Bank of America Corp DE Buys 13,540 Shares of PriceSmart, Inc. $PSMT

Key Points

• Bank of America increased its PriceSmart position by 10.4%, purchasing 13,540 shares to own 143,146 shares valued at approximately $21.5 million. Institutional investors collectively own 80.46% of the company.
• Analysts maintain a generally positive outlook, with PriceSmart receiving an average “Buy” rating and a consensus price target of $198; Jefferies also reiterated its Buy rating.
• PriceSmart reported quarterly revenue of $1.48 billion, up 12.5% year over year and above expectations, though EPS of $1.28 fell short of the $1.32 consensus estimate. Meanwhile, company insiders sold 7,399 shares worth about $1.45 million in the latest quarter.

Bank of America Corp DE increased its position in PriceSmart, Inc. (NASDAQ:PSMT - Free Report) by 10.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 143,146 shares of the company's stock after buying an additional 13,540 shares during the period. Bank of America Corp DE owned 0.46% of PriceSmart worth $21,543,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Progeny 3 Inc. bought a new stake in shares of PriceSmart during the third quarter valued at approximately $27,825,000. Invesco Ltd. lifted its holdings in shares of PriceSmart by 54.7% in the 2nd quarter. Invesco Ltd. now owns 551,566 shares of the company's stock worth $57,936,000 after purchasing an additional 194,980 shares in the last quarter. Fisher Asset Management LLC grew its position in PriceSmart by 821.3% in the 4th quarter. Fisher Asset Management LLC now owns 217,000 shares of the company's stock valued at $26,619,000 after purchasing an additional 193,446 shares during the period. Millennium Management LLC grew its position in PriceSmart by 5,150.6% in the 3rd quarter. Millennium Management LLC now owns 114,936 shares of the company's stock valued at $13,929,000 after purchasing an additional 112,747 shares during the period. Finally, E. Ohman J or Asset Management AB increased its stake in PriceSmart by 539.9% during the 1st quarter. E. Ohman J or Asset Management AB now owns 131,990 shares of the company's stock valued at $19,864,000 after purchasing an additional 111,362 shares in the last quarter. 80.46% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on PSMT. Weiss Ratings cut shares of PriceSmart from a "buy (b+)" rating to a "buy (b)" rating in a report on Friday, May 29th. Jefferies Financial Group reiterated a "buy" rating and set a $198.00 price target on shares of PriceSmart in a research note on Wednesday, August 12th. Two analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $198.00.

PriceSmart Stock Performance

Shares of PSMT stock opened at $176.70 on Wednesday. The firm has a market cap of $5.45 billion, a price-to-earnings ratio of 33.92 and a beta of 0.76. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.53 and a current ratio of 1.28. PriceSmart, Inc. has a 52 week low of $105.46 and a 52 week high of $199.84. The firm's 50-day simple moving average is $186.65 and its two-hundred day simple moving average is $166.74.

PriceSmart (NASDAQ:PSMT - Get Free Report) last issued its quarterly earnings results on Wednesday, July 8th. The company reported $1.28 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.32 by ($0.04). PriceSmart had a return on equity of 12.16% and a net margin of 2.82%.The company had revenue of $1.48 billion for the quarter, compared to analysts' expectations of $1.43 billion. During the same quarter in the previous year, the business earned $1.14 EPS. The company's revenue for the quarter was up 12.5% on a year-over-year basis.

Insider Buying and Selling at PriceSmart

In other PriceSmart news, Director Sherry S. Bahrambeygui sold 3,499 shares of the company's stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $197.38, for a total transaction of $690,632.62. Following the sale, the director directly owned 32,150 shares of the company's stock, valued at $6,345,767. This represents a 9.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Beatriz V. Infante sold 800 shares of the stock in a transaction dated Monday, July 13th. The stock was sold at an average price of $195.98, for a total transaction of $156,784.00. Following the transaction, the director owned 11,210 shares of the company's stock, valued at $2,196,935.80. This represents a 6.66% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 7,399 shares of company stock valued at $1,446,056 in the last quarter. 17.00% of the stock is owned by corporate insiders.

PriceSmart Profile

PriceSmart, Inc NASDAQ: PSMT is a U.S.-based retailer specializing in membership warehouse clubs. Founded in 1993, the company operates under a business model that offers bulk quantities of goods at discounted prices to individuals and businesses that purchase annual memberships. PriceSmart's value proposition centers on low-cost operations, high-volume purchasing, and a no-frills shopping environment designed to pass savings directly to its members.

The company's product assortment covers a broad range of merchandise categories, including groceries and fresh produce, household essentials, electronics, appliances, office supplies, furniture, and health and beauty items.

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