State Street Corporation To Redeem $1B Of Preferred Stock In Q1 2024
Portfolio Pulse from Benzinga Newsdesk
State Street Corporation (NYSE:STT) announced its plan to redeem $1 billion of preferred stock in Q1 2024, comprising $750 million of Series D and $250 million of Series F preferred stock. The redemption will occur on March 15, 2024, at specified redemption prices plus unpaid declared dividends. Additionally, cash dividends for both Series D and F have been declared for the period leading up to the redemption date.

February 08, 2024 | 9:54 pm
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State Street Corporation announces the redemption of $1 billion in preferred stock, affecting Series D and F, with specific redemption prices and declared dividends.
The redemption of preferred stock by State Street Corporation is a significant financial action that indicates the company's liquidity and financial health. This move could be perceived positively by investors as it reflects the company's ability to return capital to shareholders and manage its capital structure efficiently. The declaration of dividends leading up to the redemption date further underscores the company's commitment to shareholder returns. However, the impact on the stock price will depend on market perception of this action in the context of the company's overall financial strategy.
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