NVR, Inc. (NYSE: NVR) announced that its Board of Directors has authorized the repurchase of $300 million of its outstanding common stock. The purchases will occur from time to time in the open market and/or in privately negotiated transactions as market conditions permit, the company said.
NVR also said the authorization is a continuation of the stock repurchase program that began in 1994 and is consistent with NVR's strategy of maximizing shareholder value. Shares may not be purchased from the company's officers, directors, Profit Sharing/401(k) Plan Trust or Employee Stock Ownership Plan Trust. NVR currently has 3,764,111 total shares of common stock outstanding.
NVR, Inc. operates in two business segments: home building and mortgage banking. The home building unit sells and builds homes under the Ryan Homes, NVHomes and Heartland Homes trade names, and operates in twenty-eight metropolitan areas in fourteen states and Washington, D.C.