Kassirer Asset Management Corp adds Firstmerit Corp (FMER) to its portfolio

Firstmerit Corp (FMER) : Kassirer Asset Management Corp added new position in Firstmerit Corp during the most recent quarter end. The investment management firm now holds 175,000 shares of Firstmerit Corp which is valued at $3,815,000 , the company said in a statement filed on May 2, 2016 with the SEC.Firstmerit Corp makes up approximately 4.53% of Kassirer Asset Management Corp’s portfolio.

Firstmerit Corp opened for trading at $21.58 and hit $21.8 on the upside on Friday, eventually ending the session at $21.8, with a gain of 0.37% or 0.08 points. The heightened volatility saw the trading volume jump to 6,75,044 shares. Company has a market cap of $3,630 M.

Other Hedge Funds, Including , Pitcairn Co reduced its stake in FMER by selling 6,916 shares or 29.74% in the most recent quarter. The Hedge Fund company now holds 16,336 shares of FMER which is valued at $362,006. Firstmerit Corp makes up approx 0.05% of Pitcairn Co’s portfolio.Bnp Paribas Arbitrage Sa boosted its stake in FMER in the latest quarter, The investment management firm added 129,560 additional shares and now holds a total of 141,257 shares of Firstmerit Corp which is valued at $3,155,681. Firstmerit Corp makes up approx 0.01% of Bnp Paribas Arbitrage Sa’s portfolio. Cornerstone Advisors sold out all of its stake in FMER during the most recent quarter. The investment firm sold 432 shares of FMER which is valued $9,651.

On the company’s financial health, Firstmerit Corp reported $0.34 EPS for the quarter, beating the analyst consensus estimate by $ 0.01 according to the earnings call on Apr 26, 2016. Analyst had a consensus of $0.33. The company had revenue of $256.50 million for the quarter, compared to analysts expectations of $253.80 million. The company’s revenue was up .4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.33 EPS.

FirstMerit Corporation is a bank holding company. The Company’s business consists of owning and supervising its affiliates. The Company operates primarily through the Bank and its other subsidiaries providing a range of banking fiduciary financial insurance and investment services to corporate institutional and individual customers. It operates in four segments: Commercial Retail Wealth and Other. The Commercial segment provides a range of lending depository and related financial services. The Retail segment includes consumer lending and deposit gathering residential mortgage loan origination and servicing and branch-based small business banking. The Wealth segment offers an array of asset management private banking financial planning estate settlement and administration credit and deposit products and services. The Other segment includes activities of the parent company eliminations companies community development operations and the treasury group.

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