Option Bulls Take Advantage of REIT Entry Point

The stock just received a price-target cut from J.P. Morgan Securities

Deputy Editor
Jun 27, 2023 at 3:28 PM
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Call traders are buying the dip on real estate investment trust (REIT) WP Carey Inc (NYSE:WPC), after the stock's recent June 23 two-year low of $66.10. So far today, 19,000 calls have been exchanged -- 81 times the amount typically seen at this point -- in comparison to a mere 350 puts. This is also occurring ahead of the stock's ex-dividend date on June 29. 

The most active contract by far is the January 2024 70-strike call, with new positions being opened there. It's also worth noting that WPC calls haven't been more popular the last 52 weeks. 

WPC's Schaeffer's Volatility Index (SVI) of 17% ranks in the 9th percentile of its annual range, meaning options traders are pricing in low volatility expectations at the moment. 

Today, WPC is up 0.8% at $68.30, despite a price-target cut from J.P. Morgan Securities to $89 from $90. The stock's 40-day moving average was a firm line of pressure this month, and still lingers overhead. 

 

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