Shares of bank stocks, including Zions Bancorporation (NASDAQ:ZION), traded lower on Thursday amid broader financial sector concerns after PacWest Bancorp (NASDAQ:PACW) said it is exploring strategic options.
On CNBC’s ” Options Action,” Mike Khouw of Optimize Advisors said Zions Bancorporation traded at 4x average daily options volume on Thursday, with puts outpacing calls volume by 3-to-1.
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There were buyers of 8,190 of the May 15 puts at an average price of $3.28 per contract, Khouw mentioned.
The trader expects Zions Bancorporation’s stock tumbling at least 40% by May expiration.
Zions Bancorp, last month, reported worse-than-expected Q1 earnings results.
Price Action: Zions Bancorporation shares dipped 12.1% to close at $19.93 on Thursday, but added 3.4% in today’s pre-market trading session..
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