Put seller sees Synovus holding firm

optionMONSTER

A huge trade is betting that Synovus Financial will hold current levels in coming months.

optionMONSTER's tracking systems detected the sale of 15,000 May 2.50 puts in a single print for $0.22. The block sale was above the strike's open interest of 14,216 contracts before today's trading began, indicating that this is a new position.

The put seller is looking for SNV to stay above that $2.50 strike price through expiration in mid-May. If the stock falls below that level, the trader will face the obligation to buy shares at an effective price of $2.28 once the credit from the put sale is included. (See our Education section)

SNV is off a penny at $2.49 in morning trading, just above its 50- and 100-day moving averages. The banking firm fell sharply a week ago after reporting fourth-quarter results and has been drifting lower since.

The put sale made up almost all the total option volume of 15,745 in the name so far today, which compares with a daily average of 1,955 in the last month.

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