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JPMorgan Chase & Co., 5.45% Dep Shares Non-Cumul Preferred Stock, Series P
Ticker Symbol: JPM-A* CUSIP: 46637G124 Exchange: NYSE
* NOTE: This security is no longer trading as of 12/01/2019
Security has been Called for: Sunday, December 1, 2019
November 1, 2019 -- JPMorgan Chase & Co. (NYSE: JPM) has announced that it will redeem on December 1, 2019 all of the 90,000 outstanding shares of its 5.45% Non-Cumulative Preferred Stock, Series P (“Series P Preferred Stock”). The shares of Series P Preferred Stock are represented by 36,000,000 depositary shares which are currently traded on the New York Stock Exchange under the symbol JPM-A (CUSIP 46637G124). Each depositary share represents a 1/400th interest in a share of Series P Preferred Stock. The redemption price per share for the Series P Preferred Stock will be $10,000 (equivalent to $25.00 per depositary share).
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QUANTUMONLINE.COM SECURITY DESCRIPTION: JPMorgan Chase & Co., 5.45% Depositary Shares each representing a 1/400th interest in a share of the 5.45% Non-Cumulative Preferred Stock, Series P, liquidation preference $25 per depositary share, redeemable at the issuer's option on or after 3/1/2018 at $25 per depositary share plus declared and unpaid dividends, and with no stated maturity. Non-Cumulative distributions of 5.45% per annum ($1.3625 per annum or $0.340625 per quarter) will be paid quarterly on 3/1, 6/1, 9/1 & 12/1 to holders of record on the record date fixed by the board, not more than 30 days prior to the payment date (NOTE: the ex-dividend date is one business day prior to the record date). The dividends are non-cumulative and if the board of directors does not declare a dividend or the company fails to pay a dividend declared by the board for any quarterly dividend period, the holder will not be entitled to receive any dividend for that quarterly period and the undeclared or unpaid dividend will not accumulate. This security is possibly subject to an early call as a result of the occurrence of a capital treatment event which no longer allows the company to include the funds originating from this security as Tier 1 capital on their balance sheet (see the prospectus for further information). Dividends paid by this preferred security are eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) and are also eligible for the dividends received deduction for corporate holders (see page S-29 of the prospectus for further information). This security was rated as Ba1 by Moody’s and BBB by S&P at the date of its IPO. In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.
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Go to Parent Company's Record (JPM)
IPO - 1/30/2013 - 34.00 Million Shares @ $25.00 /share.
Link to IPO Prospectus
Previous Ticker Symbol: JPMSL Changed: 2/28/2013
Market Value $850.0 Million
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Company's Online Information Links
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| Company's Online SEC EDGAR Filings |
| Company's Email Address Links |
| Address and Phone Numbers |
| Address: 270 Park Avenue, New York, NY 10017 |
| Main Phone Number |
212-270-6000 |
| Fax Number |
212-752-4823 |
| Investor Relations
Jason Scott
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212-270-2479
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| Toll Free Phone Number |
866-576-3228 |
| CEO - James Dimon |
CFO - John Burns |
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