Options Traders Swarm Bank Stock After Asset Deal

KBW upgraded NYCB to "outperform" from "market perform"

Digital Content Manager
Mar 20, 2023 at 2:44 PM
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New York Community Bancorp, Inc. (NYSE:NYCB) stock is up 34.7% to trade at $8.80 at last check, after the organization entered an agreement with U.S. officials to buy deposits and loans from failed Signature Bank (SBNY). In turn, KBW upgraded NYCB to "outperform" from "market perform," with the analyst in coverage noting the deposit-heavy nature of the deal could lower the loan-to-deposit ratio and enable the bank to pay down borrowings.

Overall options volume is today running at 15 times the intraday average, with 38,000 calls and 24,000 puts traded so far. Most popular is the April 10 call, followed by the 8 put in that same monthly series, with new positions being opened at both.  

It's worth noting that the security's Schaeffer's Volatility Scorecard (SVS) sits at 98 out of 100, meaning it has exceeded option traders' volatility expectations during the past year -- a good thing for options buyers. 

Today's bull gap has the shares looking to close above the 20-day moving average for the first time since February. The stock is also pacing for its best single-day percentage gain on record, but still carries a 21.4% year-over-year deficit.

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