Monitor whether BNY Mellon declares and pays the required preferred dividends, as failure to do so would trigger restrictions on common stock dividends and buybacks. The first potential redemption date is March 20, 2031, which could impact capital structure decisions in the future.
Price Chart
Executive Summary
Bank of New York Mellon Corp filed an 8-K to announce the creation and issuance of Series M Noncumulative Perpetual Preferred Stock, which imposes restrictions on common stock dividends and repurchases if preferred dividends are not paid. The company also established a deposit agreement for depositary shares representing fractional interests in the preferred stock, as part of a public offering of 500,000 depositary shares.
Key Facts
- Filed Certificate of Designations for Series M Noncumulative Perpetual Preferred Stock with liquidation preference of $100,000 per share
- Established restrictions on common stock dividends and repurchases if preferred dividends are not paid
- Entered into Deposit Agreement for depositary shares, each representing 1/100th interest in a share of Series M Preferred Stock
- Completed public offering of 500,000 depositary shares through underwriting agreement with major investment banks
- Series M Preferred Stock has non-cumulative dividends with initial fixed rate of 5.625% through March 20, 2031, then resets to Five-Year Treasury Rate plus 2.034%
Financial Impact
The offering of 500,000 depositary shares represents potential capital raise of $495 million (500,000 shares × $990 purchase price). The Series M Preferred Stock has a total liquidation preference of $500 million (5,000 shares × $100,000).
Risk Factors
- Failure to pay preferred dividends would restrict common stock dividends and repurchases
- Regulatory Capital Treatment Event could trigger mandatory redemption of the preferred stock
- Interest rate risk as dividend rate resets to floating rate after March 20, 2031
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 8 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-094111 |
| Document: d83983dex11.htm | 0001193125-26-094111 |
| Document: d83983dex31.htm | 0001193125-26-094111 |
| Document: d83983d8k.htm | 0001193125-26-094111 |
| Document: d83983dex51.htm | 0001193125-26-094111 |
| Document: 0001193125-26-094111-index-headers.html | 0001193125-26-094111 |
| Document: 0001193125-26-094111-index.html | 0001193125-26-094111 |
| Document: 0001193125-26-094111.txt | 0001193125-26-094111 |
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| Type | Now | ||||
|---|---|---|---|---|---|
Apr 17, 2026 27w ago | 144 | $25.48 $25.08 | ▼ −1.59% | ▼ −7.73% | — |
Apr 17, 2026 27w ago | Insider Cluster | $135.06 $154.06 | ▲ +14.07% | ▲ +8.20% | — |
Apr 16, 2026 27w ago | 8-K | $25.47 $25.21 | ▼ −1.02% | ▼ −8.07% | — |
Mar 5, 2026 33w ago | 8-K | $115.21 $142.59 | ▲ +23.77% | ▲ +10.99% | — |
Feb 26, 2026 34w ago | 8-K | $121.53 $138.98 | ▲ +14.36% | ▲ +6.61% | — |
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