This is a routine, pre-announced preferred stock redemption with no surprise. For common equity holders, the removal of a perpetual preferred dividend is a modest credit positive, but the impact is limited given BNY's $108B market cap. Monitor for any subsequent capital actions (e.g., new preferred issuance or common buyback) that could signal management's capital allocation priorities. The BNY/P and BNY PRK preferred securities listed on the NYSE are unaffected by this specific redemption.
Price Chart
Executive Summary
BNY announced the full redemption of its Series F Noncumulative Perpetual Preferred Stock (10,000 shares) and all 1,000,000 corresponding depositary shares on September 20, 2026, at a price of $1,000 per depositary share ($100,000 per preferred share). This is a routine capital management action that removes a fixed-to-floating rate preferred security from the balance sheet, reducing total preferred equity by $1 billion. The redemption is a credit-positive event for common equity holders as it eliminates a perpetual dividend obligation, but it is a pre-announced, non-disruptive corporate action with no surprise element.
Key Facts
- BNY will redeem all 10,000 shares of Series F Noncumulative Perpetual Preferred Stock and 1,000,000 corresponding depositary shares on September 20, 2026.
- Redemption price is $1,000 per depositary share (equivalent to $100,000 per share of Series F Preferred Stock), totaling $1 billion.
- The redemption date is the dividend payment date; payment will be made on September 21, 2026.
- After the redemption date, the Series F Preferred Stock and depositary shares will no longer be outstanding and dividends will cease to accrue.
- This action eliminates a perpetual fixed-to-floating rate preferred dividend obligation, modestly improving BNY's capital structure efficiency.
Financial Impact
$1 billion total redemption payment for Series F Preferred Stock and depositary shares
Risk Factors
- No material downside risk identified; the redemption is fully funded and pre-scheduled.
- Potential reinvestment risk for holders of the Series F depositary shares who will receive cash on September 21.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-358252 |
| Document: d417322dex991.htm | 0001193125-26-358252 |
| Document: 0001193125-26-358252-index-headers.html | 0001193125-26-358252 |
| Document: 0001193125-26-358252-index.html | 0001193125-26-358252 |
| Document: 0001193125-26-358252.txt | 0001193125-26-358252 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 1d ago | 144 | $147.18 | awaiting T+20 | — | $147.58 (+0.27%) |
Oct 26, 2026 1d ago | Institutional Cluster | $147.18 | awaiting T+20 | — | $147.58 (+0.27%) |
Oct 21, 2026 7d ago | Court Ruling | $145.32 | awaiting T+20 | — | $147.58 (+1.56%) |
Oct 16, 2026 11d ago | 8-K/A | $142.44 | awaiting T+20 | — | $147.58 (+3.61%) |
Oct 15, 2026 12d ago | Press Release | $142.09 | awaiting T+20 | — | $147.58 (+3.86%) |
Oct 15, 2026 12d ago | Press Release | $142.09 | awaiting T+20 | — | $147.58 (+3.86%) |
Oct 15, 2026 12d ago | 8-K | $142.09 | awaiting T+20 | — | $147.58 (+3.86%) |
Aug 20, 2026 9w ago | 8-K | $157.24 $153.79 | ▼ −2.19% | ▼ −2.07% | $147.58 (−6.14%) |
Aug 6, 2026 11w ago | 13F-HR | $158.82 $164.33 | ▲ +3.47% | ▲ +2.87% | $147.58 (−7.08%) |
Aug 6, 2026 11w ago | Institutional Cluster | $158.82 $164.33 | ▲ +3.47% | ▲ +2.87% | $147.58 (−7.08%) |
US Market Status
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