Put Spread Purchased on Northern Trust Corp. (NTRS)

Shares of Northern Trust Corp. NTRS are lower on the session by 1.16%, currently trading at $47.89. The stock has been drifting lower for the past three months and is now in a technical downtrend. The stock is nearing its 52-week low. Options traders are bracing for more downside in NTRS. The July $50/45 put spread was purchased 500 times for $2.10 a short while ago. It is possible that this was purchased as a hedge to long shares, which would be bullish. Volume did not exceed open interest on either strike. Put volume is now running at 3.58x the daily average. Northern Trust Corporation is a financial holding company, which provides asset servicing, fund administration, investment management, banking and fiduciary solutions for corporations, institutions and affluent individuals worldwide. The company conducts business through various United States and non United States subsidiaries, including The Northern Trust Company.