MGIC Stock Up 1.2% on Possible Increase in Authorized Shares

Only four of the members of the Mortgage Industry Equity Composite closed with gains over their Friday stock price, but once again, the leaders are the two private mortgage insurers MGIC Investment Corp. and Radian Group.

MGIC is up 1.22% as the company announced after the market closed on Friday that it is seeking to increase the number of authorized shares of its common stock. Its equity and debt offerings reduced the number of shares available for future issuance, a press release said. It also filed a new shelf registration to replace the statement that expired on April 20.

Radian again hit a 52-week high during the day and closed up 0.83%. The other gainers on the day are KB Home, up 0.29%, and Bank of Hawaii, up 0.18%. Hudson City Bancorp was unchanged.

Meanwhile, CoreLogic lost 2.34% on the day and PennyMac lost 1.84%.