Magic Software Enterprises Ltd. (NASDAQ:MGIC) Declares Semi-annual Dividend of $0.24

Magic Software Enterprises Ltd. (NASDAQ:MGIC) declared a semi-annual dividend on Monday, November 18th,Wall Street Journal reports. Investors of record on Monday, December 23rd will be given a dividend of 0.236 per share by the software maker on Wednesday, January 8th. This represents a dividend yield of 3.7%. The ex-dividend date is Monday, December 23rd. This is a boost from Magic Software Enterprises’s previous semi-annual dividend of $0.20.

Magic Software Enterprises has raised its dividend payment by an average of 35.0% per year over the last three years. Magic Software Enterprises has a dividend payout ratio of 48.0% meaning its dividend is sufficiently covered by earnings. 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 $0.47 annual dividend with an expected future payout ratio of 47.5%.

Magic Software Enterprises Stock Performance

Magic Software Enterprises stock opened at $12.04 on Friday. The firm has a fifty day simple moving average of $11.55 and a two-hundred day simple moving average of $11.05. The company has a quick ratio of 1.76, a current ratio of 1.76 and a debt-to-equity ratio of 0.13. Magic Software Enterprises has a twelve month low of $9.38 and a twelve month high of $13.40. The company has a market capitalization of $591.15 million, a PE ratio of 17.20 and a beta of 1.09.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on MGIC shares. StockNews.com cut Magic Software Enterprises from a “strong-buy” rating to a “buy” rating in a report on Saturday, December 14th. Barclays increased their price objective on Magic Software Enterprises from $14.00 to $15.00 and gave the company an “overweight” rating in a research note on Tuesday, November 19th.

About Magic Software Enterprises

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.