Puts Purchased on Synovus Financial Corp. (SNV)

Shares of Synovus Financial Corp.

are lower on the session by 3.56%, currently trading at $2.681. The stock has been moving largely higher over the past two months and is currently trading above the 50-day and 200-day moving averages. Options traders are buying puts on the name today. A short while ago the August 2011 $2.00 put was purchased 1,000 times, on the offer, on open interest of only 644 contracts. This signals new positioning on the name. Overall put volume is now running at 2.16x the daily average with 97% of all puts traded being purchases on the offer. Synovus Financial Corp, incorporated in 1972, is a diversified financial services company and a registered bank holding company. Synovus provides integrated financial services including commercial and retail banking, financial management, insurance and mortgage services to its customers through 30 wholly owned subsidiary banks and other offices in Georgia, Alabama, South Carolina, Florida and Tennessee.