New security name and ticker symbol

Question

My Paramount Skydance shares  (PSKY) are now known as Skydance Corp. (SKYD). Is it enough to go into my security list and change it there via "edit security details"or do I also have to go into the appropriate register of my brokerage account, click on "enter transaction" and add the transaction "corporate name change"?  It seems like editing the name and symbol in my security list should be enough.

q_lurker · Answer

I know of no distinction between editing the security detail to change the name and using the Enter Transactions / Corporate name Change action - other than the Corp Name Change may include a Reminder transaction to that effect (I think it used to but have not confirmed current behavior).  You can manually put in a similar reminder transaction if you choose to.

Either of those steps will change ALL historical transactions to use the new name.  Users may or may not want that change.  I put it in the user preference category.  If you are going the change ticker route, that needs to be done through the Edit Security details.  Taking that route, I would take the options to copy the old prices to the new ticker and to delete the prices associated with the old ticker.

The other possible route is to have the new Skydance acquire the old Paramount Skydance at a 1:1 share ratio.

Overall, I'd generally go the change name and ticker route.  In my mind, makes tracking performance cleaner and keeps the file just a tad less cluttered.

shtevie · Answer

My brokeage is Fidelity and I no longer use OSU to download my data after so many issues with it in the past. Instead I manually input data from their website to my 7 Fidelity accounts in Quicken and eveything is correct to the penny. My share amount hasn't changed so I guess editing the name and symbol in the security list should take care of it since I still update my security 's share prices with OSU.

Sceptic · Answer

@shtevie Based on the company's filings and the OCC notice, PSKY becoming SKYD appears to have been a name and ticker symbol change rather than a share conversion. If your brokerage did not download a corporate action and Quicken is still using the same security, updating the security name and ticker in the Security List may be all that is needed. However, I'd first check whether any downloaded transactions or new SKYD security were created, since manually changing the security could cause matching issues if the brokerage is handling it differently.