Magic Software Enterprises Ltd. (NASDAQ:MGIC) Declares Dividend Increase – $0.33 Per Share

Magic Software Enterprises Ltd. (NASDAQ:MGICGet Free Report) announced a semi-annual dividend on Monday, March 17th, Wall Street Journal reports. Investors of record on Tuesday, April 22nd will be paid a dividend of 0.327 per share by the software maker on Wednesday, May 7th. This represents a yield of 4.6%. The ex-dividend date is Tuesday, April 22nd. This is a 38.6% increase from Magic Software Enterprises’s previous semi-annual dividend of $0.24.

Magic Software Enterprises has decreased its dividend payment by an average of 0.3% per year over the last three years. Magic Software Enterprises has a dividend payout ratio of 56.5% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Magic Software Enterprises to earn $0.99 per share next year, which means the company should continue to be able to cover its $0.65 annual dividend with an expected future payout ratio of 65.7%.

Magic Software Enterprises Trading Up 2.3 %

Shares of Magic Software Enterprises stock opened at $14.20 on Tuesday. The stock has a fifty day simple moving average of $12.69 and a 200 day simple moving average of $11.91. The company has a current ratio of 1.76, a quick ratio of 1.76 and a debt-to-equity ratio of 0.13. Magic Software Enterprises has a 12-month low of $9.51 and a 12-month high of $14.24. The company has a market capitalization of $697.21 million, a P/E ratio of 20.29 and a beta of 1.11.

Magic Software Enterprises (NASDAQ:MGICGet Free Report) last posted its quarterly earnings data on Tuesday, March 11th. The software maker reported $0.24 earnings per share for the quarter, missing the consensus estimate of $0.25 by ($0.01). Magic Software Enterprises had a return on equity of 15.42% and a net margin of 6.49%. The business had revenue of $142.58 million during the quarter, compared to analysts’ expectations of $137.00 million. On average, sell-side analysts anticipate that Magic Software Enterprises will post 0.95 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have weighed in on MGIC. Barclays boosted their price objective on Magic Software Enterprises from $15.00 to $16.00 and gave the stock an “overweight” rating in a research report on Thursday, March 13th. StockNews.com raised Magic Software Enterprises from a “buy” rating to a “strong-buy” rating in a research report on Thursday, March 13th. Finally, William Blair cut Magic Software Enterprises from an “outperform” rating to a “market perform” rating in a research report on Wednesday, March 12th.

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Magic Software Enterprises Company Profile

(Get Free Report)

Magic Software Enterprises Ltd. provides proprietary application development, vertical software solutions, business process integration, information technologies (IT) outsourcing software services, and cloud-based services in Israel and internationally. Its Software Services segment develops, markets, sells, and supports application platform, software applications, and business and process integration solutions and related services.

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Dividend History for Magic Software Enterprises (NASDAQ:MGIC)

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