RESTON, Va. - NVR, Inc. (NYSE: NYSE:NVR), a prominent player in the homebuilding and mortgage banking sectors, has announced a substantial stock repurchase program, underscoring its ongoing commitment to shareholder value. The company's Board of Directors has authorized the repurchase of up to $750 million of its outstanding common stock. This initiative does not have a set expiration date, allowing the company flexibility in its execution.
The repurchase program is designed to take place intermittently, contingent on market conditions, through open market transactions or private negotiations. This approach is in line with NVR's long-standing practice of buying back shares, a strategy that commenced in 1994.
NVR has made it clear that the buyback authorization upholds a policy of excluding purchases from company insiders, including officers and directors, as well as from the Profit Sharing/401(k) Plan Trust or the Employee Stock Ownership Plan Trust. This restriction is intended to ensure fairness and transparency in the repurchase process.
As of February 12, 2024, the company reported a total of 3,186,147 shares of common stock outstanding. The newly authorized repurchase program is expected to potentially reduce this number, depending on the company's execution of the plan.
NVR, Inc. is known for its operations in homebuilding through its Ryan Homes, NVHomes, and Heartland Homes brands, serving thirty-six metropolitan areas across fifteen states and Washington, D.C. The company's mortgage banking segment complements its primary business by providing financial services related to home purchases.
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