Summary
State Street Corporation (STT) has announced the redemption of all outstanding shares of its Series D and Series F preferred stock, effective March 15, 2024. This action involves the repurchase of 7,500 shares of Series D preferred stock and 2,500 shares of Series F preferred stock. The redemption prices are set at $100,000 per share for both series, which translate to $25.00 per depositary share for Series D and $1,000.00 per depositary share for Series F. This redemption represents a move by State Street to manage its capital structure. Investors holding these specific preferred stock series will receive the redemption price along with any declared but unpaid dividends up to the redemption date. Notably, the cash dividend announced on January 18, 2024, will not be included in these redemption payouts, meaning holders will receive that dividend separately if they hold the shares on the ex-dividend date.
Key Highlights
- 1State Street is redeeming all outstanding Series D and Series F preferred stock.
- 2The redemption date is set for March 15, 2024.
- 3Series D preferred stock will be redeemed at $100,000 per share ($25.00 per depositary share).
- 4Series F preferred stock will be redeemed at $100,000 per share ($1,000.00 per depositary share).
- 5The redemption includes accrued and declared but unpaid dividends up to the redemption date.
- 6The recently announced January 18, 2024 cash dividend is NOT included in the redemption price and will be paid separately.
- 7This action impacts 7,500 shares of Series D and 2,500 shares of Series F preferred stock.