Shares of UJB Financial Corp. plummeted Monday after the New Jersey banking company announced it had agreed to acquire Summit Bancorp, shares of which in turn surged on heavy volume.

The hefty 2.42 times book value to be paid for Summit, and disappointment that UJB itself was not being sold, helped punish the stock, analysts said.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.