Formula Systems (1985) Ltd., listed on NASDAQ under the ticker FORTY, has announced a quarterly dividend of $0.50 per share. This decision was made public on December 1, 2023, with the dividend set to be paid on January 23, 2024, to shareholders on record as of December 30, 2023. The company indicated that this dividend reflects a modest annual yield of 1.2%.
The ex-dividend date is also scheduled for December 30, 2023, meaning that investors must own shares before this date to qualify for the upcoming payout. Over the past three years, Formula Systems has maintained its dividend, reflecting an average growth rate of 0.0% annually.
Stock Performance and Market Position
On the day of the announcement, FORTY stock experienced a notable uptick, rising by $14.58 to reach $164.33 during trading. Approximately 1,572 shares changed hands, surpassing the average trading volume of 850 shares. The stock’s performance over the past year has seen a low of $80.15 and a high of $169.03.
With a market capitalization of $2.52 billion, Formula Systems has a price-to-earnings (P/E) ratio of 33.06 and a beta of 0.94, indicating a relatively stable stock in comparison to the broader market. The company maintains a debt-to-equity ratio of 0.17, along with a current ratio of 1.21 and a quick ratio of 1.17, suggesting a solid financial position.
Analyst Ratings and Company Overview
In related news, Weiss Ratings recently reaffirmed a “hold” rating on Formula Systems shares. Current data from MarketBeat indicates that the consensus rating for the stock remains “hold,” reflecting a cautious outlook among analysts.
Formula Systems (1985) Ltd. operates through various subsidiaries, offering a wide range of proprietary and non-proprietary software solutions. The company specializes in IT professional services, software product marketing and support, as well as infrastructure and integration solutions. Additionally, it markets computer and telecommunication infrastructure solutions, alongside cloud-based services linked to databases and big data.
The announcement of the dividend, coupled with the recent stock performance, highlights Formula Systems’ ongoing strategy to return value to its shareholders while maintaining a strong presence in the technology sector.
