State Street Modifies Preferred Stock Depositary Share Rights
Ticker: STT-PG · Form: 8-K · Filed: Jan 30, 2024 · CIK: 93751
| Field | Detail |
|---|---|
| Company | State Street Corp (STT-PG) |
| Form Type | 8-K |
| Filed Date | Jan 30, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 4 min |
| Key Dollar Amounts | $1, $100,000, $1,000, $1.481 b |
| Sentiment | mixed |
Complexity: simple
Sentiment: mixed
Topics: preferred-stock, security-rights, corporate-action
TL;DR
**State Street changed preferred stock terms, check your holdings!**
AI Summary
State Street Corporation filed an 8-K on January 30, 2024, reporting that on January 24, 2024, they modified the rights of holders of their Depositary Shares, specifically those representing a 1/4,000th ownership interest in a share of Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock. This change impacts investors holding these specific preferred shares, as it could alter the terms of their investment, potentially affecting dividend payments or liquidation preferences, which matters for their expected returns and risk profile.
Why It Matters
This filing indicates a change in the terms for certain preferred stock holders, which could impact the value and income stream for investors holding these specific securities.
Risk Assessment
Risk Level: medium — Changes to security holder rights can directly impact investment value and future returns, introducing uncertainty for preferred stock investors.
Analyst Insight
Investors holding State Street's Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock Depositary Shares should review the full details of the modification to understand the impact on their investment's terms and potential returns.
Key Numbers
- 1/4,000th — ownership interest (each Depositary Share represents this fraction of a preferred stock share)
Key Players & Entities
- STATE STREET CORP (company) — the registrant filing the 8-K
- Depositary Shares (security) — the securities whose rights were modified
- Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock (security) — the underlying preferred stock for the depositary shares
- 1/4,000th (dollar_amount) — ownership interest represented by each depositary share
- January 24, 2024 (date) — date of the earliest event reported
- January 30, 2024 (date) — date the 8-K was filed
FAQ
What specific type of security had its rights modified by State Street Corporation?
The rights modified were for "Depositary Shares, each representing a 1/4,000th ownership interest in a share of Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock" as stated in the filing.
When did the event triggering this 8-K filing occur?
The earliest event reported, which triggered this 8-K filing, occurred on January 24, 2024.
What is the purpose of an 8-K filing in this context?
An 8-K filing is used to report material modifications to the rights of security holders, amendments to articles of incorporation or bylaws, and other significant events, as indicated by the 'ITEM INFORMATION' sections in the filing.
Which specific items under Form 8-K were reported by State Street Corporation?
State Street Corporation reported under 'ITEM INFORMATION: Material Modifications to Rights of Security Holders', 'ITEM INFORMATION: Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year', 'ITEM INFORMATION: Other Events', and 'ITEM INFORMATION: Financial Statements and Exhibits'.
What is the full legal name of the registrant as specified in its charter?
The exact name of the registrant as specified in its charter is STATE STREET CORPORATION.
Filing Stats: 917 words · 4 min read · ~3 pages · Grade level 11.9 · Accepted 2024-01-30 16:41:32
Key Financial Figures
- $1 — nge on which registered Common stock, $1 par value per share STT New York St
- $100,000 — share, with a liquidation preference of $100,000 per share (the "Preferred Stock"). A co
- $1,000 — ry 26, 2024. The offering was priced at $1,000 per Depositary Share. State Street expe
- $1.481 b — the Depositary Shares of approximately $1.481 billion, after deducting the underwriting
Filing Documents
- d750214d8k.htm (8-K) — 36KB
- d750214dex11.htm (EX-1.1) — 137KB
- d750214dex41.htm (EX-4.1) — 92KB
- d750214dex42.htm (EX-4.2) — 3KB
- g750214dsp040.jpg (GRAPHIC) — 476KB
- g750214dsp041.jpg (GRAPHIC) — 180KB
- 0001193125-24-019477.txt ( ) — 1394KB
- stt-20240124.xsd (EX-101.SCH) — 4KB
- stt-20240124_def.xml (EX-101.DEF) — 14KB
- stt-20240124_lab.xml (EX-101.LAB) — 23KB
- stt-20240124_pre.xml (EX-101.PRE) — 15KB
- d750214d8k_htm.xml (XML) — 7KB
Financial Statements and Exhibits
Financial Statements and Exhibits (d) Exhibits Exhibit No. Description 1.1 Underwriting Agreement, dated January 24, 2024, by and among State Street Corporation and BofA Securities, Inc., Deutsche Bank Securities Inc. and Goldman Sachs & Co. LLC, as representatives of the several underwriters named therein. 4.1 Articles of Amendment of State Street Corporation with respect to the Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock, Series I, filed on January 30, 2024. 4.2 Form of certificate representing the Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock, Series I. *104 Cover Page Interactive Data File (formatted as Inline XBRL). * Submitted electronically herewith
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. By: /s/ Elizabeth M. Schaefer Name: Elizabeth M. Schaefer Title: Senior Vice President and Deputy Controller Date: January 30, 2024