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Trader bets Synovus will hold gains

Mike Yamamoto (mike.yamamoto@optionmonster.com)

Synovus hit a new 52-week high this morning after reporting earnings earlier this week, and one trader is expecting the financial name to hold those gains.

optionMONSTER's tracking systems detected the sale of 2,000 May 2.50 puts in one print for $0.30 this morning against open interest of 1,765, indicating a new position. This single trade made up most of name's total volume of 2,541 options, which is already 2.5 times its full-session average.

The put seller is looking for SNV to stay above that $2.50 strike price through expiration in mid-May. The trader also faces the possible requirement to buy shares if they fall below that level with an effective purchase price of $2.20, including the credit from the put sale. (See our Education section)

SNV is flat on the session at $2.54 after hitting $2.595 shortly after the open, its highest intraday price since May 2011. The banking company popped after reporting third-quarter earnings results on Tuesday, breaking above a tight range in place since early September.

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