Brokerages Set Firstmerit Corp (NASDAQ:FMER) Target Price at $21.44
Shares of Firstmerit Corp (NASDAQ:FMER) have earned an average recommendation of “Hold” from the eight brokerages that are currently covering the firm. Four research analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $21.44.
Separately, Zacks Investment Research downgraded shares of Firstmerit Corp from a “buy” rating to a “hold” rating in a report on Tuesday, June 28th.
A number of large investors have recently added to or reduced their stakes in the company. Renaissance Technologies LLC boosted its stake in Firstmerit Corp by 608.0% in the first quarter. Renaissance Technologies LLC now owns 757,541 shares of the financial services provider’s stock worth $15,946,000 after buying an additional 650,541 shares during the last quarter. Wellington Management Group LLP purchased a new stake in Firstmerit Corp during the first quarter worth approximately $10,299,000. Geode Capital Management LLC boosted its stake in Firstmerit Corp by 8.6% in the first quarter. Geode Capital Management LLC now owns 1,194,611 shares of the financial services provider’s stock worth $25,146,000 after buying an additional 94,474 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in Firstmerit Corp by 511.4% in the first quarter. Goldman Sachs Group Inc. now owns 1,958,611 shares of the financial services provider’s stock worth $41,229,000 after buying an additional 1,638,288 shares during the last quarter. Finally, Yakira Capital Management Inc. purchased a new stake in Firstmerit Corp during the first quarter worth approximately $2,876,000.
Firstmerit Corp (NASDAQ:FMER) opened at 21.61 on Friday. The firm has a 50-day moving average of $20.74 and a 200-day moving average of $21.07. Firstmerit Corp has a 1-year low of $15.33 and a 1-year high of $23.15.
Firstmerit Corp (NASDAQ:FMER) last posted its quarterly earnings data on Tuesday, July 26th. The financial services provider reported $0.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.34 by $0.02. The business earned $252.90 million during the quarter, compared to analysts’ expectations of $258.24 million. During the same period in the previous year, the business posted $0.33 EPS. Equities analysts anticipate that Firstmerit Corp will post $1.36 earnings per share for the current year.
Firstmerit Corp Company Profile
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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