Brookfield (TSX:BN) Issues New Preferred Shares, Is The Stock Still Cheap?

Brookfield (TSX:BN) has launched a new fixed-income offering, issuing 6,000,000 non-convertible Class A preferred shares at CA$25 each for total proceeds of CA$150 million. Brookfield’s new preferred share issue lands at a time when the common stock trades at CA$52.65, with the share price down 17.85% year to date and the 1-year total shareholder return declining 15.90%. However, the 3-year total shareholder return of 95.99% points to much stronger earlier momentum that has since...