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Shareholders of Innovative Industrial Properties Inc (IIPR) can enhance their income through an October covered call at a $60 strike, collecting a premium of $2.35. This strategy yields an annualized return of 16.6%, accumulating to a total income of 30.3% if the stock is not called away. The stock would need to rise 9.1% to be called, providing a 13.3% return alongside any dividends.
As of Tuesday afternoon, IIPR trades at $55.35, and the company has a trailing twelve-month volatility of 47%. In a broader market context, S&P 500 components experienced a total of 989,342 put contracts and 2.30 million call contracts, leading to a put:call ratio of 0.43, indicating a preference for call options among traders today.
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