Barry, OppHub America Desk · · Source: prnewswire-financial
KeyCorp Redeems Series D Preferred Stock
Investors holding KeyCorp's Series D preferred stock should review the terms of the redemption notice to understand the payout and settlement procedures.
Based on reporting from prnewswire-financial.
KeyCorp (NYSE: KEY) has announced a notice to redeem all outstanding Series D preferred stock on September 15, 2026. This action impacts 525,000 depositary shares with an aggregate liquidation preference of $525 million. The redemption price includes the liquidation preference plus accrued dividends.
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KeyCorp (NYSE: KEY) announced on August 14, 2026, that it has initiated the process to redeem all of its outstanding Series D Fixed-to-Floating Rate Perpetual Non-Cumulative Preferred Stock. The redemption is scheduled for September 15, 2026, affecting 525,000 depositary shares, each representing a fraction of a preferred share. The aggregate liquidation preference for these shares totals $525,000,000.
### Catalyst Analysis: Preferred Stock Redemption
The redemption price will be paid in cash and is set at $25,312.50 per share of preferred stock, or $1,012.50 per depositary share. This figure comprises the $25,000 liquidation preference per preferred share (or $1,000 per depositary share) alongside any accumulated and unpaid dividends up to the redemption date. All shares are held in book-entry form via the Depository Trust Company, and upon redemption, all associated rights will cease, except for the right to receive the redemption payment.
KeyCorp's financial statements as of December 31, 2025, and subsequent filings detail its structure. The bank-based financial services company reported total assets of approximately $191 billion as of June 30, 2026.
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Snapshot date: August 14, 2026 at 6:36 PM ET
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Preferred Stock Redemption
KeyCorp is paying back investors who bought a specific type of its stock and taking the shares off the market. This means those investors will get their cash back soon and stop earning dividends on these specific shares.
What changed
KeyCorp issued a notice to redeem all outstanding Series D preferred stock for $525 million in cash.
Who wins / who loses
Preferred shareholders get their cash back but lose a yield-generating asset, while the bank reduces its dividend obligations.
Time horizon
Think in terms of the next few weeks.
Confidence & best fit
high confidence · Long-term investor
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Baskets that own the theme without betting on one company.
Single stocks (higher risk)
Primary = closest to the story · Peers = same industry · Second-order = knock-on effects · Avoid = looks related but may be a trap
Primary
- $KEYWatch — track, don’t rush
KeyCorp is buying back some of its stock, which changes how much cash the company has and how much it pays out.
View $KEY chart → · End-of-day delayed data
Peer
- $RFWatch — track, don’t rush
Other regional banks might do similar things with their stock, so investors watch them too.
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- $ZIONWatch — track, don’t rush
Another regional bank used to gauge how the rest of the banking sector is handling money.
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Options (education only)
No strikes or expiries — a framework for how traders might express the view. Options can expire worthless.
Beginners should skip options here because a routine stock buyback usually doesn't cause big price swings.
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Not a trade tip — ways to use the insight outside the market.
- Review brokerage statements to ensure proper cash crediting when the redemption settles on September 15, 2026.
What would break this thesis
- Unforeseen delays or regulatory blocks on the redemption process.
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Based on reporting from prnewswire-financial.
Informational and educational only — not investment, financial, or legal advice. Disclosure
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