Butterfield Bank November Share Repurchases
In a filing with the Bermuda Stock Exchange, the Bank of N.T. Butterfield & Son Limited announced that during the month of November, 2013, the Bank purchased for Treasury 112,645 Common Shares at an average price of $1.393 per share.
In addition, in June the Bank purchased for cancellation 67 8% Preference Shares at an average price of $1,182.00.
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My speculation – certain of the top brass are heavily invested in the bank (a good thing, they believe in the place)and this is a useful mechanism to create share scarcity as the Bank’s results continue to improve. I’m guessing Butterfield will be trading between 2 to 2 1/4 by late 2014.