Protection Purchased on Huntington Bancshares (HBAN)

Shares of Huntington Bancshares Inc.

are lower on the session by 2.17%, currently trading at $5.42. The stock has been trading largely sideways for the past three months, but is selling off this week. Options traders are picking up some protection on the name today. The July $6.00 put was purchased, on or near the offer, 5,400 times; open interest on the strike is only 3,958 contracts. It is possible that these puts were purchased as a hedge to long shares, which would negate their negative stance. Put volume is now running at 9x the daily average. Huntington Bancshares Incorporated is a bank holding company. Through its subsidiaries, the company provides full-service commercial and consumer banking services, mortgage banking services, automobile financing, equipment leasing, investment management, trust services, brokerage services, insurance service programs, and other financial products and services. The Huntington National Bank is its only bank subsidiary.