Butterfield in $125m share buyback plan
Butterfield Bank’s board of directors has approved a new $125 million share repurchase programme.
The programme, which was announced in a filing with the Bermuda Stock Exchange, will enable the bank to buy back up to 3.5 million of its own common shares through February 28, 2021.
Michael Collins, Butterfield’s chairman and chief executive officer said: “Having the flexibility to repurchase shares is an important aspect of our capital management strategy, complementing our quarterly cash dividend payments and maintaining the ability to support organic growth and make strategic acquisitions in our core markets.
“We see significant value in repurchasing Butterfield shares and appreciate the confidence and support of the board with this new authorisation.”
The timing and amount of any share repurchases will be determined by bank management based on its evaluation of market conditions and other factors that include Butterfield’s share price and the availability of alternative capital investments. Repurchases under the new share repurchase programme may be made in the open market or through privately negotiated transactions.
The new programme will come into effect following the completion of the existing 2.5 million share repurchase authorisation that was announced on December 6, 2018, which currently has approximately 225,000 shares remaining.
Butterfield also said that during November it spent around $12.9 million buying back 383,600 of its own shares at an average price of $33.79 per share.
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