Silver Bay Realty Trust (NYSE: SBY ) is plowing some of its rent money straight back into its own stock. The company announced a new share repurchase program, under which it will buy up to 2.5 million shares of its common stock. The buybacks will be effected through open market purchases and privately negotiated transactions, Silver Bay said.
In the press release announcing the move, the firm quoted CEO David Miller as saying that it "demonstrates Silver Bay's commitment to enhancing shareholder value and affirms our confidence in the long-term view of the company's trajectory."
Currently, Silver Bay has 39.3 million shares outstanding. Its stock most recently closed at $17.04 per share.