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

Magic Software Enterprises Ltd. (NASDAQ:MGIC) announced 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 yield of 3.7%. The ex-dividend date is Monday, December 23rd. This is an increase from Magic Software Enterprises’s previous semi-annual dividend of $0.20.

Magic Software Enterprises has increased its dividend by an average of 35.0% annually over the last three years. Magic Software Enterprises has a dividend payout ratio of 48.0% indicating that 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 $0.47 annual dividend with an expected future payout ratio of 47.5%.

Magic Software Enterprises Stock Performance

Shares of MGIC opened at $12.04 on Friday. Magic Software Enterprises has a 12-month low of $9.38 and a 12-month high of $13.40. The company has a current ratio of 1.76, a quick ratio of 1.76 and a debt-to-equity ratio of 0.13. The company has a market cap of $591.15 million, a PE ratio of 17.20 and a beta of 1.09. The stock has a 50-day moving average price of $11.55 and a 200-day moving average price of $11.05.

Analyst Ratings Changes

MGIC has been the subject of several research analyst reports. Barclays lifted their target price on shares of Magic Software Enterprises from $14.00 to $15.00 and gave the company an “overweight” rating in a research report on Tuesday, November 19th. StockNews.com downgraded shares of Magic Software Enterprises from a “strong-buy” rating to a “buy” rating in a report on Saturday, December 14th.

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.