Heartland Payment Systems (NYSE:HPY) is set to be an enthusiastic buyer of its own shares. The company's board has authorized a fresh stock repurchase program to the tune of $75 million. The move is effective immediately, and its term is open-ended.
The authorization comes on the heels of the completion of a previous buyback initiative launched this past November. This saw the firm soak up nearly 1.67 million of its shares at an average price of just under $30 apiece.
In the press release announcing the new program, Heartland quoted its Vice Chairman Bob Baldwin as saying that it "reflects our confidence in the long-term growth of the company and our continued commitment to utilize our strong cash flow to enhance value for our shareholders."
Fool contributor Eric Volkman has no position in Heartland Payment Systems. The Motley Fool owns shares of Heartland Payment Systems. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.