Notable Put Options Activity in Synovus Financial

Shares of Synovus Financial SNV are higher on the session by 1.84%, currently trading at $1.66. The stock has been moving largely higher over the past six weeks and is currently trading above the 50-day moving average. Options traders are focusing on puts today. The strike seeing the heaviest action is the May 2012 $1.50 put, which has traded 700 times on open interest of 3,414 contracts. The May2012 $2.00 put also traded 600 times on 1,283 contracts. Put volume is outpacing call volume by 50 to 1. Synovus Financial Corp. is a financial services company and a registered 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 locally branded banking divisions of its wholly owned subsidiary bank, Synovus Bank, and other offices in Georgia, Alabama, South Carolina, Florida and Tennessee.