Nationstar Mortgage Holdings Inc. (“Nationstar”) said that its Board of Directors has approved the repurchase of up to $100 million of the company's common stock through December 31, 2017.
This program replaces the previous share repurchase program, which expired on December 16, 2016, said the press release.
"Nationstar’s Board of Directors and management team firmly believe in our long-term growth prospects. This new share repurchase authorization from our Board provides optionality for us and allows us to continue to improve investor returns through intelligent capital management," said Jay Bray, Chairman and Chief Executive Officer.
The repurchase program allows the company to repurchase its common stock using open market stock purchases or privately negotiated transactions.
The number of shares repurchased and the timing of repurchases will depend on a number of factors, including, but not limited to, share price, trading volume and general market conditions, along with working capital requirements, general business conditions and other factors. The share repurchase program may be suspended, modified or discontinued at any time at Nationstar's discretion.
The company intends to finance the share repurchase program through cash on hand.
The company had approximately 97.5 million shares of common stock outstanding as of September 30, 2016.