The bulls are coming back to Capstead Mortgage, which has fallen along with other real estate investment trusts in the last month.
OptionMonster's trade scanners showed the purchase of almost 5,900 July 12.50 calls in the real-estate investment trust for $0.25 and $0.30. Previous open interest was just 137 contracts, so new money was definitely being put to work.
These calls lock in the price where shares can be purchased, which can give them potentially significant leverage if the stock rallies. They also limit the amount of money that can be lost in the event of a pullback.
Capstead was down almost 1 percent when the paper hit, but then worked higher and closed the session up 0.41 percent to $12.33. Shares had peaked over $13 in early May.
The company offers a dividend yield of 10 percent and trades for less than book value, which could be attracting some bargain hunters. Total option volume was 60 times greater than average in the session, with calls outnumbering puts by more than 100 to 1.
—By CNBC Contributor David Russell
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David Russell is a reporter and writer for OptionMonster. Russell has no positions in CMO.