Brookfield Corporation Stock Price, News & Analysis

Brookfield (NYSE: BN, TSX: BN) has announced the reset dividend rate for its Series 40 Preference Shares (TSX: BN.PF.F) for the period from October 1, 2024, to September 30, 2029. The fixed quarterly dividends will be paid at an annual rate of 5.833% ($0.3645625 per share per quarter). Shareholders have the option to convert their Series 40 Shares to Series 41 Shares by September 16, 2024. The Series 41 Shares will have a quarterly floating rate dividend calculated at 2.86% over the yield on three-month Government of Canada treasury bills. For the initial period (October 1 to December 31, 2024), the Series 41 dividend rate will be 7.065% annually. Currently, there are 11,841,025 Series 40 Shares outstanding.

Brookfield (TSX: BN, NYSE: BN) has received approval from the Toronto Stock Exchange (TSX) to renew its normal course issuer bid for preferred shares. The company is authorized to repurchase up to 10% of the public float of each series of its outstanding Class A Preference Shares listed on the TSX. The bid will run from August 22, 2024, to August 21, 2025, with purchases made on the open market through TSX and alternative Canadian trading systems.

Brookfield will pay the market price for acquired shares, which will be cancelled upon purchase. The company plans to enter an automatic share purchase plan around September 23, 2024, allowing for purchases during blackout periods. This renewal aims to provide flexibility in using available funds to purchase preferred shares if they trade at prices that don't fully reflect their value.

Brookfield (NYSE: BN, TSX: BN) reported strong Q2 2024 financial results, with distributable earnings increasing 80% to $2.1 billion. Key highlights include:

- Cash and liquid assets increased to $62 billion
- Deployable capital increased to $150 billion
- $800 million of share buybacks completed in 2024
- Assets under management grew to ~$1 trillion
- Fee-bearing capital increased to $514 billion
- Insurance assets grew to over $110 billion

The company expects transaction activity to increase in coming quarters, setting up well for monetizations and further earnings growth. Brookfield maintains a strong balance sheet with conservative capitalization and access to global capital markets.

Intrepid Fiber Networks has secured $290 million in debt financing to fund its nationwide wholesale open access fiber broadband service. The company, supported by Brookfield, will use the proceeds for inaugural deployments in Colorado and Minnesota, covering over 250,000 premises. Société Générale acted as the Structuring and Coordinating Advisor for the financing.

CEO Jack Waters emphasized that this funding accelerates their growth and build plan. Intrepid aims to deliver future-proof fiber networks with symmetrical gigabit speeds, providing end users with more options in choosing their preferred Internet Service Provider. The company is also evaluating new market deployments to expand its open access network across the nation.

Brookfield (TSX: BN, NYSE: BN) announced it will host a conference call and webcast for its second quarter 2024 results on August 8, 2024, at 10:00 a.m. (ET). The results will be released earlier that morning before 7:00 a.m. (ET) and will be available on Brookfield's official website. Interested participants can join via a pre-registered conference call or through a webcast. Replay of the event will be available for 90 days on the provided webcast link.

Brookfield (BN) announced the pricing of a $450 million public offering of senior notes due 2035, with an interest rate of 5.675% per annum. Additionally, the company is reopening $200 million of its 5.968% notes due 2054, increasing the aggregate principal amount to $950 million. The 2054 notes will be issued at 101.435% of their face value with an effective yield of 5.864% if held to maturity. Proceeds will be used for general corporate purposes. The offering is set to close on June 21, 2024, pending customary conditions. The notes will be issued by Brookfield Finance, fully guaranteed by Brookfield, and offered under existing base shelf prospectuses in the US and Canada.

Brookfield (NYSE: BN, TSX: BN) announced the results of its annual and special meeting of shareholders held on June 7, 2024, in a virtual format. All seven nominees proposed for election to the board by holders of Class A Voting Shares and Class B Voting Shares were elected.

For Class A Shares, nominees received the following votes: M. Elyse Allan (99.68%), Angela F. Braly (99.61%), Janice Fukakusa (99.04%), Maureen Kempston Darkes (96.36%), Frank J. McKenna (91.92%), Hutham S. Olayan (99.27%), and Diana L. Taylor (97.55%).

For Class B Shares, nominees received 100% of the votes. Detailed results are available on SEDAR+.

Brookfield (NYSE: BN, TSX: BN) has received approval from the Toronto Stock Exchange for the renewal of its normal course issuer bid to purchase up to 142,988,844 Class A Voting Shares. This represents 10% of the public float of Brookfield's outstanding Class A Shares. The purchase period extends from May 27, 2024, to May 26, 2025. Brookfield aims to buy shares on the open market through TSX, NYSE, and other trading systems at market prices or other permissible prices. As of May 17, 2024, Brookfield had 1,642,975,156 Class A Shares issued, with 1,429,888,442 shares in the public float. Under the previous bid, Brookfield purchased 27,869,934 shares at an average price of US$37.24. The company believes the market price may not always reflect its full value and sees this buyback as an attractive investment, aiming to cancel or hold the repurchased shares through a non-independent trustee as part of its long-term incentive plans.

Brookfield (NYSE: BN, TSX: BN) reported strong first-quarter financial results, with record deployable capital of $150 billion. The company achieved distributable earnings of $4.9 billion and net income of $5.2 billion in the last twelve months. Key highlights include positive momentum in Asset Management, Wealth Solutions, and Operating Businesses, share buybacks totaling over $700 million, and strategic advancements with the acquisition of American Equity Life and a renewables deal with Microsoft. With a focus on compounding long-term wealth for shareholders, Brookfield maintains a record $150 billion of deployable capital and continues to deliver stable cash flows and growth opportunities.