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Butterfield repurchased $20m of its shares

Butterfield Bank bought 514,137 of its own shares last month

The sharp fall in Butterfield Bank’s share price last month resulted in a buying opportunity for the bank, which repurchased $20 million of its shares.

The shares had been trading at around $50 until a sudden drop on October 24 following the bank’s third-quarter earnings report the previous evening. The stock dipped below $38, but has since partially recovered, and closed yesterday at $41.33.

In a statement, the bank said it repurchased 514,137 of its shares last month at an average price of $39.13 per share.