NVR, Inc., Reston, Va. (NYSE:NVR), late Thursday morning announced that its board had approved a $300 million common share repurchase program.
The company said the purchases would take place "from time to time" in the open market or in private transactions "as market conditions permit." It also said the board's approval constituted a "continuation of the stock repurchase program that began in 1994 and is consistent with NVR's strategy of maximizing shareholder value."
NVR had 5,849,824 shares outstanding at the time of the announcement. At the 11:50 a.m. price of $625.02, the buyback would include roughly 480,000 shares.
The news reversed declines in shares of NVR, which had been trading down a bit less than 1% during the morning session. Shortly before noon, shares were up 0.57%.