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Huntington Bancshares Facing Steeper Decline

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 fell 0.74 percent to $4.06 in morning trading. Like KeyCorp 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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David Russell is a reporter and writer for OptionMonster.

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