Moelis & Company (MC) will cut its quarterly dividend by 50.0 percent to $0.255 per share in the second quarter of 2020 because of the COVID-19 pandemic. This follows a 2.0 percent increase to $0.51 per share in Q1. The company  also paid a special dividend of $0.75 per share this year.

The $0.255 per share will be paid on June 30, 2020 to common stockholders of record on May 4, 2020. A new annual rate of $1.02 per share yields 3.3% at a stock price of $30.54.

In today's press release Moelis reports first quarter 2020 financial results and announces the dividend cut. The company states that it temporarily modified the dividend to retain capital and provide greater financial flexibility during this period of uncertainty related to COVID-19.

Moelis & Company is a global independent investment bank that provides innovative strategic advice and solutions to a diverse client base, including corporations, governments and financial sponsors. The Firm assists its clients in achieving their strategic goals by offering comprehensive integrated financial advisory services across all major industry sectors. Moelis & Company’s experienced professionals advise clients on their most critical decisions, including mergers and acquisitions, recapitalizations and restructurings, capital markets transactions, and other corporate finance matters. The Firm serves its clients from 20 geographic locations in North and South America, Europe, the Middle East, Asia and Australia.