OPY Dividend

Although OPY has a dividend of 0.18 with an ex-dividend date of Feb 13, you can sell covered calls on Oppenheimer Holdings, Inc. Class A (DE) to create 12 extra dividend type payments per year to boost its yield. Let's look at some recent prices (last updated Fri 4:16 PM ET):

Oppenheimer Holdings, Inc. Class A (DE) (OPY)
Bid	Ask	Last	Change	Volume	P/E	Market Cap
88.38	94.51	92.48	+1.95	55K	12	1.0B

OPY Dividend-Like Income Using Covered Calls

With OPY at 92.48, here's a table showing how big the annual "dividend" (i.e. total annual call premium received) would need to be to attain 3%, 5%, and 10% annual yields. Also shown is the equivalent number of cents/day necessary to achieve each yield:

Annual Yield	Annual Premium	Cents/Day
3%	2.77	0.8
5%	4.62	1.3
10%	9.25	2.5

So now we need to find out of the money covered calls that pay at least the prescribed cents/day amount of time premium. That will generate income and, because they are out of the money, leave room for some upside potential on the stock. Here are some examples:

3% Yield On OPY Using Covered Calls
Expiration	Strike	Call Bid	Days	Cents/Day	Upside Potential
Mar 20	95.00	1.00	43	2.3	0.49 (0.5%)
Jun 18	95.00	3.40	133	2.6	0.49 (0.5%)

5% Yield On OPY Using Covered Calls
Expiration	Strike	Call Bid	Days	Cents/Day	Upside Potential
Mar 20	95.00	1.00	43	2.3	0.49 (0.5%)
Jun 18	95.00	3.40	133	2.6	0.49 (0.5%)

10% Yield On OPY Using Covered Calls
Expiration	Strike	Call Bid	Days	Cents/Day	Upside Potential
Mar 20	99.00	1.25	43	2.9	4.49 (4.9%)
Jun 18	95.00	3.40	133	2.6	0.49 (0.5%)

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Want more examples? OPTT Dividend | OR Dividend