Investors in Evercore Inc Class A (EVR) are seeing new options available with a July 17 expiration date. Notably, a put contract at the $310.00 strike price has a current bid of $18.30, allowing investors to effectively lower their cost basis to $291.70 if executed. This put is approximately 2% out-of-the-money, with a 59% chance of expiring worthless, which would yield a 5.90% return on the cash commitment or 29.12% annualized.
On the call side, a contract at the $320.00 strike price is currently bid at $20.40. If shares are purchased at $315.78 and the call is sold, the investor could see a total return of 7.80% if the stock is called away at expiration. This call is approximately 1% out-of-the-money, with a 48% chance of expiring worthless, resulting in an extra return of 6.46% or 31.86% annualized if retained.
The implied volatility for the put is 42%, while the call is at 40%, compared to a trailing twelve-month volatility of 36%.
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