Bank of New York Mellon Corp purchased a new stake in Magic Software Enterprises Ltd. (NASDAQ:MGIC - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 115,685 shares of the software maker's stock, valued at approximately $1,392,000. Bank of New York Mellon Corp owned approximately 0.24% of Magic Software Enterprises at the end of the most recent reporting period.
Other institutional investors have also recently bought and sold shares of the company. IFP Advisors Inc lifted its position in Magic Software Enterprises by 100.0% during the 4th quarter. IFP Advisors Inc now owns 4,000 shares of the software maker's stock valued at $48,000 after purchasing an additional 2,000 shares during the period. JPMorgan Chase & Co. raised its stake in shares of Magic Software Enterprises by 77.4% during the third quarter. JPMorgan Chase & Co. now owns 93,166 shares of the software maker's stock worth $1,101,000 after buying an additional 40,642 shares during the last quarter. Barclays PLC boosted its stake in Magic Software Enterprises by 4,274.4% in the third quarter. Barclays PLC now owns 5,818 shares of the software maker's stock valued at $69,000 after acquiring an additional 5,685 shares during the last quarter. Truist Financial Corp bought a new stake in shares of Magic Software Enterprises during the 4th quarter valued at $189,000. Finally, Tidal Investments LLC lifted its stake in shares of Magic Software Enterprises by 4.6% in the 3rd quarter. Tidal Investments LLC now owns 28,917 shares of the software maker's stock valued at $342,000 after purchasing an additional 1,278 shares during the period. Institutional investors own 24.70% of the company's stock.
Magic Software Enterprises Stock Down 0.1 %
Shares of Magic Software Enterprises stock traded down $0.01 on Thursday, hitting $13.17. The company had a trading volume of 30,303 shares, compared to its average volume of 55,698. The stock has a 50-day moving average of $12.92 and a 200-day moving average of $12.04. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.76 and a quick ratio of 1.76. Magic Software Enterprises Ltd. has a twelve month low of $9.51 and a twelve month high of $14.24. The firm has a market capitalization of $646.63 million, a P/E ratio of 18.81 and a beta of 1.11.
Magic Software Enterprises (NASDAQ:MGIC - Get Free Report) last announced its earnings results on Tuesday, March 11th. The software maker reported $0.24 earnings per share for the quarter, missing analysts' consensus estimates of $0.25 by ($0.01). The company had revenue of $142.58 million during the quarter, compared to analyst estimates of $137.00 million. Magic Software Enterprises had a return on equity of 15.42% and a net margin of 6.49%. Research analysts predict that Magic Software Enterprises Ltd. will post 0.95 earnings per share for the current year.
Magic Software Enterprises Increases Dividend
The business also recently announced a semi-annual dividend, which will be paid on Wednesday, May 7th. Investors of record on Tuesday, April 22nd will be issued a dividend of $0.327 per share. This represents a yield of 4.6%. The ex-dividend date is Tuesday, April 22nd. This is a positive change from Magic Software Enterprises's previous semi-annual dividend of $0.24. Magic Software Enterprises's dividend payout ratio is presently 86.67%.
Wall Street Analysts Forecast Growth
MGIC has been the subject of a number of recent analyst reports. StockNews.com upgraded Magic Software Enterprises from a "buy" rating to a "strong-buy" rating in a report on Thursday, March 13th. Barclays lifted their price target on shares of Magic Software Enterprises from $15.00 to $16.00 and gave the stock an "overweight" rating in a research report on Thursday, March 13th. Finally, William Blair lowered Magic Software Enterprises from an "outperform" rating to a "market perform" rating in a report on Wednesday, March 12th.
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Magic Software Enterprises Profile
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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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