State Street Prices Preferred Stock Offering
Ticker: STT-PG · Form: 8-K · Filed: Jul 23, 2024 · CIK: 93751
| Field | Detail |
|---|---|
| Company | State Street Corp (STT-PG) |
| Form Type | 8-K |
| Filed Date | Jul 23, 2024 |
| Risk Level | low |
| Pages | 3 |
| Reading Time | 4 min |
| Key Dollar Amounts | $1, $100,000, $1,000, $842.2 m |
| Sentiment | neutral |
Sentiment: neutral
Topics: preferred-stock, capital-raise, financing
Related Tickers: STT
TL;DR
STT priced Series G preferred stock, raising capital.
AI Summary
State Street Corp. announced on July 17, 2024, the pricing of its Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series G. The depositary shares, each representing a 1/4,000th ownership interest, were priced at $1,000 per share. This issuance is part of State Street's ongoing capital management strategy.
Why It Matters
This preferred stock issuance impacts State Street's capital structure and may influence its financial leverage and dividend capacity.
Risk Assessment
Risk Level: low — The filing is a routine disclosure of a preferred stock offering, which is a standard financial instrument for capital raising.
Key Numbers
- $1,000 — Depositary Share Price (Price per share for the Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series G.)
- 1/4,000th — Ownership Interest (Represents the ownership interest in a share of preferred stock per depositary share.)
Key Players & Entities
- STATE STREET CORP (company) — Filer
- Series G (stock) — Preferred Stock Series
- 1/4,000th (dollar_amount) — Ownership interest per depositary share
- $1,000 (dollar_amount) — Price per depositary share
- 20240717 (date) — Date of report
FAQ
What is the purpose of issuing the Series G Preferred Stock?
The filing does not explicitly state the purpose, but it is a standard capital management strategy for companies like State Street.
What is the dividend rate for the Series G Preferred Stock?
The filing states it is 'Fixed-to-Floating Rate' but does not specify the initial fixed rate or the floating rate mechanism in this summary.
When was the Series G Preferred Stock priced?
The Series G Preferred Stock was priced on July 17, 2024.
How many depositary shares represent one share of preferred stock?
Each depositary share represents a 1/4,000th ownership interest in a share of the preferred stock.
What is the ticker symbol for State Street Corp?
The ticker symbol for State Street Corp. is STT, though not explicitly mentioned in this 8-K excerpt, it is common knowledge for the company.
Filing Stats: 880 words · 4 min read · ~3 pages · Grade level 12.2 · Accepted 2024-07-23 16:16:05
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 — ly 18, 2024. The offering was priced at $1,000 per Depositary Share. State Street expe
- $842.2 m — the Depositary Shares of approximately $842.2 million, after deducting the underwriting
Filing Documents
- d856460d8k.htm (8-K) — 32KB
- d856460dex11.htm (EX-1.1) — 134KB
- d856460dex41.htm (EX-4.1) — 102KB
- d856460dex42.htm (EX-4.2) — 3KB
- g856460g58g58.jpg (GRAPHIC) — 658KB
- g856460g59g59.jpg (GRAPHIC) — 320KB
- 0001193125-24-182876.txt ( ) — 1833KB
- stt-20240717.xsd (EX-101.SCH) — 4KB
- stt-20240717_def.xml (EX-101.DEF) — 13KB
- stt-20240717_lab.xml (EX-101.LAB) — 22KB
- stt-20240717_pre.xml (EX-101.PRE) — 14KB
- d856460d8k_htm.xml (XML) — 6KB
Financial Statements and Exhibits
Financial Statements and Exhibits (d) Exhibits Exhibit No. Description 1.1 Underwriting Agreement, dated July 17, 2024, by and among State Street Corporation and Goldman Sachs & Co. LLC and UBS Securities 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 J, filed on July 18, 2024. 4.2 Form of certificate representing the Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock, Series J. *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 Chief Accounting Officer Date: July 23, 2024