FirstMerit Corp. (FMER) Sees Large Volume Increase
FirstMerit Corp. (NASDAQ:FMER) shares saw strong trading volume on Wednesday . 1,306,417 shares traded hands during trading, a decline of 10% from the previous session’s volume of 1,455,942 shares.The stock last traded at $19.63 and had previously closed at $19.55.
Several research firms have weighed in on FMER. Barclays PLC reissued a “buy” rating on shares of FirstMerit Corp. in a research note on Monday, April 4th. Zacks Investment Research raised FirstMerit Corp. from a “sell” rating to a “hold” rating in a research note on Monday, April 18th. Five research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $21.46.
The company has a 50-day moving average of $21.47 and a 200 day moving average of $20.43. The company has a market cap of $3.26 billion and a PE ratio of 14.927.
FirstMerit Corp. (NASDAQ:FMER) last released its earnings results on Tuesday, April 26th. The financial services provider reported $0.34 EPS for the quarter, beating the Zacks’ consensus estimate of $0.33 by $0.01. The firm earned $256.50 million during the quarter, compared to the consensus estimate of $253.53 million. During the same period in the prior year, the company earned $0.33 EPS. The firm’s revenue was up .4% compared to the same quarter last year. On average, analysts anticipate that FirstMerit Corp. will post $1.37 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, June 20th. Stockholders of record on Tuesday, May 31st were paid a dividend of $0.17 per share. The ex-dividend date was Thursday, May 26th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 3.48%.
Other hedge funds and institutional investors recently made changes to their positions in the company. Retirement Systems of Alabama boosted its position in shares of FirstMerit Corp. by 1.3% in the fourth quarter. Retirement Systems of Alabama now owns 212,996 shares of the financial services provider’s stock worth $3,972,000 after buying an additional 2,773 shares during the period. Nationwide Fund Advisors boosted its position in shares of FirstMerit Corp. by 19.6% in the fourth quarter. Nationwide Fund Advisors now owns 684,014 shares of the financial services provider’s stock worth $12,757,000 after buying an additional 112,011 shares during the period. California State Teachers Retirement System boosted its position in shares of FirstMerit Corp. by 1.6% in the fourth quarter. California State Teachers Retirement System now owns 307,279 shares of the financial services provider’s stock worth $5,731,000 after buying an additional 4,789 shares during the period. First Trust Advisors LP boosted its position in shares of FirstMerit Corp. by 48.0% in the fourth quarter. First Trust Advisors LP now owns 523,694 shares of the financial services provider’s stock worth $9,767,000 after buying an additional 169,812 shares during the period. Finally, Rhumbline Advisers boosted its position in shares of FirstMerit Corp. by 0.5% in the fourth quarter. Rhumbline Advisers now owns 354,546 shares of the financial services provider’s stock worth $6,612,000 after buying an additional 1,640 shares during the period.
FirstMerit Corporation is a bank holding company. The Company’s business consists of owning and supervising its affiliates. It operates through FirstMerit Bank, N.A. and its other subsidiaries, providing a range of banking, fiduciary, financial, insurance and investment services to customers throughout Ohio, the Chicago, Illinois-metropolitan area, Michigan, Wisconsin and Western Pennsylvania.
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