Capital One Financial Corporation (NYSE: COF) has announced the full redemption of all outstanding shares of its 6.125% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series P, along with the corresponding depositary shares representing fractional interests in the Series P Preferred Stock. The redemption date is set for June 30, 2025, at a redemption price of $1,000 per depositary share, equivalent to $100,000 per share of preferred stock.
The redemption price also includes an amount equal to the proportionate share of dividends on the Series P Preferred Stock that would have accrued but have not been declared and paid for the period from March 23, 2025, to the redemption date. After the redemption date, all dividends on the Series P Preferred Stock will cease to accrue.
In total, 500,000 outstanding Series P depositary shares will be redeemed simultaneously with the Series P Preferred Stock on the redemption date. These depositary shares are held through the Depository Trust Company (DTC) and will be redeemed following DTC procedures.
The payment for the Series P depositary shares will be made by Computershare Trust Company, N.A., acting as the redemption agent, in accordance with the deposit agreement governing the depositary shares. The address for the redemption agent is provided as follows: Computershare Trust Company, N.A. Attn: Corporate Actions 150 Royall St. Canton, MA 02021 Following these announcements, the company's shares moved 0.58%, and are now trading at a price of $207.55. For the full picture, make sure to review CAPITAL ONE FINANCIAL CORP's 8-K report.
