Investors in Gaming & Leisure Properties, Inc (GLPI) gained access to new options with an expiration date of August 21st, 2023. Notable among these is a put contract at a $45.00 strike price, currently bid at 95 cents, representing a commitment to buy shares at $45.00. This reflects a 3% discount from GLPI’s current trading price of $46.46, with a 61% chance of expiring worthless.
Additionally, a call contract at $47.50 has a bid of 70 cents. If an investor purchases GLPI at $46.46 and sells this call, they could see a total return of 3.75% if it is called away at expiration. The likelihood of this call contract expiring worthless stands at 56%, potentially enhancing returns by 1.51% or 6.96% annualized if it does not.
Implied volatility for the put contract is at 33% while the call contract’s implied volatility is 29%. In contrast, GLPI’s actual trailing twelve-month volatility is calculated at 18%.
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