Superior Bancorp drops 13% to 52-week low on analyst downgrade
Superior Bancorp (Nasdaq:SUPR) is down 13% to a 52-week low today after analysts at Janney, Montgomery and Scott downgraded the company ahead of the opening to “neutral” from “buy.” The research firm also lowered their estimate for the company to $10 from $20. Superior Bancorp is a Birmingham, Ala.-based holding company. The downgrade was based on market concerns over credit quality in Florida, where many of Superior’s locations are. During the past year, the company’s shares have ranged from the low of $7.01 it achieved just after today’s open to a high of $40.20. The stock is down more than 67% since January. In today’s trading, Superior shares are at $7.04 at 10:45 a.m. ET, down $1.01 from Friday’s close.
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