01—Abstract
Summary
Summary of the 8-K filed February 8, 2024. Cited figures are marked; the original filing is the authoritative source.
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 $100,000a 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.
02—Key points
Key Highlights
- State Street is redeeming all outstanding Series D and Series F preferred stock.
- The redemption date is set for March 15, 2024.
- Series D preferred stock will be redeemed at $100,000 per share ($25.00 per depositary share).
- Series F preferred stock will be redeemed at $100,000 per share ($1,000.00 per depositary share).
- The redemption includes accrued and declared but unpaid dividends up to the redemption date.
- The recently announced January 18, 2024 cash dividend is NOT included in the redemption price and will be paid separately.
- This action impacts 7,500 shares of Series D and 2,500 shares of Series F preferred stock.
03—Questions
Frequently Asked Questions
What is State Street Corporation doing with its preferred stock?
State Street Corporation is redeeming (buying back) all of its outstanding Series D and Series F non-cumulative perpetual preferred stock on March 15, 2024.
What is the redemption price for the preferred stock?
The redemption price is $100,000 per share for both Series D and Series F. This translates to $25.00 per depositary share for Series D and $1,000.00 per depositary share for Series F.
Will I receive the dividend announced on January 18, 2024, as part of the redemption payment?
No, the cash dividend announced on January 18, 2024, will not be included in the redemption price. Holders will receive this dividend separately if they meet the criteria (e.g., hold the shares on the ex-dividend date).
What is included in the redemption payment besides the share price?
The redemption payment will include the specified redemption price per share, plus any dividends that have been declared but not yet paid up to, but not including, the redemption date of March 15, 2024.
04—Continue