Magic Software Enterprises (NASDAQ:MGIC) Reaches New 1-Year High Following Dividend Announcement

Magic Software Enterprises Ltd. (NASDAQ:MGIC - Get Free Report)'s share price reached a new 52-week high on Tuesday following a dividend announcement from the company. The company traded as high as $14.24 and last traded at $14.20, with a volume of 152312 shares traded. The stock had previously closed at $13.88.

The newly announced dividend which will be paid on Wednesday, May 7th. Investors of record on Tuesday, April 22nd will be given a dividend of $0.327 per share. This represents a dividend yield of 4.6%. This is an increase from Magic Software Enterprises's previous semi-annual dividend of $0.24. The ex-dividend date is Tuesday, April 22nd. Magic Software Enterprises's dividend payout ratio (DPR) is presently 86.67%.

Wall Street Analysts Forecast Growth

Several analysts have commented on MGIC shares. Barclays lifted their price objective 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. StockNews.com raised Magic Software Enterprises from a "buy" rating to a "strong-buy" rating in a research report on Thursday, March 13th. Finally, William Blair cut Magic Software Enterprises from an "outperform" rating to a "market perform" rating in a research note on Wednesday, March 12th.

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Magic Software Enterprises Stock Up 0.3 %

The company's 50 day simple moving average is $12.81 and its 200-day simple moving average is $11.96. The firm has a market capitalization of $661.85 million, a PE ratio of 19.26 and a beta of 1.11. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.76 and a current ratio of 1.76.

Magic Software Enterprises (NASDAQ:MGIC - Get Free Report) last posted its earnings results on Tuesday, March 11th. The software maker reported $0.24 EPS for the quarter, missing the consensus estimate of $0.25 by ($0.01). The business had revenue of $142.58 million for the quarter, compared to analysts' expectations of $137.00 million. Magic Software Enterprises had a return on equity of 15.42% and a net margin of 6.49%. On average, analysts forecast that Magic Software Enterprises Ltd. will post 0.95 EPS for the current fiscal year.

Institutional Trading of Magic Software Enterprises

Several large investors have recently bought and sold shares of the company. IFP Advisors Inc grew its stake in Magic Software Enterprises by 100.0% in the fourth quarter. IFP Advisors Inc now owns 4,000 shares of the software maker's stock worth $48,000 after purchasing an additional 2,000 shares during the period. Barclays PLC increased its stake in shares of Magic Software Enterprises by 4,274.4% in the 3rd quarter. Barclays PLC now owns 5,818 shares of the software maker's stock worth $69,000 after acquiring an additional 5,685 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new position in Magic Software Enterprises during the 3rd quarter valued at about $115,000. Altshuler Shaham Ltd purchased a new stake in Magic Software Enterprises in the fourth quarter worth about $138,000. Finally, Man Group plc bought a new position in shares of Magic Software Enterprises during the fourth quarter valued at approximately $145,000. 24.70% of the stock is owned by institutional investors.

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.