Webster Financial (WBS) said Thursday its board of directors increased the company's share repurchase authorization by $700 million.

The buyback program allows the company to repurchase shares in the open market or through private transactions that follow Securities and Exchange Commission rules, the company said.

The purchases will be made at management's discretion. There is no set expiration date for the repurchase program, the company said, adding that it plans to use the increased repurchase authority in 2025 and beyond, depending on market and business conditions.

Shares of Webster Financial rose about 3.6% in recent trading activity.

Price: 49.64, Change: +1.83, Percent Change: +3.82