Protective Life Corporation (PL) is the holding company behind Protective Life Insurance as well as other familiar insurance and financial subsidiaries. Today a trader made bullish play on the company betting almost $125,000 in premium that the stock would close above $60 by June expiration. Buying a 1000-lot of these call options represents nearly twelve times usual option volume. The chart confirms a bullish trend as PL is currently trading just above the cloud and the positive trend looks to continue.
The financial services provider jumped more than 10% in Monday’s trading session seeing abnormally high volume. It’s currently trading at $58.52, and hit its 52-week high of $60.38 Monday. The unusual activity in the stock could stem from the fact that analysts haven’t been able to put their finger on a price target for the company, leading to much higher volatility and luring a lot of options traders into playing this stock, with most of the smart ones going long PL.