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Regional Banks: What Options Say Now

Fifth Third Bancorp was one of a long list of regional banks that had been practically left for dead, but yesterday (Tuesday) its shares spiked nearly 18 percent with heavy options activity.

The August options show the most call-to-put activity, with the FITB August 5, 7.50, and 12.50 calls all making waves. The 23,000 contracts trading at these strikes by mid-afternoon far surpassed the 20-day average of 8,300, according to OptionMonster's tracking systems.

The activity in each of the months is swelling, with some pending near-term catalysts that could influence the financials in a hurry.

Fifth Third shares yesterday fell a penny short of reaching $3 for the first time since Feb. 9. The stock still finished the session up 17.74 percent to $2.92, though it fell 3 percent in after-hours trading.

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The Other Top Regionals:

SunTrust Banks

Regions Financial

BB&T

PNC Financial Services Group

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Pete Najarian is a professional investor, CNBC contributor, regular co-host of CNBC's "Fast Money" and co-founder of OptionMonster.com.

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