Magic Software Enterprises Ltd. (MGIC) To Go Ex-Dividend on April 22nd

Magic Software Enterprises Ltd. (NASDAQ:MGIC) declared a semi-annual dividend on Monday, March 17th, Wall Street Journal reports. Shareholders of record on Tuesday, April 22nd will be given 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 of this dividend 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 by an average of 0.3% per year over the last three years. Magic Software Enterprises has a dividend payout ratio of 56.5% meaning its dividend is sufficiently covered by earnings. Equities research 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 Price Performance

Shares of NASDAQ:MGIC opened at $13.90 on Wednesday. The company has a market cap of $682.48 million, a PE ratio of 19.86 and a beta of 1.11. Magic Software Enterprises has a fifty-two week low of $9.51 and a fifty-two week high of $14.24. The firm has a 50-day simple moving average of $12.73 and a 200 day simple moving average of $11.93. 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 (NASDAQ:MGIC) last announced its quarterly earnings results on Tuesday, March 11th. The software maker reported $0.24 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.25 by ($0.01). The company had revenue of $142.58 million during the quarter, compared to the consensus estimate of $137.00 million. Magic Software Enterprises had a return on equity of 15.42% and a net margin of 6.49%. On average, sell-side analysts anticipate that Magic Software Enterprises will post 0.95 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. StockNews.com raised Magic Software Enterprises from a “buy” rating to a “strong-buy” rating in a report on Thursday, March 13th. William Blair cut shares of Magic Software Enterprises from an “outperform” rating to a “market perform” rating in a research note on Wednesday, March 12th. Finally, Barclays increased their target price on shares of Magic Software Enterprises from $15.00 to $16.00 and gave the company an “overweight” rating in a research report on Thursday, March 13th.

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.