobs bought 500 shares of the company’s stock in a transaction dated Wednesday, May 20th. The stock was purchased at an average price of $88.07 per share, for a total transaction of $44,035.00. Following the acquisition, the director owned 500 shares in the company, valued at $44,035. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 22.80% of the company’s stock.

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.