NVR sets $500 million stock buyback program

NVR Inc. said Wednesday that its board of directors has authorized the repurchase of $500 million worth of stock. The home builder's stock slipped 0.2% to $5,286.99 in recent afternoon trading. Based on current prices, the buyback program could represent 2.65% of the shares outstanding. In the second quarter, the company bought back about $376.9 million worth of stock, after repurchasing about $377.4 million worth of shares in the first quarter. The stock has rallied 29.6% year to date, while the iShares U.S. Home Construction ETF has climbed 28.9% and the S&P 500 has gained 17.4%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

NVR sets $500 million stock buyback program
NVR Inc. said Wednesday that its board of directors has authorized the repurchase of $500 million worth of stock. The home builder's stock slipped 0.2% to $5,286.99 in recent afternoon trading. Based on current prices, the buyback program could represent 2.65% of the shares outstanding. In the second quarter, the company bought back about $376.9 million worth of stock, after repurchasing about $377.4 million worth of shares in the first quarter. The stock has rallied 29.6% year to date, while the iShares U.S. Home Construction ETF has climbed 28.9% and the S&P 500 has gained 17.4%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.