NEW YORK ( TheStreet) -- Firstmerit (Nasdaq: FMER) hit a new 52-week low Wednesday as it is currently trading at $11.03, below its previous 52-week low of $11.06 with 267,905 shares traded as of 11 a.m. ET. Average volume has been one million shares over the past 30 days.

Firstmerit has a market cap of $1.3 billion and is part of the financial sector and banking industry. Shares are down 42.5% year to date as of the close of trading on Tuesday.

FirstMerit Corporation operates as the bank holding company for FirstMerit Bank, N.A. that provides a range of banking, fiduciary, financial, insurance, and investment services to corporate, institutional, and individual customers in northern and central Ohio, and western Pennsylvania. The company has a P/E ratio of 11, equal to the average banking industry P/E ratio and below the S&P 500 P/E ratio of 17.7.
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TheStreet Ratings rates Firstmerit as a hold. The company's strengths can be seen in multiple areas, such as its expanding profit margins and notable return on equity. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself, unimpressive growth in net income and weak operating cash flow. You can view the full Firstmerit Ratings Report.

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