Ingles Markets (NASDAQ:IMKTA) is ringing up a fresh pair of dividends. The company has declared its latest Class A and B common stock distributions. These will be $0.165 and $0.15 per share, respectively. Both will be handed out on July 25 to shareholders of record as of July 11. The two match Ingles Markets' previous distributions, which were paid in late April.
The Class A dividend annualizes to $0.66 per share. That yields 2.6% at Ingles Markets' current stock price of $25.22. The Class B shares annualize to $0.60 per share, yielding 2.4%.
The news comes less than a week after the company launched another potential share price-boosting move: a stock buyback program. It has authorized the repurchase of up to 4 million Class A and B shares.
Fool contributor Eric Volkman has no position in Ingles Markets, and neither does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
More from The Motley Fool
Is Ingles Headed Back Toward Growth?
The company recently posted anemic sales growth and a lower first-quarter profit, but with fresh energy into new store construction, things may turn around quickly.
Are Ingles Markets Earnings Threatened by the Kroger-Harris Teeter Deal?
With its grocery store operations in the Southeast, Ingles Markets has produced impressive growth. But will Kroger's buyout of Harris Teeter threaten Ingles in its home territory? Find out here.
Ingles Markets Keeps Dividends Steady
The company will hand out fresh distributions for its Class A and B shareholders.