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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."