Huntington Bancshares Inc. 8-K Summary
Business Context and Reporting Period
This Form 8-K Current Report was filed by Huntington Bancshares Incorporated on September 13, 2024. The filing discloses specific corporate actions regarding preferred stock dividends and redemptions.
Key Financial Metrics and Actions
- Series I Preferred Stock Dividend: The Board declared a quarterly cash dividend of $356.25 per share (equivalent to $0.35625 per depositary share) on the 5.70% Series I Non-Cumulative Perpetual Preferred Stock (HBANM).
- Dividend Payment Details: Payable on December 2, 2024, to shareholders of record as of November 15, 2024.
- Series E Preferred Stock Redemption: The company will redeem all 408,675 outstanding depositary shares of the 5.700% Series E Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock.
- Redemption Price: $1,000.00 per depositary share (equivalent to $100,000 per share of Series E Preferred Stock).
- Total Redemption Value: Approximately $408.675 million at par, plus accrued dividends of $21.5765 per depositary share (totaling approximately $8.8 million in accrued dividends).
Material Changes
The filing does not report changes in revenue, profit, or operating margins. The material change is the reduction of the Series E Preferred Stock outstanding balance to zero upon redemption on October 15, 2024.
Outlook, Risks, and Management Commentary
Management has confirmed the cessation of dividend accruals on the Series E Preferred Stock on and after the October 15, 2024 redemption date. The redemption is being executed through the Depository Trust Company (DTC) with payment handled by Computershare Inc. and Computershare Trust Company, N.A.
Investor Verification Checklist
- Verify the record date of November 15, 2024, for Series I dividend eligibility.
- Confirm the October 15, 2024, redemption date for Series E Preferred Stock.
- Review the total cash outflow impact of the Series E redemption (par value plus accrued dividends).
- Check subsequent filings for confirmation of the Series E redemption completion.