FITB – Fifth Third Bancorp – One bearish options investor purchased a large put spread on Fifth Third Bancorp this morning in order to prepare for potential erosion in the price of the underlying stock through July expiration. FITB’s shares rallied slightly earlier in the session, but are currently flat on the day at $13.51 just before 12:00 pm (ET). The put strategist appears to have purchased 11,750 puts at the July $13 strike for an average premium of $0.37 apiece, spread against the sale of 11,750 puts at the lower July $12 strike for a premium of $0.13 each. The average net cost of establishing the bearish spread amounts to $0.24 per contract, thus positioning the responsible party to profit should FITB’s shares slip beneath the average breakeven point to the downside at $12.76 by expiration day. Maximum potential profits of $0.76 per contract pad the investor’s wallet if Fifth Third’s shares fall 11.2% from the current price of $13.51 to trade at or below $12.00 by expiration day next month.