National Bank of Canada Preferred Stock Offering Spur Undervaluation Debate

National Bank of Canada (TSX:NA) has raised CAD 750 million through a variable rate preferred stock offering, part of its broader funding mix.

This move comes as the bank's share price sits at CA$213.08, with a 1-day return of 0.95% and a year-to-date return of 22.99%.

The bank's longer-term momentum has been strong, with 1-year, 3-year, and 5-year total shareholder returns above 150%, but recent share price returns have slipped.

National Bank of Canada now trades close to analyst targets yet still carries a sizeable intrinsic discount, which some investors see as an opportunity in plain sight.