Shares of San Francisco-based Union Bank retreated again Tuesday after tumbling to a 52-week low Monday when a Merrill Lynch analyst reduced her intermediate-term rating on the bank to "neutral," from "above average."

In heavy Monday trading, the shares dropped $1.125, or about 4%, to close at $24.50. During the seesaw session, which showed some flashes of afternoon strength, Union Bank traded as low as $24.

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