D.R. Horton's board authorized a $5 billion expansion of its stock buyback program.

The new authorization adds to roughly $53 million the home building company already had available for buybacks as of Tuesday, according to a Securities and Exchange Commission filing.

The company now expects to buy back at least $3.25 billion of stock in the current fiscal year.

Shares ticked up 1.2% to $141.85 in after-hours trading on Tuesday.