Mastercard Approves $1 Billion Buyback (MA)

Shares of Mastercard Inc. MA are climbing in the after-hours by 2.11% after the company said that its board of directors has authorized a $1.0 billion stock buyback. The share repurchase authorization is effective immediately. "We're very pleased with the Board's approval of this new share repurchase program," said Ajay Banga, MasterCard's president and chief executive officer. "This stock repurchase program is the result of a periodic review of our capital structure, and is enabled by MasterCard's strong and consistent cash flow. It is an important way of returning cash to our shareholders while allowing us the flexibility to pursue our business strategy." MasterCard Incorporated is a payment solutions company that provides a variety of services in support of the credit, debit and related payment programs of approximately 23,000 financial institutions and other entities that are its customers.