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writer, OptionMonster
Huntington Bancshares is down 15 percent in the past month, and some traders are positioning for a deeper decline.
OptionMonster's tracking systems detected significant purchases of the September 4 puts, which traded more than 25,000 times against open interest of 5,907 contracts. Premiums climbed from $0.10 to $0.20 as the stock price remained little changed, which indicates a strong buying pattern.
HBAN [HBAN
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] fell 0.74 percent to $4.06 in morning trading. Like KeyCorp [KEY
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] today, the regional lender has significantly underperformed its industry group over the last month and is still trading at levels first reached in early May.
The stock needs to drop about 7 percent for the puts bought today to turn a profit. HBAN is scheduled to make a presentation at the Barclays Capital Global Financial Services Conference at 3:45 pm on Wednesday, which could potentially move the shares.
Overall options volume in HBAN was almost six times average. The September 4 puts accounted for more than 80 percent of the activity.
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Options Trading School:
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David Russell is a reporter and writer for OptionMonster.
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Data is a real-time snapshot *Data is delayed at least 15 minutes