Firstmerit Corp (FMER) Announces Quarterly Dividend of $0.16
Firstmerit Corp (NASDAQ:FMER) declared a quarterly dividend on Thursday, May 15th, American Banking and Market News reports. Investors of record on Tuesday, May 27th will be given a dividend of 0.16 per share on Monday, June 16th. This represents a $0.64 dividend on an annualized basis and a yield of 3.32%.
A number of analysts have recently weighed in on FMER shares. Analysts at Zacks downgraded shares of Firstmerit Corp from a “neutral” rating to an “underperform” rating in a research note on Thursday, May 8th. They now have a $18.40 price target on the stock. On the ratings front, analysts at JPMorgan Chase & Co. reiterated an “overweight” rating on shares of Firstmerit Corp in a research note on Wednesday, April 23rd. They now have a $23.00 price target on the stock. Finally, analysts at Miller Tabak downgraded shares of Firstmerit Corp from a “buy” rating to a “hold” rating in a research note on Tuesday, April 22nd. One analyst has rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the stock. Firstmerit Corp has a consensus rating of “Buy” and an average price target of $23.68.
Firstmerit Corp (NASDAQ:FMER) traded down 2.13% on Thursday, hitting $18.87. 880,423 shares of the company’s stock traded hands. Firstmerit Corp has a 52-week low of $17.81 and a 52-week high of $23.51. The stock has a 50-day moving average of $19.91 and a 200-day moving average of $21.27. The company has a market cap of $3.120 billion and a price-to-earnings ratio of 16.45. Firstmerit Corp also saw a significant drop in short interest during the month of April. As of April 30th, there was short interest totalling 6,344,500 shares, a drop of 19.1% from the April 15th total of 7,839,661 shares. Based on an average daily volume of 1,899,279 shares, the days-to-cover ratio is currently 3.3 days. Currently, 3.9% of the company’s shares are short sold.
Firstmerit Corp (NASDAQ:FMER) last posted its quarterly earnings results on Tuesday, April 22nd. The company reported $0.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by $0.05. During the same quarter in the previous year, the company posted $0.33 earnings per share. On average, analysts predict that Firstmerit Corp will post $1.46 earnings per share for the current fiscal year.
FirstMerit Corporation (NASDAQ:FMER) is a bank holding company.
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