Bank of America Corp DE Buys Shares of 158,502 PriceSmart, Inc. $PSMT

Bank of America Corp DE purchased a new stake in shares of PriceSmart, Inc. (NASDAQ:PSMT - Free Report) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 158,502 shares of the company's stock, valued at approximately $30,962,000. Bank of America Corp DE owned 0.51% of PriceSmart as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. BlackRock Inc. bought a new stake in PriceSmart during the 2nd quarter worth approximately $814,722,000. Geode Capital Management LLC lifted its stake in PriceSmart by 0.9% in the 4th quarter. Geode Capital Management LLC now owns 763,261 shares of the company's stock worth $93,640,000 after purchasing an additional 7,095 shares in the last quarter. William Blair Investment Management LLC bought a new position in PriceSmart in the 2nd quarter valued at $53,157,000. Progeny 3 Inc. boosted its holdings in PriceSmart by 18.5% in the 1st quarter. Progeny 3 Inc. now owns 272,100 shares of the company's stock valued at $40,951,000 after purchasing an additional 42,500 shares during the period. Finally, Fisher Asset Management LLC grew its position in shares of PriceSmart by 821.3% during 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 in the last quarter. 80.46% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at PriceSmart

In other news, EVP Francisco Velasco sold 338 shares of the business's stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $177.87, for a total value of $60,120.06. Following the completion of the sale, the executive vice president owned 75,321 shares of the company's stock, valued at approximately $13,397,346.27. The trade was a 0.45% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Beatriz Infante sold 800 shares of the stock in a transaction dated Monday, July 13th. The shares were sold at an average price of $195.98, for a total value of $156,784.00. Following the sale, 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 ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 7,737 shares of company stock worth $1,506,176. Company insiders own 17.00% of the company's stock.

PriceSmart Trading Up 1.3%

PSMT stock opened at $172.81 on Wednesday. The company has a market capitalization of $5.33 billion, a PE ratio of 33.17 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 one year low of $111.68 and a one year high of $199.84. The company's 50 day moving average price is $178.17 and its two-hundred day moving average price is $170.14.

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

Analyst Ratings Changes

Several research analysts have recently weighed in on PSMT shares. Jefferies Financial Group reaffirmed a "buy" rating and issued a $198.00 price target on shares of PriceSmart in a report on Wednesday, August 12th. Weiss Ratings restated a "buy (b)" rating on shares of PriceSmart in a research report on Wednesday, August 26th. Two investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock presently has an average rating of "Buy" and an average price target of $198.00.

About PriceSmart

PriceSmart, Inc operates membership warehouse clubs serving consumers and businesses in Latin America and the Caribbean. The company offers a broad selection of products at competitive prices, including groceries, fresh foods, household goods, appliances, electronics, apparel, furniture, and other general merchandise.

PriceSmart also provides members with access to ancillary services and digital shopping capabilities, including online ordering and delivery options in selected markets. Its business model combines membership fees with the sale of merchandise through warehouse clubs and e-commerce channels.

Founded in 1994 by Sol and Robert Price, PriceSmart is headquartered in San Diego, California.

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