Magic Software Enterprises (NASDAQ:MGIC) Hits New 52-Week High Following Dividend Announcement

Magic Software Enterprises Ltd. (NASDAQ:MGIC) reached a new 52-week high during mid-day trading on Tuesday after the company announced a dividend. The company traded as high as $14.24 and last traded at $14.20, with a volume of 152312 shares. The stock had previously closed at $13.88.

The newly announced dividend which will be paid on Wednesday, May 7th. Stockholders of record on Tuesday, April 22nd will be issued a $0.327 dividend. This is a boost from Magic Software Enterprises’s previous semi-annual dividend of $0.24. This represents a dividend yield of 4.6%. The ex-dividend date of this dividend is Tuesday, April 22nd. Magic Software Enterprises’s dividend payout ratio is presently 86.67%.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on MGIC. Barclays upped their price objective on Magic Software Enterprises from $15.00 to $16.00 and gave the stock an “overweight” rating in a report on Thursday, March 13th. StockNews.com upgraded Magic Software Enterprises from a “buy” rating to a “strong-buy” rating in a report on Thursday, March 13th. Finally, William Blair cut Magic Software Enterprises from an “outperform” rating to a “market perform” rating in a report on Wednesday, March 12th.

Magic Software Enterprises Price Performance

The company has a market capitalization of $689.35 million, a PE ratio of 20.06 and a beta of 1.11. The firm has a fifty day moving average of $12.78 and a two-hundred day moving average of $11.95. The company has a current ratio of 1.76, a quick ratio of 1.76 and a debt-to-equity ratio of 0.13.

Magic Software Enterprises (NASDAQ:MGIC) last released its quarterly earnings results on Tuesday, March 11th. The software maker reported $0.24 EPS for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.01). The business had revenue of $142.58 million for the quarter, compared to the consensus estimate of $137.00 million. Magic Software Enterprises had a net margin of 6.49% and a return on equity of 15.42%. Research analysts anticipate that Magic Software Enterprises Ltd. will post 0.95 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Public Employees Retirement System of Ohio bought a new position in shares of Magic Software Enterprises in the 3rd quarter worth approximately $115,000. Barclays PLC raised its position 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. Tidal Investments LLC raised its position 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 worth $342,000 after acquiring an additional 1,278 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of Magic Software Enterprises by 77.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 93,166 shares of the software maker’s stock worth $1,101,000 after acquiring an additional 40,642 shares in the last quarter. Finally, Truist Financial Corp bought a new position in shares of Magic Software Enterprises in the 4th quarter worth approximately $189,000. Institutional investors own 24.70% of the company’s stock.

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.