FirstMerit Corp (NASDAQ:FMER) close to 52-week high, short interest down

FirstMerit Corp (NASDAQ:FMER) (TREND ANALYSIS) shares were traded with no significant volume change. The stock closed last trading session at $20.99, up by 1.65%, with a volume of 983,618 shares against an average volume for the last 3 months of 852,403.

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FirstMerit Corp (NASDAQ:FMER) stock is currently trading 0.38% below its 52-week-high, 29.09% above its 52-week-low. The 1-year stock price history is in the range of $16.26 – $21.07. FirstMerit Corp (FMER) has a price to earnings ratio of 14.89 versus Financial sector average of 17.86. FMER stock price has outperformed the Nasdaq by 7.6%. The Financial Services company is currently valued at $3.48 billion and its share price closed the last trading session at $20.99. The stock has a 50-day moving average of $19.89 and a 200-day moving average of $18.76.

FirstMerit Corp (FMER) current short interest stands at 7.8 million shares. It has remained stable from the same period of last month. Around 5% of the company’s shares, which are float, are short sold. With a 10-days average volume of 0.85 million shares, the number of days required to cover the short positions stand at 9.2 days.

The company is expected to announce next quarter earnings on July 28, at consensus estimate of $0.34. FirstMerit Corp (FMER) reported last quarter earnings on April 28. The Financial Services company announced earnings per share of $0.33 against a consensus Street estimate of $0.33, matching the average estimate. This corresponds to an increase of $0.02 compared to the same quarter of the previous fiscal year.

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There are currently eleven analysts that cover FirstMerit Corp stock. Of those eleven, three have a Buy rating, eight have a Hold rating. On a consensus basis this yields to an Overweight rating. The consensus target price stands at $20.7.

A recent analyst activity consisted of Barclays reiterating their Overweight stance on June 16. Barclays increased their price target on FMER from $21 to $23. This corresponds to a 9.58% upside from the last closing price. On the date of report, the stock closed at $20.99.

JP Morgan reiterated their Neutral stance on March 16, and increased their price target on FMER stock from $20.5 to $21. This corresponds to a 0.05% upside from the last closing price. On the date of report, the stock closed at $19.02.

Company profile

FirstMerit Corporation operates primarily as a multi-bank holding company. The Banks attract deposits, originate loans, and provide other banking services. The Company’s non-banking subsidiaries provide securities brokerage, trust, equipment lease financing, insurance, and other services. FirstMerit operates in Ohio.

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