Jack Henry board adds 5M shares to buyback plan

The Jack Henry & Associates Inc. (Nasdaq: JKHY) Board of Directors authorized hundreds of millions of dollars worth of additional share buybacks.

The company added 5 million shares to its repurchase program, according to a news release. At the company's stock price of $156.30 per share as of 9:39 a.m., the authorization is valued at $781.5 million.

"Our company continues to have strong organic growth and cash flows, even with our continued investments in our company through capital expenditures and research and development initiatives," Chief Financial Officer Kevin Williams said in the release. "This increase in our share repurchase authorization evidences our continued confidence that these trends will continue and our commitment to deploy our cash to the benefit of our shareholders."

Jack Henry earlier this year increased its quarterly dividend by 7%, paying roughly $35 million to shareholders, according to past reporting.

With the latest board authorization, Jack Henry can buy up to 5.2 million of its shares back, according to the release. The plan originally was started in 2002.

Company officials said in the release that share repurchases would be funded by available cash reserves, short-term borrowing or its existing credit facility. The plan does not have specific price targets or timelines.