Moelis & Company (MC) will pay a special dividend of $1.50 per share in the third quarter of 2018. Earlier this year the company also paid a $1.50 per share special dividend and raised its quarterly dividend by 27 percent to $0.47 per share.

The $1.50 per share share special dividend will be paid together with the regular quarterly dividend of $0.47 per share on September 12, 2018 to shareholders of record on August 2, 2018. The regular dividend yields 2.9% at the current stock price of $63.70.

“Our capital-light business model and focus on organic growth creates substantial shareholder value, as evidenced by today’s announcement of a $1.50 per share special dividend in addition to our regular quarterly dividend of $0.47 per share. Including today’s announcement, we will have returned over $10 per share in dividends over the last three years,” said Ken Moelis, Chairman and Chief Executive Officer.

Moelis & Company is a global independent investment bank that provides innovative strategic advice and solutions to corporations, governments and financial sponsors. Moelis advises clients on all aspects of public and private debt and equity transactions and offers advisory services in all industries, including consumer, retail and restaurants; energy, power and infrastructure; financial institutions; financial sponsors; general industrials; healthcare; real estate, gaming, lodging and leisure, and technology, media and telecommunications.