Put Activity Rises on Synovus Financial (SNV)
Shares of Synovus Financial (SNV) are trading flat on the session, currently off by $0.01, trading at $2.00. The stock has been on the rise over the past three months, bouncing off of the $1.70 level back in June. With shares trading above the 20-day, 50-day, and 200-day moving averages, it appears that SNV has a chance to rally.
There has been quite a bit of activity in the puts today. Overall put volume is currently running at 48x normal volume with 3,883 contracts traded on the name.
The heaviest volume is coming on the September $2.00 put, where over 2,800 contracts have traded on open interest of only 33 contracts. The large block was 2,789 contracts, which were sold on the bid for $0.05.
Contrasting with the above trade is the activity on the November $2.00 put, where 1,044 contracts have traded on open interest of 26,191. One trader purchased 404 puts, on the offer, for $0.15; shortly after, 620 contracts were purchased for $0.15.
Near-term implied and historical volatility is registering 34% and 30%, respectively. At $0.05, the Sept $2.00 put traded at just 22% vol.
Synovus Financial Corp. is a financial services and a bank holding company. The company provides integrated financial services, including commercial and retail banking, financial management, insurance and mortgage services to its customers through 30 banking divisions of the company's wholly owned subsidiary bank, Synovus Bank, and other offices in Georgia, Alabama, South Carolina, Florida and Tennessee.
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