Heartland Payment Systems Launches New Stock Buyback Round

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."

More Expert Advice from The Motley Fool

The Motley Fool's chief investment officer has selected his No. 1 stock for the next year. Find out which stock in our brand-new free report: "The Motley Fool's Top Stock for 2013." I invite you to take a copy, free for a limited time. Just click here to access the report and find out the name of this under-the-radar company.