Firstmerit Corp Sees Large Decline in Short Interest (FMER)
Shares of Firstmerit Corp (NASDAQ:FMER) saw a significant drop in short interest in 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, StockRatingsNetwork.com reports. Currently, 3.9% of the shares of the company are short sold. Based on an average daily volume of 1,899,279 shares, the days-to-cover ratio is presently 3.3 days.
FMER has been the subject of a number of recent research reports. 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. Separately, 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 investment analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company. Firstmerit Corp presently has an average rating of “Buy” and an average target price of $23.68.
Firstmerit Corp (NASDAQ:FMER) opened at 18.85 on Monday. Firstmerit Corp has a 1-year low of $17.81 and a 1-year high of $23.51. The stock’s 50-day moving average is $19.81 and its 200-day moving average is $21.22. The company has a market cap of $3.117 billion and a price-to-earnings ratio of 16.13.
Firstmerit Corp (NASDAQ:FMER) last posted its quarterly earnings results on Tuesday, April 22nd. The company reported $0.31 EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.36 by $0.05. During the same quarter in the prior 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.
The company also recently announced a quarterly dividend, which is scheduled for Monday, June 16th. Stockholders of record on Tuesday, May 27th will be paid a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 3.40%. The ex-dividend date is Thursday, May 22nd.
FirstMerit Corporation (NASDAQ:FMER) is a bank holding company.
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