Magic Software Enterprises Ltd. (MGIC) to Issue Semi-annual Dividend of $0.24 on January 8th

Magic Software Enterprises Ltd. (NASDAQ:MGIC) declared a semi-annual dividend on Tuesday, November 19th,Wall Street Journal reports. Shareholders of record on Monday, December 23rd will be paid a dividend of 0.236 per share by the software maker on Wednesday, January 8th. This represents a yield of 3.7%. The ex-dividend date of this dividend is Monday, December 23rd. This is a boost from Magic Software Enterprises’s previous semi-annual dividend of $0.20.

Magic Software Enterprises has increased its dividend payment by an average of 35.0% per year over the last three years. Magic Software Enterprises has a payout ratio of 39.8% meaning 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 $0.41 annual dividend with an expected future payout ratio of 41.4%.

Magic Software Enterprises Stock Down 0.4 %

Shares of Magic Software Enterprises stock opened at $10.92 on Thursday. The stock has a market capitalization of $536.17 million, a price-to-earnings ratio of 15.60 and a beta of 1.08. Magic Software Enterprises has a twelve month low of $8.40 and a twelve month high of $12.99. The company has a current ratio of 1.76, a quick ratio of 1.66 and a debt-to-equity ratio of 0.13. The business’s 50 day simple moving average is $11.30 and its 200-day simple moving average is $10.96.

Analyst Upgrades and Downgrades

MGIC has been the topic of a number of recent research reports. Barclays raised their target price on Magic Software Enterprises from $14.00 to $15.00 and gave the company an “overweight” rating in a research note on Tuesday. StockNews.com raised shares of Magic Software Enterprises from a “buy” rating to a “strong-buy” rating in a research note on Wednesday.

Magic Software Enterprises Company Profile

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.